共同依赖与中国企业并购的倒U形关系研究  

The Inverted-U Relationship Research between Mutual Dependence and Chinese Enterprises’Mergers&Acquisitions

作　　者：刘林青[1] 陈紫若 LIU Linqing;CHEN Ziruo(Wuhan University,Wuhan,China)

机构地区：[1]武汉大学经济与管理学院企业战略管理研究所,武汉市430072 [2]武汉大学经济与管理学院,武汉市430072

出　　处：《管理学报》2020年第8期1139-1149,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助重大项目(15ZDB155);国家自然科学基金资助项目(71973130)。

摘　　要：基于资源依赖理论和负二项式回归方法,从动机-机会视角整合不确定性逻辑和嵌入逻辑,理论剖析共同依赖与并购的倒U形关系,并利用最新的世界投入产出表和中国企业并购数据展开实证检验。研究结果表明:共同依赖与中国国内、跨国并购存在显著关系,增强并延伸了资源依赖理论的解释范围和应用领域;共同依赖与中国国内并购存在倒U形关系,与跨国并购存在线性关系;权力不平衡与经验学习对上述倒U形关系存在负向调节作用,进一步丰富了资源依赖理论的边界条件。This study applies resource dependence theory(RDT)and negative binomial regression to analyze and test the relationship between mutual dependence and Chinese enterprises’domestic and cross-border M&As theoretically and empirically.Specifically,the study integrates the logic of uncertainty and the logic of embeddedness from motivation-opportunity perspectives to theoretically explore the inverted-U relationship between mutual dependence and M&As,and empirically test it by using the latest world input-output tables and Chinese enterprises’M&As data.Results show that:(1)There exist significant relationships between mutual dependence and Chinese enterprises’domestic and cross-border M&As,enhancing and extending the explanatory power and application domains of RDT.(2)Mutual dependence holds a significant inverted-U relationship with Chinese enterprises’domestic M&As,and maintains a linear relationship with Chinese enterprises’cross-border M&As.(3)Power imbalance and experience learning has negative moderating effects on the above inverted-U relationship,further enriching the boundary conditions of RDT.

关 键 词：资源依赖理论 共同依赖 倒U形关系 权力不平衡 经验学习 

分 类 号：C93[经济管理—管理学]