规制风险下中国企业如何提高跨国并购交易成功率  

How Can Chinese Enterprises Improve the Success Rate of Cross-border Acquisition under Regulatory Risk?

作　　者：黄登峰 俞荣建[1] 项丽瑶 江婷婷 Huang Dengfeng;Yu Rongjian;Xiang Liyao;Jiang Tingting(School of Business Administration,Zhejiang Gongshang University,Hangzhou 310018)

机构地区：[1]浙江工商大学工商管理学院,杭州310018 [2]浙江财经大学工商管理学院

出　　处：《浙江社会科学》2021年第5期23-30,22,155,156,共11页Zhejiang Social Sciences

基　　金：国家社科基金重大项目“中国深度参与全球创新链治理的机制、路径与政策研究”(编号:20&ZD124);浙江省自然科学基金项目“基于经验学习的浙江省跨国企业追加投资模式转换研究-资源组合和制度异质性视角”(编号:LQ20G020007);国家自然科学基金面上项目“异质性全球创新链知识溢出机理:二元关系视角下基于mvQCA方法的跨层次实证研究”(编号:71973129)。

摘　　要：本文以规制风险为切入点,基于制度理论的“制度情境-企业特质-企业行为”框架,以2005~2018年的184次中国企业跨国并购交易数据为样本,运用fsQCA方法,探讨规制风险(关系规制风险、行业规制风险)、企业能力(企业硬实力、企业软实力)、并购策略(股权策略、架构策略)3大因素6个条件联动效应对于跨国并购交易完成的影响。研究发现:(1)跨国并购交易问题具有“多重并发”与“殊途同归”的特点,中国企业存在“迂回策略下的完全并购”、“非亲密关系下的低调型并购”、“亲密关系下的低威胁敏感行业并购”、“双策略驱动下的敏感行业并购”4条成功并购路径。(2)不存在关系规制风险与行业规制风险“双高”的成功并购路径。(3)不同类型的企业能力通过与其他条件的组合,对跨国并购交易完成存在异质性影响。本文的结论丰富了跨国并购交易问题的研究视角与方法,也有助于在新发展格局下为中国企业结合内外部情境选择合适的策略完成跨国并购交易提供理论参考和有益启示。Based on the“institutional contexts-firm attributes-firm actions”framework of institutional theory,we adopt fuzzy-set qualitative comparative analysis(fsQCA)to analyze how the institutional regulatory risk,firm capability and M&A strategy configurations influence Chinese firms’cross-border acquisition completions.By analyzing the data of 184 Chinese firms’cross-border acquisition deals(2002-2018),we find four different configurations that can help Chinese firms to complete acquisition deals:full acquisitions under a roundabout strategy,low-key acquisitions under a non-intimate relationship,low-threat acquisitions in sensitive industries under an intimate relationship,and sensitive industry acquisitions driven by dual strategies.Our results also show that Chinese firms cannot complete the acquisition deals when the relationship regulatory risk and industry regulatory risk are both high.We also find that the combination of different types of firm capabilities with other conditions has a heterogeneous influence on the completion of cross-border acquisition.Our study enriches the research perspective and method of cross-border acquisition completion research,and also help to provide theoretical reference and useful inspiration for Chinese enterprises to choose appropriate strategies to complete acquisition deals so as to accelerate the establishment of a“dual circulation”development pattern.

关 键 词：规制风险 企业能力 并购策略 跨国并购交易完成 组态 

分 类 号：F271[经济管理—企业管理] F279.2[经济管理—国民经济]