家族偏爱完全控制?——家族企业海外并购股权选择研究  

Does Family Prefer to Full Control?—Research on Family Firms’Choice of Equity in Overseas Merger and Acquisition

作　　者：邹立凯 唐继凤 李新春[2] Likai Zou;Jifeng Tang;Xinchun Li(School of Business,Shantou University;Sun Yat-sen Business School,Sun Yat-sen University)

机构地区：[1]汕头大学商学院 [2]中山大学管理学院

出　　处：《管理学季刊》2021年第4期38-59,152,153,共24页Quarterly Journal of Management

基　　金：国家自然科学基金重点国际(地区)合作研究项目“家族企业国际化与创新:基于制度-文化的比较研究”(71810107002);国家自然科学基金面上项目“家族企业的多元制度逻辑与长期导向战略研究”(71972119);广东省哲学社会科学规划项目“家族企业代际涉入模式与企业创新机制研究”(GD21CGL28)的资助。

摘　　要：海外并购是一项高风险活动,其中关键决策是对被并购企业的股权选择。本文整合家族因素和制度因素,采用模糊集定性比较分析(fsQCA)方法分析家族企业对海外并购股权选择。通过对78家家族企业的207个海外子公司并购样本进行分析,研究结果表明家族企业会采取完全并购具有三条不同的路径,具体可以归纳为风险承担型、低风险偏好型以及低风险感知型的完全并购。当家族企业社会情感财富保护倾向或国际化经验较高时,呈现为风险承担型,在并购文化距离远、正式制度差的东道国企业采取完全并购;当家族企业社会情感财富保护倾向和国际化经验较低时,呈现为低风险偏好型,在并购正式制度质量好的东道国企业采取完全并购;当家族企业社会情感财富保护倾向、国际化经验较高并且家族财富风险较低时,呈现为低风险感知型,会无视制度风险对海外企业采取完全并购。研究结论表明家族企业海外并购股权选择由于家族涉入形成不同风险认知偏差,这为理解新兴经济体家族企业实施海外完全并购提供了新的见解。Merger and acquisition of overseas subsidiaries is a high-risk activity,in which the key decision is to choose the equity of overseas subsidiaries.In this paper,family factors and institutional factors are integrated,and the fuzzy set qualitative comparative analysis(fsQCA)method was used to analyze family firms’choice of equity in overseas subsidiaries’merger and acquisition.Based on the analysis of 207 samples of 78 family firms’M&A of overseas subsidiaries,the research results suggested that there are three different paths for family enterprises to adopt full control over the M&A of overseas subsidiaries:Risk-taking,low-risk preference and low-risk perception.When family firms has a high endowment of socioemotional wealth or international experience,they would take full control over the M&A of overseas subsidiaries in the host country with far cultural distance and poor formal system(risk-taking type).When family firms’socioemotional wealth endowment and international experience are low,they would take full control over the M&A of overseas subsidiaries of host countries with great formal system quality(low risk preference type).When family firms have a high endowment of socioemotional wealth,international experience and a low family equity,they would take full control over the M&A of overseas subsidiaries in disregard of institutional risks(low risk perception).The conclusion of this study indicated that family firms have different risk perception biases in their choice of overseas subsidiaries’M&A equity due to the involvement of family factors,which provides new insights for understanding the full cross-border M&A by family firms in emerging economies.This paper has the following theoretical contributions.First,the research enrichs the literature about acquisitions overseas equity option,the influential factors of past research more from such factors as the national level and industry level research in private enterprises overseas mergers and acquisitions of equity choices,generally ignored the M&A

关 键 词：海外并购 股权选择 家族企业 风险感知 社会情感财富 

分 类 号：F276.5[经济管理—企业管理] F125[经济管理—国民经济] F832.51