制度资本对竞争优势的影响:来自中国企业跨国并购周期上升期的证据  

The Impact of Institutional Capital on Competitive Advantages:Evidence from the Upswing Period of Cross-border M&A Cycle of Chinese Firms

作　　者：黄嫚丽[1] HUANG Man-li(School of Business Administration,South China University of Technology,Guangzhou 510640,China;Research Center of Chinese Corporate Strategic Management,South China University of Technology,Guangzhou 510640,China)

机构地区：[1]华南理工大学工商管理学院,华南理工大学中国企业战略管理研究中心,广州510640

出　　处：《上海对外经贸大学学报》2022年第2期47-64,92,共19页Journal of Shanghai University of International Business and Economics

基　　金：国家社科基金一般项目“逆向跨国并购整合中的多重认知制度冲突应对策略研究”(项目编号:20BGL031)资助。

摘　　要：Oliver(1997)提出了“制度资本”的概念并建立了制度资本与资源资本并存的竞争优势来源理论框架,然而却鲜有验证两者关系的经验证据。本文从跨国并购中主并企业视角出发,考察主并企业在本国所拥有的制度资本对跨国并购绩效的影响,同时将资源资本具象化为企业特定优势(FSA),探索企业特定优势的调节作用。研究发现:中国企业的制度资本与跨国并购绩效正相关,然而资源资本越强的企业,其制度资本对并购绩效的正效应在减弱;制度资本与资源资本并未呈现出相互强化的正向效应,反而是一定程度的替代效应。本文是对当前“how institutions matter”理论之问的一种深入和创新,深化了关于制度资本与资源资本在竞争优势作用上存在差异的认识。同时本文研究结论为中国企业理解基于国家或政府力量的制度资本在跨国并购中的效应提供有价值的实践启示,即制度资本对跨国并购绩效是有利的,但却是有条件的,中国企业在跨国并购战略行动中,需善用制度资本,通过与资源资本的结合发挥制度资本的正向效应。Oliver(1997)put forward the concept of“institutional capital”and established a theoretical framework for the co-existence of institutional capital and resource capital as sources of competitive advantage.However,there is little empirical evidence to verify the relationship between them.From the perspective of the acquiring firms in cross-border Merger and Acquisition(CBMA),this study examines the impact of homecountry institutional capital owned by these firms on their CBMA performance,and also concretizes resource capital as firm-specific advantage(FSA)to explore the moderating effect of FSA.Specifically,This study took the M&A events in the upswing period of the latest round of Chinese firms’CBMA cycle as the research sample and carried out an empirical research based on questionnaire survey.Our results suggested that the institutional capital of Chinese firms is positively associated to the CBMA performance,while the positive effect of institutional capital on CBMA performance is diminished for firms with stronger FSA.In addition,institutional capital and resource capital do not show a mutually reinforcing positive effect,but rather a degree of substitution.These findings provide a new insight into the understanding of“how institutions matter”,and deepen the understanding of the difference between institutional capital and resource capital in the role of competitive advantage.Meanwhile,This study provides valuable practical enlightenment for Chinese firms to understand the effect of institutional capital based on state or government power in CBMA performance,that is,the impact of institutional capital on the overall M&A performance is beneficial,but with conditional.

关 键 词：跨国并购 制度资本 资源资本 企业特定优势 竞争优势 并购绩效 

分 类 号：F270[经济管理—企业管理]