中外合资经验对跨国并购绩效的非线性影响:跨组织过程的学习模式  被引量:7

The Curvilinear Impact of Sino-Foreign Joint Venture Experience on Cross-border Acquisition Performance:The Learning Pattern across Organizational Processes

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作  者:江诗松[1] 游文利 杨帅[1] 陈潇澜 Jiang Shisong;You Wenli;Yang Shuai;Chen Xiaolan(School of Economics and Management,Wuhan University)

机构地区:[1]武汉大学经济与管理学院

出  处:《南开管理评论》2022年第3期25-34,I0005,I0006,共12页Nankai Business Review

基  金:国家自然科学基金项目(71572131、71672130)资助。

摘  要:已有组织学习研究主要关注单项组织过程(如并购)中经验对绩效的影响,而跨组织过程的学习模式没有得到应有的关注。本研究以中外合资与跨国并购两个组织过程为例,探索了跨组织过程中经验对绩效的影响。相比发达国家的跨国公司,中国企业跨国并购的一个独特之处是,此前在国内经历了较长期的中外合资过程。如何评估中外合资经验对跨国并购绩效的影响是一个重要的理论和现实问题。基于2011-2016年中国88家上市公司发起的101起跨国并购样本,实证分析结果支持以下理论预测:首先,中外合资经验与跨国并购绩效之间存在U形关系。当中外合资经验较少时,跨组织过程的负面经验转移效应居于主导地位,使得跨国并购绩效下降。当中外合资经验积累到一定程度时,跨组织过程的正向经验转移效应开始占主导地位,跨国并购绩效提高。其次,国内并购作为中外合资与跨国并购的桥接机制,有利于中外合资经验向跨国并购的正向转移,同时也有利于缓解中外合资经验向跨国并购的负向转移,并且以前者效应为主导,因而国内并购经验增强了中外合资经验与跨国并购绩效之间的U形关系。最后,国有股权越高,企业组织结构越庞大,人员分工程度越高,决策越依赖正式规则和显性知识,增加了中外合资经验向跨国并购转移经验的壁垒,同时降低了经验的正向和负向转移效应,因而削弱了中外合资经验与跨国并购绩效之间的U形关系。Prior research on organizational learning mainly focuses on the effect of experience on per-formance within an individual and separate organizational process,whereas the learning pattern across organizational processes receives little attention.We investigate this issue by examining two organizational processes:international joint venture(IJV)and cross-border acquisition(CBA)by Chinese listed firms.Compared to their counterparts in developed countries,the uniqueness of Chinese firms conducting CBA is that they have experienced longtime IJVs in the home country before they go abroad.How to assess the impact of IJV experience on their subsequent CBA constitutes an important theoretical and practice question.Based on a sample of 101 CBAs by 88 Chinese listed companies,our empirical analysis suggests the following.First,IJV experience has a U-shaped impact on CBA performance.Second,as domestic acquisition serves as a bridging mechanism between IJV and CBA,domestic acquisition experience ac-centuates the U-shaped relationship.Third,as higher state ownership drives more formal or-ganization and decisions relying more on formal rules and explicit knowledge,the barrier between IJV and CBA becomes increasingly high,thus attenuating the U-shaped relationship.This study makes three contributions.First,we examine the learning pattern in cross organi-zational processes by theorizing the experience transfer effect between IJV and CBA,thereby filling the gap in extant literature on organizational learning.Second,this study explores the moderation effect of domestic acquisition experience and state ownership and unpacks the complexity of the impact of experience on performance in organizational learning.Third,by focusing on the impact of IJV experience,we demonstrate the distinctiveness of CBA by Chinese firms,thus helping build and test a Chinese theory of management.

关 键 词:组织学习 中外合资 经验 跨国并购 

分 类 号:F271[经济管理—企业管理] F125[经济管理—国民经济] F832.51

 

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