从“外来者”到“局内人”:中国企业跨国并购中的文化摩擦  

From Outsiders to Insiders:Cultural Frictions in Cross-border M&As by Chinese Companies

作　　者：李德辉 范黎波[2] Li Dehui;Fan Libo(Business School,Sichuan University;International Business School,University of International Business and Economics)

机构地区：[1]四川大学商学院 [2]对外经济贸易大学国际商学院

出　　处：《南开管理评论》2022年第3期35-48,I0007,I0008,共16页Nankai Business Review

基　　金：国家自然科学基金项目(71902162)、四川大学“从0到1”创新科研项目(2021CXC24);中央高校基本科研业务费项目(2021ZY-SX15)资助。

摘　　要：本文运用1982-2016年我国企业在全球17个国家或地区的跨国并购交易和东道国国内并购交易信息,以商务网络观和文化摩擦理论为基础,构建了我国企业从市场“外来者”身份向具有平等合法竞争地位的“局内人”身份转变过程中,企业面临的文化摩擦效应及其作用机制的理论模型,得到以下结论:首先,区别于文化距离、制度距离和地理距离等替代性理论解释,本文验证了中国企业在跨国并购中所面临的文化摩擦效应,该效应减缓了中国企业采用更加快速的步伐进入东道国商务网络核心位置的可能性。其次,在跨国并购交易中受文化摩擦效应的影响,企业所享有的市场地位优势、更多的市场专有知识均有利于企业获得东道国更趋核心的商务位置。但值得注意的是,在交易中单纯地依靠选取更高交易价值的标的资产却不能直接有益于海外商务关系网络的拓展,文化摩擦在这一过程中发挥着非交易性阻力的影响,扮演着企业在东道国市场中建立信任和承诺的筛选机制,具有辨析和分离市场进入者的作用。最后,本文在基于交易层面的研究中发现,由于文化摩擦因素的存在,中国企业的海外并购需要耗费更长的交易周期,采用更多的全额现金支付方式,或为此付出更高的溢价。本文拓展了国际商务中企业市场进入的相关理论,并在实践层面上为中国企业开展国际化业务提供了一定的参考价值。Using the information on cross-border M&As transac-tions of Chinese enterprises in 17 countries or regions around the world and domestic M&As transactions in host countries from 1982 to 2016,based on the business network view and cultural friction theory,this paper constructs a theoretical model of the cultural friction effect faced by Chinese enterprises during the transforma-tion from the identity of“outsiders”to that of“insiders”with equal and legitimate competitive status.The findings of the study are as follows.First,as compared to alternative theoretical explanations such as cultural distance,institutional distance,and geographical distance,the article validates the effect of cultural friction faced by Chinese firms in cross-border M&As,which slows down the pos-sibility of Chinese firms adopting a faster pace to enter the core of the host country's business network.Second,the status of the mar-ket advantage enjoyed by the firm and the greater market-specific knowledge facilitate the firm's access to a more central position in the business network.However,simply relying on the selection of higher value assets in a transaction does not directly benefit the expansion of overseas business networks.Cultural frictions play a non-transactional resistance role in this process,acting as a screen-ing mechanism for firms to build trust and commitment in the host market,and having the role of identifying and separating market entrants.Finally,in a transaction-based level study,this paper finds that overseas M&As by Chinese firms take longer transaction cy-cles,use more all-cash payments,or pay higher premiums for them due to the existence of cultural friction factors.This paper extends the theory of market entry of firms in international business and provides some reference value for Chinese firms to conduct interna-tional business in the commercial practice.

关 键 词：局外人劣势 商务网络观 文化摩擦 跨国并购 

分 类 号：F271[经济管理—企业管理] F279.2[经济管理—国民经济] G04[文化科学] F125