跨国并购对企业母国媒体声誉的影响  

Research on the Impact of Cross-Border M&As onFirms'Media Reputation in the Home Country

作　　者：阎海峰[1] 吴琼 田牧 王启虎 Haifeng Yan;Qiong Wu;Mu Tian;Qihu Wang(Bus iness school,East China Urniversity of Science and Technology;Schol of Economics&Management,Shanghai Institute of Technology)

机构地区：[1]华东理工大学商学院 [2]上海应用技术大学经济与管理学院

出　　处：《管理学季刊》2022年第3期78-101,134,135,共26页Quarterly Journal of Management

基　　金：国家自然科学基金面上项目“优势还是劣势?母国专有优势对中国企业海外合法性影响研究”(71972072);上海哲学社会科学规划一般课题“后发企业通过跨国并购提升自主创新能力的匹配研究”(2018BGL028);上海应用技术大学引进人才科研启动项目“企业国际化宣称对国际化程度的影响研究”(YJ2022-45)资助。

摘　　要：媒体声誉作为一种战略性资源,是企业持续竞争优势和合法性的重要来源。但现有研究大多关注其影响结果,对媒体声誉的前因探讨较少。本文以信号理论为基础,选取2007~2017年沪深两市A股上市企业,分别探讨了跨国并购的区位选择和行业类型对企业母国媒体声誉的影响,以及企业所有制在上述关系中的调节作用。结果发现,在发达国家或高科技行业跨国并购对企业母国媒体声誉具有正面的信号作用。相比国有企业,高科技行业跨国并购更有助于提升非国有企业的母国媒体声誉。本文进一步将母国媒体声誉细分为政策导向性和市场导向性媒体声誉,发现在发达国家或高科技行业跨国并购正向影响政策导向性媒体声誉,对市场导向性媒体声誉影响并不显著,并且,相比国有企业,高科技行业跨国并购更有利于提高非国有企业的政策导向性媒体声誉。本文将媒体声誉纳入跨国并购信号作用研究框架中,丰富了媒体声誉的前因研究。It has always been a eritial research topiedo stidy the ffet of frm strategie behaviar in the field of stralege man.agiment.Researches have pointed out that some firm stralegi behavior can be regarded a an efetive signal which help fim obtain valuable resoures,such as goverment subsidies and bank lans.However,the lilerature mainly ermphaizes the impact of firmstrategie behavior on tangibk resoures,and pays les alention to intangible resoures.Melia reputaion,is regarded as an impor.tant stralegie resoure,which is esential for a fim to obtain ompelivenes and legitimaey,Most researches explare he efect dfmedia reputaion,yet is anleedents are seldom adidresed.Scholars have sugested that fim stralege behavior can afet is repu-talion by sendig a sigal to exderal stakehalders about he fimn's sralegie priorilie ad fiture gowh pmspects.Therefbre,t isnecesary to explare what kind of fimm dtralegie behavior can be used as an efecive sigual to reduce inbommation asymmely,afectthe media's evalualion fim and improve medlia reputalion.Scholars have sugesled thal,as an important inlernalional strilegie behavior f fim,cros-barder M&As can ffet exlernalstakehalders,such as investors and eustomers,through a siguling mechanism,Therefbre,the media,as an extemal stakehalder,may also be afecded by the sigual of erces-barder M&As,that is,the crosat-border M&As wil have a signal efect on aquiringmedia repulation resoures.Based on siguling theory and rsearch literalture on cross-barder M&As,we tet the model with adataset f he cres-boriler M&As df A-share liltei fims in Shanghai and Shershen stockexchan ges fom 20 to 2017,ivesiga.ting he igualin efe of eres bornler M&s with ar gt n dedlped coumtie and ih-teh industries on the meliarepuationin he home caunly.The moderating efect af difrent types df ow neship an the above relalionship,and furher tesing the inlu-ene of he igalefet f cres-brder M&s onthe difen tpes of melia putatin i the hae ouity.Our reearch finds ha,croa-border M&As in deloped counties or high-teh indutrie can hel fim build

关 键 词：跨国并购 媒体声誉 企业所有制 信号理论 

分 类 号：F832.51[经济管理—金融学] F271