制度距离与跨国并购:基于制度套利逻辑的研究  

Institutional Distance and Cross-border M&A:Study Based on the Logic of Institutional Arbitrage

作　　者：王琳 陈熙 毛婷 余鹏翼 WANG Lin;CHEN Xi;MAO Ting;YU Peng-yi

机构地区：[1]广东外语外贸大学会计学院 [2]广东粤海控股集团有限公司 [3]中国建设银行股份有限公司

出　　处：《国际经贸探索》2022年第12期52-68,共17页International Economics and Trade Research

基　　金：国家自然科学基金项目(71972057);广东省社科规划办重大项目(GD22ZDZ01-13);广东省教育厅项目(2020JGXM043)。

摘　　要：文章以中国A股上市公司2010~2019年间跨国并购事件为样本,基于制度套利逻辑框架的视角,考察制度距离以及双边政治关系对跨国并购交易完成率的影响。实证结果表明:在制度逃避机制与制度利用机制的相互作用下,制度距离与跨国并购交易完成率之间存在倒U型关系;良好的双边政治关系与制度距离之间存在替代效应,削弱倒U型关系,而并购方所处地区的市场化水平则会强化倒U型关系。在此基础上,文章提出以下政策建议:跨国并购既要关注并购双方之间的制度差异,又要利用国家政治便利和中介机构的专业力量,以期提高跨国并购效率。Taking cross-border M&A events of Chinese A-share listed companies from 2010 to 2019 as the sample, this paper investigates the impact of institutional distance and bilateral political relation on the completion rate of cross-border M&A transactions from the perspective of the logic of institutional arbitrage. The empirical results show that under the interaction between the institutional escape mechanism and the institutional utilization mechanism, there is an inverted U-shaped relationship between institutional distance and the completion rate of cross-border M&A transactions;a good bilateral political relation has a substitution effect with institutional distance, weakening the inverted U-shaped relationship, but the marketization level of the region where the acquirer is located will strengthen the inverted U-shaped relationship. On this basis, the paper puts forward the following policy recommendations: cross-border M&A should not only pay attention to the institutional differences between M&A parties, but also make use of the national political facilities and the professional strength of intermediary institutions to improve the efficiency of cross-border M&A.

关 键 词：制度距离 跨国并购交易完成率 双边政治关系 并购效率 

分 类 号：F275[经济管理—企业管理]