文化距离与中国企业异地并购——基于文化松紧度的视角  

Cultural Distance and Corporate Inter-regional M&As in China:Based on the Perspective of Cultural Tightness

作　　者：刘慧[1] 王营[1] Liu Hui;Wang Ying

机构地区：[1]山东财经大学金融学院,250014

出　　处：《南方经济》2023年第4期114-129,共16页South China Journal of Economics

基　　金：国家自然科学基金项目(71802116);山东省自然科学基金项目(ZR2020QG031);“泰山学者”工程专项经费项目(ts2017120559)资助。

摘　　要：所谓“百里不同风,千里不同俗”,中国幅员辽阔,形成了风格迥异的地域文化,影响企业异地并购决策。文章从文化松紧度出发,利用2005—2019年中国上市公司异地并购数据,检验地区间文化松紧度距离对企业异地并购决策的影响,结果发现:地区间文化松紧度距离越大,企业越不倾向对该地进行异地并购。即便进行并购,企业的并购规模较小,并购成功率较低;机制检验表明,文化松紧度距离能够通过信息不对称机制和文化冲突机制作用于企业异地并购决策,而且地区正式制度的完善和文化包容度的提升均能减少文化松紧度距离的负向影响;此外,当主并企业为民营企业或去文化紧度更低的地区并购时,文化松紧度距离的影响更为显著;对于异地并购的经济结果,文章发现文化松紧度距离虽能显著降低并购的短期绩效,但对长期并购绩效无明显作用。文章的研究既是对“文化与经济”相关研究的丰富和补充,也为从不同维度洞悉中国地域文化特征及企业异地并购决策提供思路。As the saying goes“a hundred miles of different styles,a thousand miles of different customs”,China has a vast territory and has formed a regional culture of very different styles,which has an impact on companies’inter-regional M&A decisions.Starting from the cultural tightness and looseness,this paper uses the data of Chinese listed companies’inter-regional M&A from 2005 to 2019 to test the influence of the cultural tightness distance between company’s inter-regional M&A decision.The result is that the greater the cultural tightness distance,the less likely companies are to conduct M&A in that region.Even in the case of M&A,the scale is relatively small and the success rate is relatively low.The mechanism test shows that the cultural tightness distance can impact the companies’inter-regional M&A decision through information asymmetry mechanism and cultural conflict mechanism,and the improvement of the regional formal system and the improvement of cultural tolerance can alleviate the negative impact of cultural tightness distance.In addition,when the main merging company is a private enterprise or goes to a region with lower cultural tightness,the influence is more significant.For the economic consequences of inter-regional M&A,this paper finds that cultural tightness distance can significantly reduce the short-term performance of M&A,but it has no obvious effect on long-term M&A performance.The research has important implications for Chinese enterprises to more effectively carry out inter-regional M&A.First,Chinese enterprises especially private enterprises,should pay full attention to the negative impact of cultural differences in inter-regional M&A,and do a good job in due diligence and risk assessment of inter-regional M&A.Meanwhile,the cultural differences are inevitable in any M&A,so the enterprises should not give up the deal in a certain region only because of cultural differences.Instead,they should take it as an important part of the investigation of cross region merger and acquisition decis

关 键 词：异地并购 文化松紧度距离 信息不对称 文化冲突 

分 类 号：F270[经济管理—企业管理]