母国制度形象能否影响跨境并购效率——基于专业顾问视角  

Can the Institutional Image of Home Country Affect the Cross-border M&A Efficiency--Based on the Perspective of Professional Advisor

作　　者：范黎波[1] 林琪 FAN Libo;LIN Qi(Business School,University of International Business and Economics,Beijing,100029)

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《国际商务（对外经济贸易大学学报）》2023年第5期78-95,共18页INTERNATIONAL BUSINESS

摘　　要：本文运用2004—2019年全球56个国家或地区的11897宗跨境并购交易信息,结合国家形象理论与制度理论,探讨了母国制度形象对跨境并购效率的影响,进一步分析了专业顾问对制度形象的修正作用。研究发现:在跨境并购中,母国制度形象对跨境并购效率具有正向作用;聘用专业顾问能够缩小客观制度内容与主观制度形象之间的偏差,强化母国制度形象对跨境并购效率的积极影响;一定程度上的专业顾问规模增长有利于母国制度形象对跨境并购效率的正向作用,但过大的顾问规模会影响母国制度形象对并购效率的积极作用;专业顾问的职能、国籍和聘用方异质性对母国制度形象与跨境并购效率间关系的影响存在差异。This paper discussed the impact of the institutional image of the home country on cross-border merger and acquisition(CBMA)efficiency based on 11897 CBMAs announced by 56 countries or regions in the world from 2004 to 2019,which combined with the national image theory and institutional theory.And it further analyzed the role of professional advisors in revising the institutional image.The results indicate that:(1)In the cross-border M&A,the home country institutional image has a positive effect on CBMA efficiency.(2)The professional advisor employment can narrow the deviation between the objective institutional content and the subjective institutional image,and strengthen the positive impact of home country institutional image on the CBMA efficiency.(3)The increase of the professional advisor scale to a certain extent is conducive to the positive effect of the home country institutional image on the CBMA efficiency.However,the excessive advisor scale hinders the positive impact of the home country institutional image on the CBMA efficiency.(4)The professional advisors'function heterogeneity,nationality heterogeneity and employer heterogeneity have different impacts on the relationship between the institutional image of home country and CBMA efficiency.

关 键 词：母国制度形象 跨境并购效率 专业顾问聘用 专业顾问规模 专业顾问异质性 

分 类 号：F270[经济管理—企业管理]