新格局下中国企业“走出去”生存效率的影响因素分析——基于文化距离对企业并购绩效的影响研究  

Analysis of the Factors Infl uencing the Survival Efficiency of Chinese Firms Going Global under the New Pattern——A study on the impact of cultural distance on M&A performance

作　　者：何雯菁 He Wenjing(College of Economics and Management,China Jiliang University,Hangzhou,Zhejiang 310018)

机构地区：[1]中国计量大学经济与管理学院,浙江杭州310018

出　　处：《中国商论》2024年第7期127-130,共4页China Journal of Commerce

摘　　要：作为市场经济的主体,企业经营绩效是中国经济能否实现高质量发展的决定性因素。在“推动形成全面开放的新格局”背景下,跨国并购开始成为企业寻求国际化发展的重要手段,但其成功率仍然不能得到良好的保障,其中东道国与母国的文化差异直接影响了跨国并购绩效。因此,本文基于霍夫斯泰德文化距离理论对文化差异进行量化,用实证的方法从微观角度验证文化距离对跨国并购的影响,寻找企业如何通过调节文化差异提升跨国并购绩效的方法。结果表明,并购双方国家之间存在的文化差异(文化距离)会对跨国并购绩效有显著的负向影响。此外,企业规模、股权收购比例以及主并企业股权集中度可以显著降低文化距离因素对跨国并购绩效的负向作用。As the mainstay of the market economy,the business performance of enterprises is a decisive factor for the high-quality development of China’s economy.In the context of“promoting the formation of a new pattern of comprehensive opening up”,cross-border mergers and acquisitions(M&A)have become an important means for enterprises to seek international development,but their success rate is still not well guaranteed.Cultural differences between the host and home countries directly affect cross-border M&A performance.Therefore,this paper quantifies cultural differences based on Hofstede’s Cultural Dimensions theory,and uses an empirical approach to verify the impact of cultural distance on cross-border M&A from a micro perspective,while seeking methods forfirms to improve cross-border M&A performance by adjusting cultural differences.The results show that cultural differences(i.e.cultural distance)between the countries of the M&A parties have a significant negative association with cross-border M&A performance.In addition,the firm size,equity acquisition ratio,and concentration of equity in the main merging firm significantly reduce the negative effect of cultural distance on cross-border M&A performance.

关 键 词：跨国并购 并购绩效 文化距离 多元回归 市场经济 文化差异 企业经营 

分 类 号：F279.23[经济管理—企业管理]