制度距离、国际经验与中国企业海外并购的成败问题研究

A Research on the Institutional Distance,International Experience and Chinese Overseas Acquisitions

本文综合国际商务战略领域的制度观和组织学习理论,探讨了中国企业海外并购成败与否的决定因素。通过对截至2010年中国企业发起的海外并购为样本进行实证检验表明,正式和非正式制度距离对中国企业海外并购能否成功有显著负面影响,而以往成功完成海外并购的国际经验则能显著提高后续并购的成功率。同时,国际经验还对制度距离的影响有明显的反向调节效应,即在既定的制度距离下,国际经验更丰富的企业再次发起海外并购的成功率也相对更高。此外,本文还发现收购方是否国有企业、被收购方是否上市公司及是否自然资源类企业、收购方所聘并购专业顾问国际知名度,以及东道国外资开放度也是影响海外并购成败的重要因素。综合以上结论,本文提出了若干对策建议。

This paper investigates the determinants for the likelihood that Chinese overseas acquisitions would be completed based on the institutional and organizational learning theories.An empirical test was conducted using a sample composed of announced Chinese overseas acquisition deals over 1982–2010.The results show that both formal and informal institutional distances between host countries and China have significant negative impact on the completion of Chinese overseas acquisitions.On the contrary,the past experiences in successful overseas acquisitions can remarkably increase the probability of completion of later similar trials.Besides,the empirical outcome also demonstrates that past experience with completed acquisition deals can oppositely moderate the negative effects of institutional distances.Additionally,whether the acquirers are SOEs,the targets are listing firms and belong to strategic natural resource industries,the international ranking of acquirers’ professional advisors as well as the target countries’ openness to foreign investments are all important factors on the completion of Chinese overseas acquisitions.Based on above evidence,the paper ends up with some practical implications and suggestions.