董事会异质性、断裂带与跨国并购

Heterogeneity,Faultlines of the Board and Cross-border M&A

跨国并购不仅可能受到董事会特征的直接影响,还可能受到行业环境的间接影响,以2004年至2012年进行跨国并购的168家中国企业为样本,使用Logit回归方法检验董事会异质性和董事会断裂带对跨国并购成败的影响,利用其中96家制造行业的企业样本检验行业环境对董事会异质性和董事会断裂带与跨国并购之间关系的调节作用。研究结果表明,在不考虑行业环境的情况下,董事会异质性、社会异质性和职业异质性与跨国并购没有显著相关性,董事会断裂带与跨国并购显著负相关;在考虑行业环境的情况下,环境包容性对董事会异质性、职业异质性与跨国并购之间的关系有显著正向调节作用,环境动态性对职业异质性与跨国并购之间关系有显著正向调节作用,与预期相反,环境动态性对社会异质性与跨国并购之间关系有显著负向调节作用。研究结论为有意于进行跨国并购的企业如何构建董事会提供了启示。

Cross-border mergers and acquisitions （CBMA） may not only be affected by the characteristics of the board directly,but also may be affected by the industrial environment indirectly. By using the 168 sample of corporates in China which took CB-MA between 2004-2012, this study performed the Logit method to test the effect of board heterogeneity and faultlines on the re-suits of CBMA, and examined the moderating role of industrial environment between board heterogeneity-CBMA relationship andboard fanltlines-CBMA relationship, with the 96 manufacturing industry corporate sample. The results find that, without consid-ering the environmental uncertainty, there are no significant correlations between heterogeneity of the board, social heterogeneityof the board, occupational heterogeneity of the board and CBMA, but there are significantly negative correlations between fault-lines and CBMA; when taking the environmental uncertainty into account, the munificence of the environment plays a significant-ly positive moderating role between heterogeneity of the board, occupational heterogeneity and CBMA, and the dynamism of envi-ronment positively moderates the relationship of occupational heterogeneity of board and CBMA. The most interesting result isthat, contrary to the expectations, dynamism of environment has a negatively significant moderating effect on the relationship be-tween social heterogeneity of board and CBMA. The research provides enlightenment for the corporate which intends to take CB-MA on how to construct the board.