母国和东道国经验的博弈对跨国并购决策的影响--影响机理与实证检验

Cultural Heterogeneity of External Experience between Home and Host Countries and Its Impact on Firms' Cross-border M&A Decision-making

本文结合了SDC全球并购数据和美国商务部针对450家美资企业在华投资所做的调查问卷,通过实证发现:当母国与东道国存在巨大文化差异时,东道国经验对于企业在东道国进行跨国模仿的倾向与结果之间存在反向效应,说明企业面对具有异质文化属性的东道国经验容易认知失调。认知失调往往难以自查,可能导致贸易摩擦的升级。本研究旨在提醒跨国公司警惕认知失调问题,理性面对跨国投资经营中的决策失误与摩擦;同时希望东道国能够致力于打造一个自由且具有指引作用的良性投资环境。

By combining the SDC database and a survey conducted by American Chamber of Commerce, this paper sets out from firms＇ cognitive process to demonstrate that, the external experience occurring in a given host country with a dissimilar culture could have opposite linear or quadratic effects on later foreign entrants＇ imitating propensity and outcome. Drawing on the institutional view and vicarious learning theory, this paper describes these opposite effects as cognitive dissonance. Cognitive dissonance is usually hard to be self-inspected, and would make firms feel frustrated and unsatisfied, the neglect of which would often result in an escalation of trade conflicts and foreign firm＇s misunderstandings about the host market. This study aims at reminding foreign firms to rationally face the errors and losses in the decision-making process in a host country, and alerting the host country＇s relevant bureaus to cultivate an effective, transparent and instructive investment environment.