制度距离对中国企业跨国并购绩效影响的差异性——基于水平与垂直并购的比较

Research on the Different Effect of Institutional Distance on the Performance of Chinese Enterprises after Cross-border M&As Based on the Comparison of Horizontal and Vertical M&As

文章利用2009~2015年中国企业222起跨国并购数据进行实证分析,结果发现正式制度距离与中国企业跨国并购绩效关系不显著,但是如果被并购的企业属于敏感行业,正式制度距离与跨国并购绩效呈负相关,对于水平并购这种负相关尤为显著,但是在垂直并购中并不显著。非正式制度距离与整体的中国企业跨国并购绩效关系不显著,但是在水平并购中非正式制度距离与跨国并购绩效呈负相关,其原因是中国企业对自身文化过高的认同,对标的企业文化不够尊重,对于垂直并购,非正式制度距离与跨国并购绩效关系不显著,其原因是中国企业与目标企业在管理上保持了一定的独立性。文章的结论说明中国企业跨国并购后的整合能力有所提高,但是中国企业在并购后仍应努力适应东道国的制度环境并减少文化差异带来的负面影响,提高跨国并购的绩效。

The paper uses the data of 222 cross-border MAs of Chinese enterprises from2009 to 2015 to do an empirical analysis, and finds that cross-border MAs enhance Chinese enterprises＇ ability to integrate. The relation between official institutional distance and the performance of Chinese enterprises after cross-border MA is not significant, but if the target enterprises belong to the sensitive industries, official institutional distance and the performance of cross-border MA are negatively correlated. For horizontal MAs, this negative correlation is particularly significant, but for vertical MAs, such a negative correlation is not significant. The relation between unofficial institutional distance and the performance of Chinese enterprises＇ cross-border MAs is not significant. But in horizontal cross-border MAs, unofficial institutional distance is negatively related with performance of Chinese enterprises because of the overconfidence of Chinese enterprises for their own culture. For vertical MAs, the relation is not significant because the Chinese enterprise and the target enterprise maintain certain independence in management. The conclusion illustrates that the ability of integration of Chinese enterprises increases, but Chinese enterprises still need to adapt to the host country＇ s institution and minimize the impact of cultural differences in order to improve the performance.