“文化逆势”情境下的跨国并购驱动机制--基于QCA方法与多元回归的双重分析

Research on the Mechanism of Corporate Cross-border M&A Performance in the Context of Cultural Disadvantages——a Dual Analysis Based on QCA and Multivariate Regression

为深入探究文化差异对跨国并购绩效的影响效应,将文化差异细分为国家文化距离和组织文化强度差异,利用多元回归方程实证研究了文化差异对并购绩效显著的负向作用;据此进一步引入调节变量,通过层次分析法,探索改善"文化逆势"的可能方案。结果表明:文化差异会抑制并购绩效,而东道国竞争指数、交易规模和企业规模可以有效缓解文化差异的负面影响。运用模糊集定性比较分析方法,研究了多个前因变量对跨国并购绩效的影响路径,构建了基于"文化逆势"情景的内部主导型、外部激励型、文化整合型以及外部约束型四种跨国并购驱动机制。

In order to probe into the effect of cultural differences on the performance of cross-border mergers and acquisitions, by dividing cultural differences into differences in national cultural distanceand organizational cultural intensity, this paper empirically studies the negative effect of cultural differ-ences on merger and acquisition performance by using multivariate regression equation, and further in-troduces the adjustment variables, through the analytic hierarchy process, to explore and improve thepossible solutions to"cultural disadvantages". The results show that cultural differences will inhibit theperformance of mergers and acquisitions while the host country competition index, transaction size andenterprise scale can effectively mitigate the negative effects of cultural differences. By using the methodof qualitative and comparative analysis of fuzzy set, this paper studies the influence paths of multiple an-tecedent variables on the performance of transnational mergers and acquisitions, and constructs suchfour types of driving mechanisms of cross-border mergers and acquisitions as the internally leading type, externally incentive type and culturally integrative type and externally restrictive type.