多维距离对跨国并购股权进入模式的影响研究——以中国企业海外并购股权控制强度为例

Research on the Impact of Multidimensional Distance on the Entry Mode of Transnational Merger and Acquisition Equity: Taking Control Strength of Overseas M&A Equity of Chinese Enterprises as an Example

本文旨在研究影响跨国并购的四个维度,即文化距离、地理距离、制度距离和经济距离对海外并购股权进入模式的影响。研究结果表明,制度距离、地理距离和经济距离对企业采取独资模式负相关,而文化距离则对并购股权模式产生U形的影响关系,即在文化距离较小或者较高的时候公司倾向于采取独资的模式,而距离适中的时候则倾向于采取合资的模式。本文的研究结论澄清了传统理论上的认识误区,明确了各变量之间的关系,丰富了并购股权进入模式的内涵。

This paper aims to study the four dimensions,namely the system of cultural distance,geographic distance,institutional distance and economic distance,which affect the entry mode of overseas M&A equity.The results show that there is negative correlation between institutional distance,geographic distance and economic distance and foreign owned enterprise model.While the culture distance has a U-shaped impact on the mode of M&A equity,that is,companies prefer to take sole pattern when the cultural distance is smaller or higher,and joint venture model tend to be adopted when the cultural distance is moderate.Research conclusion of this paper clarifies the misunderstanding of traditional theory,clears the relationship between the variables and enriches the connotation of entry mode of M&A equity.