文化差异会影响并购绩效吗——基于方言视角的研究

Culture Difference and M&A:from the Dialect Perspective

文化影响经济活动,是近年公司财务研究的热点。文化差异既可能增加并购的整合成本,也可能带来并购双方之间泊学习效应。因此本文以2004-2015年中国证券市场的并购活动为研究对象,以主并公司与目标公司所在地的方言差异测度两者之间的文化差异,考察文化对并购的影响。研究发现:第一,公司所在地的方言差异越大,并购公告的市场反应越好,在考虑了方言树度量误差、采用工具变量控制内生性、以及其他可能解释后,上述结论仍然成立,研究发现支持了方言差异的“学习效应”假说;第二,当主并公司为国有上市公司、并购为关联并购、并购发生在同一省份内时,方言差异带来的学习效应将被削弱;第三,方言差异越大,并购的长期绩效越好,一定程度上也支持了学习效应假说。本文的研究结论,以中国数据丰富发展了“文化与公司财务”研究,也从文化视角为考察并购绩效问题提出了新思路。

Using dialect to measure the culture, this paper investigates if the difference between the dialects of registration cities of bidder companies and target companies will impact the performance of M&A. The findings are as follows: first, the more different two dialects are, the higher is the market reaction to M&A announcement. This finding supports the learning effect of culture difference;second, when the bidder companies are SOEs, when bidder and target companies belong to the same or related industries, and when bidder and target companies are from the same province, the learning effect of culture difference is restrained;third, when the culture difference between bidder and target companies is great, the long-term performance is better. The findings of this paper contribute to the study of “Culture and Finance”.