“一带一路”倡议、制度和文化差异与跨国并购企业创新绩效

“The Belt and Road”Initiative,Institutional and Cultural Differences,and Transnational M&A Enterprises’ Innovation Performance

运用多元回归和两配对样本t检验的方法,以2010—2016年我国上市公司企业跨国并购的数据为研究样本,探究“一带一路”背景下制度和文化差异对跨国并购企业创新绩效的影响。结果表明:技术获取型跨国并购对主并方企业创新绩效有正向影响;“一带一路”沿线企业间跨国并购对主并方企业创新绩效的正向影响更大;制度和文化差异对跨国并购主并方企业创新绩效有负向影响;“一带一路”倡议对制度差异与主并方企业创新绩效关系的调节作用不显著。

In order to explore the effect of institutional and cultural differences on the innovation performance of transnational M&A enterprises under the background of “The Belt and Road",this paper uses the method of multiple regression and paired-sample t test,takes the transnational M&As data of Chinese listed companies from2010 to2016 as the research sample.The results show that the technological transnational M&As has the positive effect on main M&A enterprises’ innovation performance;Institutional and cultural differences have a negative effect on main M&A enterprises’ innovation performance.The transnational M&As among enterprises along “The Belt and Road” has the greater positive effect on main M&A enterprises’ innovation performance.“The Belt and Road"strategy has no obvious moderating effect on the relationship between the institutional differences and the innovation performance of the main M&A enterprises.