文化距离与中国海外并购绩效:基于跨国并购经验的实证研究

Cultural Distance and China’s Overseas M&A Performance: An Empirical Study Based on Cross-border M&A Experience

以96家沪深上市公司2010-2015年期间1150起海外并购案例为样本,从文化视角探讨跨国并购企业的异质性,实证分析了跨国并购企业所在区域文化的异质性对跨国并购绩效的影响。结果表明:东道国的文化距离、区域水稻文化都会降低中国上市公司的跨国并购绩效,并且并购规模越大,文化距离、水稻文化的负面影响越大;上市公司的海外并购经验能够减缓文化距离和水稻文化对于海外投资规模绩效的负面影响,提升中国上市公司的海外投资绩效,但是随着并购规模的加大,这种正面效应会减弱。

Taking 1150 overseas mergers and acquisitions(M&A) cases of 96 Shanghai and Shenzhen listed companies during the period 2010-2015 as samples, this paper explores the heterogeneity of cross-border M&A from a cultural perspective and empirically analyzes the influence of regional culture heterogeneity on the performance of cross-border M&A. The results show that the cultural distance of host country and regional rice culture will reduce the performance of cross-border M&A of Chinese listed companies. The larger the scale of M&A, the greater the negative impact of cultural distance and rice culture. Overseas M&A experience of listed companies can mitigate the negative impact of cultural distance and rice culture on the scale performance of overseas investment, and thus enhance the overseas investment performance of Chinese listed companies. But the positive effect will weaken as the scale of M&A increases.