距离产生美：跨国并购中个人/集体主义价值观差异的不对称效应

Distance Leads to Beauty: Asymmetric Effects of Individualism-Collectivism Value Difference in Cross-border M&As

文化距离是国际商务的研究热点之一,但现有文献往往将其视为一个整体开展研究,忽略了文化距离的"不对等性"和"不对称性"。为更好地理解文化距离对跨国并购绩效的作用,本文从国家文化层面的个人/集体主义价值观角度切入,运用2000-2014年全球范围内计算机、信息技术和互联网服务行业的126个大型跨国并购事件,探讨个人/集体主义价值观差异对企业跨国并购绩效的影响,以及业务相关性和并购经验的调节作用。研究发现,个人/集体主义价值观差异对跨国并购绩效的作用不对称且具有两面性:当并购方集体主义价值观强于目标方时,个人/集体主义价值观差异与跨国并购绩效负相关,业务相关性会削弱该负面效应;当并购方个人主义价值观强于目标方时,个人/集体主义价值观差异与跨国并购绩效正相关,跨国并购经验会强化该正面效应。

National cultural distance presents a particularly strong challenge for cross-border M&As. It is also one of the hotspots in the field of international business research which many studies tend to view national cultural distance as an integrated concept, ignoring the distinctiveness and asymmetry of national cultural distance. Thus, leading to vague and controversial research findings of national cultural distance in cross-border M&As. For a better understanding of the role of national cultural distance in cross-border M&A performance, this study takes the individualism-collectivism value on the national cultural level as an entry point. Using samples of 126 large-scale cross-border M&A events in the computer, information technology and internet service industries worldwide from 2000 to 2014, and the study investigates the impacts of individualism-collectivism value difference on the post-acquisition performance, as well as the moderating roles of business relatedness and acquisition experience. First, the results show that the effects of individualism-collectivism value difference are asymmetric and has two aspects: when collectivism value of the acquirer is stronger than that of the target, the individualism-collectivism value difference is negatively correlated with the post-acquisition performance, and the business relatedness can weaken this negative effect. When individualism value of the acquirer is stronger than that of the target, the individualism-collectivism value difference is positively correlated with the post-acquisition performance, and the acquisition experience can strengthen this positive effect. Second, this paper also discloses that the other three dimensions of national cultural distance(power distance, uncertainty avoidance, masculinity and femininity) have asymmetric and significant impacts on post-acquisition performance as well. Compared to existing literatures, this paper provides a new theoretical perspective on national cultural distance in international business, and challenges the traditional hypothesis of cultural distance by exploring the double-edged sword effects of individualism-collectivism value on post-acquisition performance. In conclusion, this study will enrich the national cultural distance in international business and cross-border M&A research, and provide some beneficial insights to practitioners and scholars.