中国上市企业跨国并购交易持续时间研究:资源与制度视角

The Duration of Cross-border M&As in Chinese Listed Companies:The Resource-based and Institutional Perspectives

本文基于资源基础观和制度理论,以中国上市企业2017年年末之前宣告的跨国并购交易为研究样本,分析资源相关性和制度差异对并购公告日至交易决议日持续时间的影响,同时探讨了专业顾问和并购市场寻求动机的调节作用。研究结果表明,资源相关性与交易持续时间之间呈U型关系;正式制度差异和非正式制度差异均对并购交易持续时间产生显著负向影响;并购专业顾问的参与,增强了非正式制度差异对交易持续时间的负向影响;并购市场寻求动机减弱了资源相关性对交易持续时间的负向影响。本文的结论丰富了并购相关方面的研究,对中国上市企业的跨国并购具有一定的参考意义。

Based on the Resource-based View and Institutional Theory,this paper takes the cross-border M&A transactions of Chinese listed companies before the end of 2017 as a research sample,analyzes the impact of resource relatedness and institutional differences on the transaction duration in the intermediary stage of M&A,and discusses the moderating effect of professional advisor and market-seeking motive.The results show that there is a U-shaped relationship between resource relatedness and transaction duration;formal institutional differences and informal institutional differences have a significant negative impact on the duration of M&A transactions;the existence of M&A professional advisor strengthens the negative impact of the informal institutional difference on the duration of the transaction;the market-seeking motive reduces the negative impact of resource relatedness on the duration of the transaction.These conclusions enrich the related M&A literature,and provide reference for Cross-border M&A of Chinese listed companies.