何种经验更能推动企业做出跨国并购决策?

Which experience can promote enterprises to make cross-border M&A decisions?

根据组织学习理论,组织对知识的学习主要通过两种方式来实现:内部经验的传承与外部经验的观察和模仿。本研究通过对1997-2016年中国企业的跨国并购案例进行分析,采用Cox比例风险模型检验了不同来源的组织经验对企业跨国并购决策的影响,同时探讨了文化距离对不同来源的组织经验转移的影响。结果表明企业内部的跨国并购经验和国际合资经验更有可能推动企业做出跨国并购决策,但企业在国内实施并购积累的经验对跨国并购决策并无显著影响,从外部模仿来看,同行业成功的跨国并购经验更能推动企业做出跨国并购决策,而同行业失败的行为会阻碍企业做出跨国并购决策。国家之间的文化距离越大,企业越不可能做出跨国并购决策,同时文化距离还阻碍了跨国并购经验对企业做出跨国并购决策的影响。

According to the organizational learning theory, learning behaviors in organization mainly occur in two ways: the inheritance of internal experience and the observation and imitation of external experience. This study analyzes the cross-border mergers and acquisitions(M&A) cases of Chinese companies from 1997 to 2016 and uses the COX proportional risk model to examine the impacts of organizational experience from different sources on cross-border M&A decisions. This paper also investigates the effects of cultural distance on the shift of organizational experience from different sources.The empirical results show that internal cross-border(M&A) experience and international joint venture experience within the company have motivated the company to make the decisions of cross-border M&A. However, the experience of domestic M&A has no significant impact on cross-border M&A decisions. Based on the aspect of external imitation, the successful cross-border M&A experience at the same industry can promote companies make cross-border M&A decisions, However, the failures of the same industry may prevent companies from making decisions of cross-border M&A. The greater the cultural distance between countries, the less likely the companies to make cross-border M&A decisions. Moreover, cultural distance also hinders the impacts of cross-border M&A experience on companies’ decisions of cross-border M&A.