正式制度距离、结构整合与跨境并购绩效

Formal Institutional Distance, Structural Integration and Cross-border M&A Performance: Evidence from Chinese Listed Companies

文章以中国沪深A股上市企业于2016年之前完成的跨境并购交易为研究样本,基于制度理论,研究东道国与母国之间的正式制度距离对并购绩效的影响及其内在作用机制,并分析并购方企业国有性质和高管政治关联的调节作用。结果表明,正式制度距离对并购绩效产生直接负向影响,制度距离通过结构整合的中介作用对并购绩效间接产生正向影响。结构整合在正式制度距离与并购绩效之间的作用机制为"遮掩效应"。并购方的国有性质能够减弱正式制度距离对绩效的直接负向影响;并购方高管的政治关联能够增强正式制度距离对结构整合的负向影响。

This article takes the cross-border M&As completed by Chinese listed companies before December 31, 2016 as a research sample. Based on institutional theory, this paper investigates the influence of formal institutional distance between host and home country on M&A performance, and its internal mechanism, and then analyzes the moderating role of acquirer’s state-ownership and TMT’s political connection. Most importantly, this paper investigates the mediating role of structural integration. Structural integration is the most important initial decision after the completion of M&A. If the structural integration is not implemented, the acquired firm still operates as an independent entity. The results show that institutional distance has a direct negative impact on M&A performance and has a positive impact on performance through the mediating role of structural integration. At the same time, the existence of integration significantly increases the negative relationship between institutional distance and performance, which indicates that the mechanism of structural integration between institutional distance and M&A performance is"suppression effect". In addition, the results about moderating effects show that the state-ownership of acquirer can weaken the negative effect of institutional distance on performance, and the TMT’s political connection can strengthen the negative effect of institutional distance on structural integration.