影响跨国并购绩效的关键因素:一个META分析

Key Factors in Cross-border M&A Performance:A Meta-Analysis

跨国并购已然成为企业日益普遍的国际扩张模式,关于跨国并购绩效影响因素的实证研究层出不穷,但是这些实证研究的结果呈现出了较大的异质性.为了减弱这种争议,本文采用Meta分析方法,对39项实证研究进行分析,探究并购经验、持股比例、业务相关性这三个关键因素对跨国并购绩效的影响.研究结果表明,并购经验、持股比例与业务相关性与跨国并购绩效存在显著的正相关关系.此外,以文化距离为调节变量的研究发现,文化距离负向调节并购经验与跨国并购绩效的关系,文化距离负向调节业务相关性与跨国并购绩效的关系得到部分支持,文化距离对并购方的持股比例与跨国并购绩效的关系不具有调节作用.研究还发现变量关系存在调节变量解释不足的问题.研究结果对于全面、深入认识影响跨国并购绩效的前因机制具有重要的启发意义.鉴于跨国并购的不确定因素太多,更多影响跨国并购的因素变量值得进一步研究.

Cross-border M&A has become an increasingly common pattern of international expansion for companies. There are many empirical researches on the factors which influence M&A performance. However,the results of these empirical studies show a great deal of heterogeneity. In order to weaken this controversy,the paper uses Meta-analysis method to analyze 39 independent empirical studies. Exploring the influence of the three key factors-M&A experience,relatedness and ownership participation-in cross-border M&A performance. The results show that M&A experience,ownership participation and relatedness have a significant positive impact on crossborder M&A performance. In addition, the study using cultural distance as a moderator finds that,the relationship between M&A experience and cross-border M&A performance is negatively moderated by the culture distance;the relationship between relatedness and cross-border M&A performance is negatively moderated by the culture distance. The paper also finds that there are other unknown explanatory moderators in the relationship between variables. Given the uncertainties in cross-border M&A,the factors that affect cross-border M&A are worthy of further study.