社会网络与企业跨国并购绩效关系研究——组织合法性的中介作用及吸收能力的调节作用

Research on the Relationship between Social Networks and the Performance of Enterprises'Cross-border M&A--The Mediating Role of Organizational Legitimacy and the Moderating Role of Absorptive Capacity

社会网络是为企业提供关键资源的主要来源,对提高企业跨国并购绩效具有重要意义。基于社会网络理论和资源基础理论,以来自京津冀地区开展过跨国并购活动的31家企业内475名员工为研究对象,探究社会网络对企业跨国并购绩效的影响,并以组织合法性为中介因素、吸收能力为调节因素,分析社会网络与企业跨国并购绩效之间的作用机理。研究发现,社会网络对跨国并购绩效有显著的正向影响,是跨国并购企业获得组织合法性的重要影响因素;组织合法性在社会网络和跨国并购绩效关系中起部分中介作用;吸收能力正向调节社会网络与企业跨国并购绩效的关系。因此,就跨国并购企业而言,加强社会网络和合法性的战略管理,积极促使企业输入向有效输出的转化,是提升企业跨国并购绩效的重要渠道。

Social networks are the main source of key resources for companies,and are of great significance to improving the performance of enterprises'cross-border mergers and acquisitions(M&A).Based on Social Network Theory and Resource-based Theory,with 475 employees from 31 enterprises in the Beijing-Tianjin-Hebei region that have conducted cross-border M&A as the research object,this research explores the influence of social networks on the performance of cross-border M&A,and uses organizational legitimacy as a mediating factor and absorptive capacity as a moderating factor to analyze the interaction mechanism between social network and corporate cross-border M&A performance.The study has found that:social network has a significant positive effect on the performance of cross-border M&A,and is an important factor in the acquisition of organizational legitimacy for cross-border M&A enterprises;organizational legitimacy plays a partial mediating role in the relationship between social networks and cross-border M&A performance;absorptive capacity positively moderates the relationship between social networks and enterprises’cross-border M&A performance.Therefore,as for cross-border M&A enterprises,strengthening the strategic management of social networks and legitimacy,and actively promoting the conversion from input to effective output are important means to improve the performance of cross-border M&A.