摘要
基于绩效反馈理论和制度理论,以2016~2018年进行跨国并购的355家沪深A股上市公司为研究样本,探讨了中国企业跨国并购进入模式的选择如何受到历史绩效期望差距和行业绩效期望差距的影响,并进一步检验了制度差异对二者关系的调节作用。研究结果表明:两种绩效期望差距越大,中国企业越倾向于采取独资的并购方式进入海外市场;制度差异对绩效期望差距与企业选择独资的跨国并购进入模式的正向关系具有负向调节作用。
Based on performance feedback theory and institutional theory,355 firms listed on the Shanghai and Shenzhen Stock Exchanges A-share that conducted cross-border M&A in 2016-2018 are used to explore the effects of historical performance expectation gap and industry performance expectation gap on the entry mode of cross-border M&A of Chinese firms and further test the moderating effect of institutional differences.The findings show that,(i)The larger the performance expectation gap,the more Chinese firms tend to adopt the wholly-owned M&A entry mode to enter overseas markets;(ii)Institutional differences have a negative moderating effect on the positive relationship between performance expectation gap and firms’choice of the sole proprietorship entry mode of cross-border M&A.
作者
吴小节
陈小梅
汪秀琼
王雪丽
WU Xiaojie;CHEN Xiaomei;WANG Xiuqiong;WANG Xueli(Guangdong University of Technology,Guangzhou,China;South China University of Technology,Guangzhou,China)
出处
《管理学报》
CSSCI
北大核心
2021年第4期502-511,520,共11页
Chinese Journal of Management
基金
国家自然科学基金资助项目(71872053)
国家社会科学基金资助项目(20BGL032)
教育部人文社会科学基金资助项目(18YJAZH085)。
关键词
绩效期望差距
进入模式
制度差异
绩效反馈理论
制度理论
performance aspiration gap
entry mode
institution distance
performance feedback theory
institutional theory
