文化差异如何影响企业跨国并购绩效——基于中国上市公司海外并购事件的分析

How Does Cultural Difference Affect Cross-border M & A Performance: Based on Analysis of China Listed Companies’ Overseas M & A Events

在经济全球化背景下,中国对外投资并购活动日益活跃。更好地整合资源和适应跨国管理业务的能力成为企业并购成功的关键,而文化差异则是企业跨国并购进程中面临的一个重大挑战。以中国上市公司跨国并购事件为样本,运用会计研究法和因子分析法测度、计算企业跨国并购绩效,通过多元回归模型研究文化差异对跨国并购绩效的影响,研究发现:文化距离越大,对企业并购绩效带来的负面影响越大。企业在进行跨国并购时,应充分了解东道国的文化,在经营管理中把文化差异作为重要的参考因素;政府要培养复合型人才,搭建信息服务平台,为企业进行跨国并购活动提供全方位支持。

Under the background of economic globalization, China foreign investment M&A activities are becoming increasingly active. The ability to better integrate the resources and adapt to the cross-border management business has become the key to successful M&A, and cultural difference is a grand challenge in the process of cross-border M&A. With China listed companies’ cross-border M&A events as samples and by adopting accounting research method and factor analysis method, this study measures and calculates the performance of cross-border M&A, and researches the impact of cultural difference on the performance of cross-border M&A by using multiple regression model. It is found that the greater the cultural distance, the greater its negative impact on M&A performance. Therefore, when conducting cross-border M&A, enterprises should fully understand the culture of the host country and take the cultural difference as an important reference factor in the process of operation and management, and that governments should cultivate compound talents, build the information service platform and provide all-round support for enterprises’ cross-border M&A activities.