经验学习、制度质量与国有企业海外并购

Experiential Learning,Institutional Quality and Chinese SOEs’Cross-border Acquisitions

国有企业是中国海外并购的重要买家,然而相比民营企业,其显示出低完成率和低效率并存的“双低”结果。导致国企“双低”结果的原因是什么?其又该如何克服身份束缚提升海外并购绩效?本文基于合法性视角,结合组织学习与制度理论,通过汤姆森数据库1982-2014年中国海外并购数据来回答这些问题。研究发现,国有身份容易引起东道国审查机构对其并购合法性的担忧,从而引发漫长且不确定性极高的“推理”,降低国有企业海外并购成功率,延长收购时间;相比成功经验,仅失败经验能触发学习行为,提升国企并购成功率;在并购时间决策中,一般的并购经验难以触发学习,只有特定的国际并购经验才能加快国企并购速度;双边关系并不能保证国企并购的成功率和完成时间,良好的东道国制度能够提升国有企业海外并购的成功率,却延长了其并购完成时间。

State-owned enterprises(SOE)play important roles in Chinese cross-border acquisition activities.However,compared with private firms,state-owned enterprises experience lower likeli-hood of acquisition completion and longer duration for completing a deal.So why does this happen and how can state-owned enterprises get rid of the constraints of its identity?Integrating Organizational Learning Theory with Institutional Theory,this paper attempts to answer these questions from legitimacy perspective.Employing Chinese cross-border acquisition(CBA)data from 1982 to 2014,we find that state-owned identity easily causes legitimacy concerns of host country regulatory agencies,thus may result in a longer and more uncertain“Theorization Behaviors”,which leads to lower likelihood of CBA completion as well as longer duration for com-pleting a deal.Compared with successful acquisition experience,only failed acquisition experience can increase CBA completion probability;Furthermore,in an even more complex decision-mak-ing environment such as the duration for completing a deal,only specific experience(i.e.failed international acquisition experience)can trigger learning behavior,whereas general experience(i.e.failed acquisition experience)have little influence.Favorable bilat-eral relationships may not improve completion rate and efficiency of state-owned enterprises,whereas high quality of host country institutions leads to higher likelihood of CBA completion by state-owned enterprises,however this may not be favorable to decrease the time for completing an acquisition deal.