中国企业跨国并购绩效的影响因素研究——基于新制度主义视角的Meta分析

A Meta-Analytic Investigation on Factors Influencing the Performance of Chinese Enterprises’ Cross-Border M&A——From the Perspective of New Institutionalism

随着中国经济的迅速发展和中国企业的跨国扩展,大量的研究开始聚焦于中国企业跨国并购绩效的影响因素,特别是与新制度环境相关的因素。然而研究始终没有统一的定论,部分研究认为制度差异会为企业提升绩效带来阻碍,也有大量的文献认为制度差异会给企业创造更多的价值。为了解决这些不一致的结论,本文基于新制度主义视角,从制度理论的管制、规范、认知的三个层面出发,选取了三个最有争议的影响因素——国有股份、文化差异、先前经验来研究它们对中国企业并购绩效的影响。通过对前人文献的大量整合,我们提出了一系列的假设。本文基于40篇文章、8606起中国企业跨国并购事件作为样本进行元分析后发现,政府参与和先前经验对中国企业并购绩效有显著的积极影响,文化差异对中国企业跨国并购绩效有显著的消极影响。基于前人的研究,我们还把并购绩效分为经营绩效和财富效应(又可分为短期财富效应和长期股东价值),据此进行了对比并得出新的结果。文章最后就理论和实践的影响与建议做了相关讨论。

With the rapid development of Chinese economy and the transnational expansion of Chinese enterprise,a substantive body of research begins to focus on factors influencing the performance of cross-border merger and acquisition(M&A),especially factors related with new institutional environment.However,there is no concensus.Some studies suggested that the three factors can create obstacles to achieve integration benefits.However,the opposite view that the three factors will enhance the M&A performance and empirically supported.To resolve these inconsistencies,we choose three heavily debated factors(state ownership,culture distance and prior experience)based on the three aspects of institutional theory(regulative,normative,cognitive)in order to study their influence on M&A performance of Chinese enterprises.We developed a set of hypotheses after reviewing research lituerature.A meta-analysis of 40 studies,with a combined sample size of 8606 M&A,suggests that state ownership and prior experience may exhibit positive influence on cross-border M&A performance,while cultural distance demonstrate negative influence.Based on revious researches,we divide M&A perfornce into operation performance and shareholder value(which can be further divided into short-term value and long-term value),and analysis on this basis yielded new findings.The implications and suggestions for Chinese M&A research and practice are discussed.