东道国媒体偏向视角下网络关系对跨国并购成功率的影响

Research on the Impact of Network Relations on the Success Rate of Cross-Border M & A from the Perspective of Host Country Media Bias

本文从企业社会网络的视角出发,通过寻租理论、社会嵌入型理论、信息不对称理论构建社会网络与中国企业跨国并购成功率之间关系的模型,并探究调节变量东道国媒体偏向以及经济制度质量对二者关系的调节效应,应用stata16对1002个跨国并购案例进行实证检验,结论显示:政治关联和商业关联越强,中国企业跨国并购成功率越高;东道国媒体偏向越积极,越正向调节政治关联对中国企业跨国并购成功率的作用;东道国经济制度质量越高,越正向调节商业关联对中国企业跨国并购成功率的作用。研究结论从社会网络角度探讨了中国企业跨国并购成功率的影响因素,弥补了从高管网络关系角度出发研究中国企业跨国并购成功率的文献缺陷,为中国企业进行跨国并购活动提供新的思路和管理启示。

This paper adopts the perspective of corporate social networks to construct a model for examining the relationship between social networks and the success rate of cross-border mergers and acquisitions (M & A) among Chinese enterprises. Drawing on rent-seeking theory, social embeddedness theory, and information asymmetry theory, the study explores the moderating effects of the regulatory variables, namely the host country media bias and economic system quality, on this relationship. Using Stata16, the empirical analysis is conducted on 1002 cases of cross-border M & A. The findings indicate that stronger political and business affiliations are associated with a higher success rate for Chinese enterprises in cross-border M & A. Moreover, a more positive host country media bias positively moderates the effect of political affiliations on the success rate of Chinese enterprises in cross-border M & A. Additionally, a higher quality of the host country’s economic system positively moderates the effect of business affiliations on the success rate of Chinese enterprises in cross-border M & A. This study, examining the factors influencing the success rate of Chinese enterprises in cross-border M & A from a social network perspective, addresses the literature gap by focusing on executive network relationships, providing new insights and managerial implications for Chinese enterprises engaged in cross-border M & A activities.