中国企业的母国制度资本与跨国并购绩效的关系研究

发布时间：2018-01-03 08:13

本文关键词：中国企业的母国制度资本与跨国并购绩效的关系研究　出处：《华南理工大学》2016年硕士论文　论文类型：学位论文

【摘要】：自2008年金融危机之后,中国企业的跨国并购进入一个新高潮,中国企业收购发达国家同行业企业的现象在国内外引起了高度关注。相比发达国家企业,中国企业在技术、管理和品牌方面往往并不具备比较优势,一些学者认为母国制度激励和政策推动是中国走出国门的主要动因。独特而复杂的制度环境使得中国企业的跨国并购充满了“中国特色”,通过跨国并购中国企业是否达成了预期战略目标,这一关键议题当前在理论界和实践领域都没有引起足够的重视。母国制度环境和来自政府的有力支持是否提升了中国企业跨国并购的绩效水平?这一现实的问题正是本文的出发点。基于制度理论和制度基础观,本文引入“制度资本”来体现和概况嵌入于企业制度环境之中并有助于提升企业竞争优势的独特资源。在经济转型和国内市场分割的双重背景下,本文希望探索中国企业的母国制度资本与跨国并购绩效的关系。作为一种资源,制度资本又受到企业自身的学习能力和外部制度环境因素的影响,因此本文进一步研究企业学习能力、制度距离和主并企业所在地市场化程度对母国制度资本与跨国并购绩效的调节作用。在文献研究基础上,本文提出4个假设。遵循规范的研究方法,通过问卷调查的方式获得一手数据进行了实证研究,实证研究结果表明:(1)中国企业的母国制度资本与跨国并购绩效正相关,这表明母国制度环境和政府支持有效促进了中国企业的跨国并购绩效。(2)学习能力与制度资本的交互作用对跨国并购绩效的调节呈“U”型,即学习能力存在一个阈值,当企业自身的学习能力高于阈值时,母国制度资本才能有效提升跨国并购绩效。(3)制度距离负向调节母国制度资本与跨国并购绩效的关系。(4)主并企业所在地的市场化程度负向调节母国制度资本与跨国并购绩效的关系,即当市场化程度较低时,母国制度资本对跨国并购绩效的促进作用更大。本文拓展了中国企业跨国并购的有关研究以及OLI范式的研究,从制度资本出发来研究跨国并购中的母国制度效应,在研究视角上具有一定的创新性。本文探索了制度资本发挥作用的具体机制和前提条件,对中国企业的跨国并购实践具有一定的指导意义。
[Abstract]:Since 2008 after the financial crisis, Chinese cross-border mergers and acquisitions of enterprises entered a new climax, developed countries enterprises in the same industry phenomenon has aroused great concern in the domestic and foreign acquisition of China enterprises. Compared to developed countries China enterprises, enterprises in technology, management and brand often do not have a comparative advantage, some scholars believe that the system of incentives and policies to promote the country is the main reason for China going abroad. The unique institutional environment and complex makes Chinese cross-border mergers and acquisitions of enterprises with "China characteristics", through cross-border mergers and acquisitions China whether enterprises reached expected strategic objectives, the key issues in the field of theory and practice have not attracted enough attention. The home country institutional environment and strong support from whether the government promoted China transnational MampA performance? The real problem is the starting point of this article is based on the system. The degree of theory and institution based view, this paper introduces the system of capital "to reflect the unique resources and situation of embedded in the enterprise system environment and help enterprises enhance the competitive advantage. The dual background of economic transformation and segmentation in the domestic market, this paper hopes to explore the relationship between China enterprise home institution capital and cross-border mergers and acquisitions as performance. A system of capital and resources, affect learning ability and external environment factors of enterprise, this paper further studies the enterprise learning capability, institutional distance and main business location and the degree of marketization of the home country institutional capital and the performance of Transnational Merger Regulation. On the basis of literature, this paper puts forward 4 hypotheses. Follow the normative research methods, through the questionnaire survey to obtain first-hand data and empirical research, the empirical results show that: (1) China enterprises home The system of capital and transnational mergers and acquisitions performance are positively related, indicating that the home country institutional environment and government support to effectively promote the China cross-border mergers and acquisitions of enterprises performance. (2) learning ability and interaction system of capital regulation on cross-border M & a performance was "U" type, namely the learning ability of the existence of a threshold, when the enterprise's own ability to learn above threshold, home country institutional capital can effectively improve the performance of transnational merger. (3) the negative relationship between institutional distance adjusting home institution capital and transnational mergers and acquisitions performance. (4) the degree of market and the location of the negative relationship between the home country regulation institution capital and transnational mergers and acquisitions performance, when the degree of market is low when the role of home system of capital of transnational mergers and acquisitions performance is greater. This paper extends the relevant research and OLI Chinese paradigm of transnational M & A, from the system of research and international capital The effect of home country system in purchase has certain innovation in the research perspective. This paper explores the specific mechanism and precondition of the role of institutional capital, which has a certain guiding significance for Chinese enterprises in the practice of cross-border mergers and acquisitions.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F279.2

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