中国企业并购经验与跨国并购股权的关系研究

发布时间：2018-02-28 08:16

本文关键词： 跨国并购股权并购经验文化距离研发能力　出处：《管理学报》2017年08期 　论文类型：期刊论文

【摘要】：基于中国企业跨国并购事件的二手数据,探讨并购经验对中国企业跨国并购股权比例决策的影响,并研究文化距离与研发能力对两者关系的调节作用。实证研究发现:作为一种决策经验,并购经验具有情境边界,跨国并购经验对跨国并购股权比例负相关,母国并购经验对跨国并购股权比例决策并无显著影响;文化距离越大,使得具有同样跨国并购经验的企业选择的跨国并购股权比例越低;主并企业母国研发能力对跨国并购经验与跨国并购股权比例之间的关系不产生显著影响,但在母国并购经验高的企业中,研发能力低组比能力高组的企业更倾向于选择较高的股权比例。
[Abstract]:Based on the second-hand data of Chinese enterprises' cross-border M & A events, this paper discusses the influence of M & A experience on the decision-making of the proportion of shares in cross-border M & A of Chinese enterprises. The empirical study shows that as a kind of decision-making experience, M & A experience has situational boundary, and transnational M & A experience has negative correlation with the share ratio of cross-border M & A. The greater the cultural distance, the lower the proportion of transnational M & A shares chosen by enterprises with the same experience in cross-border M & A. The R & D capability of the home country has no significant influence on the relationship between the experience of cross-border M & A and the proportion of shares in cross-border M & A, but in the case of the experienced enterprises in the home country, Companies with low R & D ability tend to choose higher equity ratio than those with high R & D ability.
【作者单位】：华南理工大学工商管理学院;华南理工大学中国企业战略管理研究中心;
【基金】：教育部哲学社会科学重大课题攻关资助项目(15JZD020) 中央高校基本科研业务费专项资金资助项目(2015ZDXM02) 广东省自然科学基金资助项目(2014a030313268) 广东省软科学研究计划资助项目(2016A070705022)
【分类号】：F271;F279.2

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