制度差异对中国企业跨国并购绩效影响的实证研究

发布时间：2018-06-18 05:08

本文选题：并购绩效 + 国际经验　；参考：《广东工业大学》2017年硕士论文

【摘要】：随着全球经济一体化进程的加快,世界产业结构面临着重新调整、升级和战略转移,给正处于逐步实施新型工业化战略的中国经济带来了重要的战略机遇期,越来越多的中国企业开始走上国际化的道路。在全球化的进程中,跨国并购逐渐成为对外直接投资的主要方式,中国企业通过跨国并购的方式参与国际化,以此获得企业发展所需的战略性资源,打开国际市场以及获得国外先进的技术和资源。然而中国企业实施跨国并购的成功率并不高,众多学者认为与国内完全不同的制度环境是导致其失败的主要原因。因此,本研究从“制度理论”、“交易成本理论”和“组织学习理论”的视角出发,选取制度差异为自变量,企业的国际经验为调节变量,探究制度差异和国际经验对中国企业实施跨国并购后绩效的影响。主要探索三个问题:(1)制度差异是否为影响中国企业实施跨国并购后绩效的主效应?(2)制度差异对中国企业实施跨国并购后绩效的影响机制是怎么样的?(3)国际经验对制度差异与中国企业实施跨国并购后绩效之间的影响具有调节效应吗?为了回答上述问题,本研究从制度理论、交易成本理论、组织学习理论、产业组织理论等理论视角对中国跨国并购绩效研究的相关文献进行了回顾。接着以150家实施跨国并购的中国上市企业为研究样本,收集相关数据,以EXCEL和SPSS19.0软件对数据进行处理和分析,主要研究结果如下:(1)制度差异对中国企业实施跨国并购后的绩效存在显著的负向效应;(2)国际经验对制度差异与中国企业实施跨国并购后绩效具有显著的调节作用,弱化了制度差异对中国企业实施跨国并购绩效的负向作用。本文的贡献在于:(1)本研究基于中国本土化的情境,对中国企业实施跨国并购过程中与东道国的制度差异、国际经验与并购后绩效之间的关系进行深入全面的研究,是对先前关于制度差异和跨国并购绩效关系的重要补充。(2)本研究整合了制度理论、交易成本理论、组织学习理论和产业组织理论对中国企业实施跨国并购绩效的理论分析框架,以丰富中国企业实施跨国并购绩效的相关理论研究。最后,指出本研究存在的局限性和未来的研究方向,为后续的研究提供借鉴。
[Abstract]:With the acceleration of the process of global economic integration, the world industrial structure is facing readjustment, upgrading and strategic transfer, which has brought an important strategic opportunity period to the Chinese economy, which is gradually implementing the new industrialization strategy. More and more Chinese enterprises begin to take the road of internationalization. In the process of globalization, transnational M & A (M & A) has gradually become the main way of foreign direct investment (FDI). Chinese enterprises participate in internationalization through cross-border M & A, so as to obtain the strategic resources needed for the development of enterprises. Open the international market and access to foreign advanced technology and resources. However, the success rate of cross-border M & A in China is not high, and many scholars believe that the main reason for its failure is the institutional environment completely different from that in China. Therefore, from the perspective of "system theory", "transaction cost theory" and "organization learning theory", this study selects institutional differences as independent variables, and international experiences of enterprises as adjusting variables. To explore the impact of institutional differences and international experience on the performance of Chinese enterprises after cross-border mergers and acquisitions. This paper mainly explores three questions: 1) whether the institutional difference is the main effect that affects the performance of Chinese enterprises after cross-border M & A; (2) how the system difference affects the performance of Chinese enterprises after cross-border M & A; what is the influence mechanism of the system difference on the performance of Chinese enterprises after cross-border M & A; Does the influence between institutional differences and the performance of Chinese enterprises after cross-border mergers and acquisitions have a moderating effect? In order to answer the above questions, this study reviews the relevant literature on the performance of cross-border mergers and acquisitions in China from the perspective of institutional theory, transaction cost theory, organizational learning theory and industrial organization theory. Secondly, 150 Chinese listed companies that carry out cross-border M & A are used as research samples to collect relevant data, and the data are processed and analyzed by excel and SPSS 19.0 software. The main results are as follows: (1) there is a significant negative effect of institutional differences on the performance of Chinese enterprises after cross-border mergers and acquisitions. (2) International experience has a significant regulatory effect on the institutional differences and the performance of Chinese enterprises after cross-border mergers and acquisitions. It weakens the negative effect of institutional differences on the performance of transnational M & A of Chinese enterprises. The contribution of this paper lies in: (1) based on the situation of localization in China, this study makes a thorough and comprehensive study on the institutional differences between Chinese enterprises and the host country in the process of transnational M & A, and the relationship between international experience and post-merger performance. This study integrates institutional theory, transaction cost theory, organizational learning theory and industrial organization theory to analyze the performance of transnational M & A in China. In order to enrich the performance of cross-border mergers and acquisitions of Chinese enterprises related theoretical research. Finally, the limitations of this study and the future research direction are pointed out to provide reference for future research.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F271;F272.5

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