文化差异对并购后整合效果的影响

发布时间：2018-02-25 18:17

本文关键词： 跨国并购文化差异并购后整合协同效应整合能力　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：在政府"走出去"、"产业升级"、"一带一路"战略等政策的支持和推动下,中国企业随着自身实力的提升,在全球范围内掀起了一轮跨国并购浪潮。统计表明,中国企业跨国并购目标主要集中于欧洲、北美洲、澳洲等发达国家和地区,而这些地区与中国在国家文化上差异巨大,可以说是中西方文化的交融与碰撞。而企业并购后整合则是并购创造价值,产生协同效应的关键因素,研究国家文化差异对并购后整合的影响,进而讨论其对并购后协同效应的影响就具有重要的理论意义和现实意义。本文基于Hofstede文化维度论和并购协同理论为基础,针对我国企业跨国并购的情况,研究文化差异与跨国并购后整合协同效应之间的关系以及包括企业跨国并购经验和控制程度在内的企业整合能力在文化差异影响并购后整合协同效应过程中所起的调节作用,包括调节方向和调节力度。本文针对上述研究问题,首先运用文献研究法对相关领域的研究现状和成果进行梳理,在此基础上提出假设并建立并购后整合协同效应评价模型;其次,通过描述性统计方法,对2007-2014年中国企业跨国并购案例分别从年份和地域进行大样本描述性统计;最后,运用假设检验法验证所提出的假设。具体以企业并购后整合协同效应指数为因变量,文化差异为自变量,跨国并购经验和控制程度为调节变量构建计量模型,以检验文化差异对并购后整合协同效应的影响及企业整合能力在文化差异影响并购后整合协同效应过程中所起的调节作用。实证结果表明:在企业年龄、企业规模、企业现金流、支付方式、市值账面比等控制变量的限定下,文化差异与并购后整合协同效应呈负相关关系,即并购双方文化差异越大,并购后整合协同效应越差;企业跨国并购经验和控制程度在文化差异影响并购后整合协同效应过程中起负向调节作用,即跨国并购经验和控制程度可以削弱文化差异对并购后整合效果产生的负向影响。本文研究结论提供两点启示。第一,企业在跨国并购时要注重对双方文化匹配性的考察和评估,在并购后整合过程中重视文化差异对并购后整合协同效应的影响,选择合理的整合模式;第二,在跨国并购中,要注重并购整合经验的积累,培养国际经营人才,提升并购整合能力。
[Abstract]:With the support and promotion of the government's "going out", "industrial upgrading", "Belt and Road" strategy and other policies, Chinese enterprises, with the improvement of their own strength, have set off a wave of cross-border mergers and acquisitions around the world. Statistics show that, Cross-border M & A targets of Chinese enterprises are mainly concentrated in developed countries and regions such as Europe, North America, Australia, and so on, and these regions differ greatly from China in terms of national culture. It can be said that the blending and collision of Chinese and western cultures, and the integration after M & A is the key factor of creating value and synergistic effect of M & A. This paper studies the influence of national cultural differences on the post-merger integration. It is of great theoretical and practical significance to discuss its influence on the post-merger synergy. Based on the theory of cultural dimension of Hofstede and the theory of synergy of M & A, this paper aims at the situation of transnational M & A in China. This paper studies the relationship between cultural differences and post-merger integration synergy, and the regulatory role of corporate integration ability, including the experience and degree of control of cross-border M & A, in the process of cultural differences affecting the post-merger integration synergy. Aiming at the above research problems, this paper firstly combs the research status and achievements in related fields by literature research method, and then puts forward the hypothesis and establishes the evaluation model of post-merger integration synergy effect. Secondly, through descriptive statistical method, the paper carries out large sample descriptive statistics from year to year and region of Chinese transnational M & A cases from 2007-2014. Finally, The hypothesis test method is used to verify the hypotheses put forward. Taking the post-merger and acquisition synergy index as dependent variable, the cultural difference as independent variable, the experience of cross-border M & A and the degree of control as adjusting variables, the econometric model is constructed. In order to test the impact of cultural differences on the post-merger integration synergy and the regulatory role of corporate integration ability in the process of cultural differences affecting the post-merger integration synergy, the empirical results show that: at the age of the firm, the firm size, Under the limit of controlling variables such as cash flow, payment mode and market value's book value ratio, the cultural difference is negatively related to the post-merger integration synergy effect, that is, the greater the cultural difference between the two sides, the worse the post-merger integration synergy effect. The experience and control degree of transnational M & A play a negative role in the process of cultural difference influencing the integration and synergy after M & A. That is, the degree of experience and control of cross-border M & A can weaken the negative impact of cultural differences on the post-merger integration effect. In cross-border M & A, enterprises should pay attention to the investigation and evaluation of the cultural matching between the two sides, pay attention to the influence of cultural differences on the post-merger synergy in the process of merger and acquisition, and choose a reasonable integration model. Second, in cross-border M & A, we should pay attention to the impact of cultural differences on the post-merger synergy. We should pay attention to the accumulation of experience in M & A integration, train international management talents and enhance the ability of M & A integration.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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