跨国并购中的文化距离能“缩短”吗？——基于我国上市公司的证据检验

Can the Cultural Distance be “Shorten” in Cross-border Mergers & Acquisitions? ——An Examination Based on the Evidence from Chinese Listed Company

中文关键词:  跨国并购  文化距离  调节因素

英文关键词:cross-border mergers and acquisitions  cultural distance  moderating factors

中文摘要:

      文章以我国上市公司2002—2012年发生的跨国并购事件为研究样本,运用回归分析法,证实了民族文化距离和组织文化距离确实会对跨国并购绩效产生不利影响。在此基础上,文章引入调节变量进一步探索“缩短”文化距离的途径,发现主并方的企业成熟度、并购后主并企业对被并企业的控制程度和主并方所属国家在被并方所在国的种群密度都能显著减弱民族文化距离和组织文化距离对跨国并购绩效的不利影响,从而为我国企业进行跨国并购提供了决策依据。

英文摘要:

      With the cross-border mergers and acquisitions which occurred in 2002—2012 as samples, this study confirmed that both the national cultural distance and the organizational cultural distance adversely affect the performance of cross-border mergers and acquisitions by applying regression analysis. Then this paper explored the approaches to “shorten” cultural distance through introducing the moderating factors and found that acquiring enterprises‘ maturity, the control of acquiring enterprises over the acquired enterprises, the population density of the country to which the acquiring enterprises belong in the country to which the acquired enterprises belong can significantly reduce the adverse effects of the national cultural distance and the organizational cultural distance on the performance of cross-border mergers. The research findings can contribute to decision making on cross-border mergers and acquisitions of Chinese enterprises.