内部控制、国家距离与跨国并购绩效

Internal Control, National Distance and Cross-Border M&A Performance

中文关键词:  内部控制  跨国并购  并购绩效  风险管理  国家距离  信息不对称

英文关键词:internal control  cross-border M&A; M&A performance  risk management  national distance  information asymmetry

中文摘要:

      近年来,随着国际形势不确定性加剧、逆全球化思潮和单边保护主义抬头,我国企业海外并购面临的风险不断提升。基于2008—2018年我国A股上市公司跨国并购数据,实证检验了内部控制在我国企业国际化经营活动中发挥的作用。研究发现:高质量内部控制能显著提升企业的跨国并购绩效,但东道国与我国的地理距离和文化距离越远,内部控制对跨国并购绩效的正向影响越弱。进一步分解内部控制五要素发现,内部控制主要通过风险评估和内部监督要素正向影响跨国并购绩效。异质性分析表明,高质量内部控制提升跨国并购绩效的效应在并购方具有跨国并购经验和跨国并购交易规模较大时更为显著。因此,建议监管部门或行业组织出台有关企业海外经营与发展的内部控制指引,企业也应重视与强化海外经营发展过程中的内部控制体系建设,并关注国家距离因素的影响,以降低跨国并购风险。

英文摘要:

      Owing to intensifying international uncertainties and the rise of de-globalization and unilateral protectionism, Chinese enterprises' cross-border mergers and acquisitions (M&As) have been subjected to an increasing number of risks in recent years. Based on the cross-border M&A data of A-share listed firms during the 2008-2018 period, this paper empirically tested the role of internal control in Chinese enterprises' going global. We came up with the following findings. High-quality internal control can significantly improve enterprises' cross-border M&A performance, but farther geographic distance and cultural distance between the host country and China weakens the positive effect of internal control on cross-border M&A performance. By further analyzing the five elements of internal control, we find that it is through risk assessment and monitoring that internal control positively impacts cross-border M&A performance. According to heterogeneous analysis, the effect of internal control on cross-border M&A performance is significant when the acquirer has relevant experience or the M&A scale is larger. It is suggested that regulators or industry associations should release guidance on internal control regarding enterprises' oversea operation and development. Meanwhile, enterprises should value internal control system and perceive the impact of national distance, so as to cushion cross-border M&A risks. 