制度约束、国家文化差异与企业跨国并购绩效——文化差异的竞争性中介作用

本研究结合组织行为和战略管理的相关理论,从制度约束和文化差异两个方面因素入手,研究了影响中国企业跨国并购绩效的原因.先构建了这三个变量的多元回归模型,然后分别用Baron和Zhao提出的方法来检验中介变量.研究发现:(1)中国企业在制度环境复杂的国家的并购绩效比较好;(2)并购双方所在的国家文化距离越大,并购之后的协同效应越大;(3)文化差异在以营商环境指数表示的制度环境与以Tobin'q表示的并购绩效之间起到竞争性中介效应.

Institutional Constraint,National Cultural Difference and Cross-border M & A Performance of Companies——Competitive Intermediary Effect of National Cultural Difference

This paper studies the factors that could influence Chinese companies’ cross-border M & A performance,from the perspectives of Institutional constraint and national cultural difference.We first build a multiple regression model of these three variables,and then use methods of Baron and Zhao each to test the intermediary variable. We find that:(1) Chinese companies’ cross-border M & A performance is better in countries with complex institutional environment;(2) The greater the national cultural distance of two sides,the better the synergy after M & A will be;(3) National cultural difference is the competitive intermediary variable between institutional constraint and M & A performance of companies.