文化距离与中国企业海外并购价值创造

近些年,我国企业进行海外并购的数量和规模呈现显著增长.海外并购不同于本土并购,企业在"走出去"时要面临文化距离上的挑战.那么,文化距离对我国企业进行海外并购的价值创造存在何种影响,该问题是财务学、管理学和社会学交叉研究的领域.本文以1995—2014年我国上市公司进行的221起海外并购事件为样本,系统分析与检验了文化距离对海外并购价值创造的影响及其传导路径.实证结果表明,中国与并购目标所在国之间的文化距离越大,海外并购为中国上市公司所创造的价值就越低;进一步的研究显示,文化距离影响价值创造存在完全的生产效率路径,部分的研发产出路径和部分的税收路径.此外,研究结果还显示,如果上市公司聘请了海外背景高管、有成功进行海外并购的经验以及同行业并购,则能减轻文化距离对海外并购价值创造的负面影响.本文的结论打开了文化距离影响海外并购价值创造的"黑箱",并从实证上给出缓解文化距离负面影响的应对机制,为中国企业进行海外并购如何应对文化距离提供了实践指导.

Cultural Distance and Corporate Value Created via Overseas M&A

The number and scale of overseas merger and acquisition (M&A) have increased significantly in recent years. Overseas M&A is different from local M&A. In the " going out" times, enterprises are faced with challenges of cultural distance. What is the impact of cultural distance on the corporate value created via overseas M&A? This question falls into the categories of finance and sociology. In this paper, we take the overseas M&A of listed companies in China as samples to analyze and test the impact of cultural distance on the corporate value created via overseas M&A. The empirical results show that: (1 ) the cultural distance between China and the target country has a significant negative relationship with corporate value created via overseas M&A; (2 ) cultural distance has certain influence on the value creation featuring a complete production efficiency path, the partial R&D path and the partial tax path; (3) if Chinese companies hire executives who have overseas background or have experience in overseas M&A, or the companies which are acquired are in same industry, the negative impact of cultural distance can be reduced. This paper sheds light on the influence of cultural distance on the corporate value created via overseas M&A, and provides practical guidance for Chinese companies on how to deal with cultural distance when they carry out overseas M&A.