摘要
产业国际分工一直是影响企业实施跨国并购战略的重要驱动因素。本文以2001-2014年我国大陆地区实施跨国并购企业样本数据为基础,从企业并购战略决策角度对产业国际分工与企业跨国并购成败之间的关系进行了实证检验。研究结果表明:(1)产业国际分工对于我国企业跨国并购成败具有重要的影响作用,并且对民营企业跨国并购活动的影响更大。(2)企业并购战略在产业国际分工与民营企业跨国并购之间起到部分调节作用,而在产业国际分工与国有企业跨国并购之间则没有调节作用。(3)企业跨国并购所在产业类型对我国企业并购成败产生显著的负向作用,即跨国并购所在产业越敏感,并购成功率越低。本文的研究结论对于指导我国企业跨国并购实践具有启发意义。
International industrial division is a fundamental factor that drivens enterprises to carry out cross-border M＆A strategy. This paper collects the data from the enterprises that exercise cross-border strategies in mainland from 2001 to 2014, and makes an empirical study to explore the relationship between international industrial division and cross-border M＆A performance from the perspective of M＆A strategy. The results show that ： （ 1 ） international industrial division has a significant influence on enterprises＇ cross-border M＆A performance, and a more positive effect on private enterprise＇ s cross-border M＆A performance ; （2） enterprises＇ M＆A strategy has a partial moderating effect between international industrial division and private enterprises＇ M＆A performance, while there is no signifi- cantly moderating effect between international industrial division and state-owned enterprises＇ M＆A performance; （3） industry type has a negative relationship with enterprises＇ cross-border M＆A performance, or in other words, the more sensitive industry where a cross- border M＆A takes place, the less likely the M＆A will be successful. Our results are meaningful for China＇ s enterprises that may carry out cross-border M＆A.
作者
程聪
刘凤婷
池仁勇
郭元源
Cheng Cong LiuFengting Chi Renyong GuoYuanyuan(China Institute for Small and Medium Enterprises, Zhejiang University of Technology, Hangzhou 310023 College of Management, Zhejiang University of Technology, Hangzhou 310023 Research Center for Technological Innovation and Enterprise Internationalization, Zhejiang Provincial Key Research Institute of Philosophy and Social Science, Hangzhou 310023)
出处
《管理评论》
CSSCI
北大核心
2016年第12期92-100,共9页
Management Review
基金
国家自然科学基金(71402168
71502167)
国家社科项目(14BJY084
14CGL004)
教育部人文社科项目(14YJC630019)
浙江省软科学重点项目(2016C25038)
浙江省教育厅科研项目(Y201431619)
关键词
产业国际分工
跨国并购战略
跨国并购成败
international industrial division, cross-border M＆A strategy, cross-border M＆A performance
