摘要
基于组态视角,通过整合国家层面与企业层面的异质性因素,构建“国家情境—企业特征—跨国并购完成”的整合性分析框架。选取2014—2019年204起中国上市企业的跨国并购案例,引入fsQCA方法揭示中国上市企业跨国并购完成背后的复杂机制。研究发现:(1)经济距离、制度距离、文化距离、并购方所有制性质、跨国并购经验、行业相关性、并购方企业规模均不是企业成功完成跨国并购的必要性条件。中国企业跨国并购的完成具有“殊途同归”的特点。(2)中国企业跨国并购完成的路径可归纳为三条。其一是民营并购专家和大型民营企业在多重距离较小的新兴发展中国家情境下完成并购。其二是国有企业和民营行业专家在文化特征相似的发达国家情境下完成并购。其三是大型民营企业和国有行业专家在异质距离偏好的发达国家情境下完成并购。(3)在多重距离较小的新兴发展中国家情境下,民营企业对跨国并购经验的依赖性较强。在文化特征相似的发达国家情境下,国有企业在涉及非敏感行业并购时其所有制身份引致的歧视及限制较弱。在异质距离偏好的发达国家情境下,企业跨国并购的完成更依赖于其自身实力。
Based on the configuration perspective,an integrated analysis framework of“national context-enterprise characteristics-completion of cross-border M&A”is constructed by integrating the heterogeneous factors at the national level and the enterprise level.This paper selects 204 cross-border M&A cases of Chinese listed enterprises from 2014 to 2019,and introduces the fsQCA method to reveal the complex mechanism behind the completion of cross-border M&A of Chinese listed enterprises.The findings are as follows:(1)Economic distance,institutional distance,cultural distance,the ownership nature of the acquirer,cross-border M&A experience,industry relevance,and the size of the acquirer s enterprise are not necessary conditions for the successful completion of cross-border M&A.The completion of cross-border M&A of Chinese enterprises has the characteristics of“reaching the same goal by different routes”.(2)There are three paths for Chinese enterprises to complete cross-border M&A.First,private M&A experts and large private enterprises complete M&A in the context of emerging developing countries with multiple small distance.Second,the state-owned enterprises and private industry experts complete M&A in developed countries with similar cultural characteristics.Third,large private enterprises and state-owned industry experts complete M&A in the context of developed countries with heterogeneous distance preferences.(3)In the context of emerging developing countries with multiple small distances,private enterprises have a strong dependence on cross-border M&A experience.In the context of developed countries with similar cultural characteristics,the discrimination and restrictions caused by the ownership status of state-owned enterprises in the M&A of non-sensitive industries are weak.In developed countries with heterogeneous distance preference,the completion of cross-border M&A of enterprises depends more on their own strength.
作者
廖东声
陈曦
LIAO Dongsheng;CHEN Xi(School of International Education,Guangxi Minzu University,Nanning 530006,China;School of Economics,Guangxi Minzu University,Nanning 530006,China)
出处
《郑州航空工业管理学院学报》
2023年第2期15-22,共8页
Journal of Zhengzhou University of Aeronautics
基金
国家社科基金项目(22XJY003)
广西民族大学中国—东盟平等发展研究中心项目(PDJ2021-04)
2022年国家级大学生创新创业训练计划立项项目(202210608031X)
陆海经济一体化协同创新中心2022年度科研项目(2022ZD02)。
关键词
国家情境
企业特征
跨国并购
异质性
fsQCA
national context
enterprise characteristics
cross-border M&A
Heterogeneity
fsQCA
