新格局下中国企业“走出去”生存效率的影响因素分析

• 作者： 何雯菁 ¹
• 作者单位：
  1.  中国计量大学经济与管理学院
• 发布时间：2024-10-21

摘要: 作为市场经济的主体，企业经营绩效是中国经济能否实现高质量发展的决定性因素。在“推动形成全面开放的新格局”背景下，跨国并购开始成为企业寻求国际化发展的重要手段，但其成功率仍然不能得到良好的保障，其中东道国与母国的文化差异直接影响了跨国并购绩效。因此，本文基于霍夫斯泰德文化距离理论对文化差异进行量化，用实证的方法从微观角度验证文化距离对跨国并购的影响，寻找企业如何通过调节文化差异提升跨国并购绩效的方法。结果表明，并购双方国家之间存在的文化差异(文化距离)会对跨国并购绩效有显著的负向影响。此外，企业规模、股权收购比例以及主并企业股权集中度可以显著降低文化距离因素对跨国并购绩效的负向作用。

Abstract: As the mainstay of the market economy, the business performance of enterprises is a decisive factor for the high-quality development of China’s economy. In the context of “promoting the formation of a new pattern of comprehensive opening up”, cross-border mergers and acquisitions (M&A) have become an important means for enterprises to seek international development, but their success rate is still not well guaranteed. Cultural differences between the host and home countries directly affect cross-border M&A performance. Therefore, this paper quantifies cultural diff erences based on Hofstede’s Cultural Dimensions theory, and uses an empirical approach to verify the impact of cultural distance on cross-border M&A from a micro perspective, while seeking methods for fi rms to improve crossborder M&A performance by adjusting cultural differences. The results show that cultural differences (i.e. cultural distance) between the countries of the M&A parties have a significant negative association with cross-border M&A performance. In addition, the firm size, equity acquisition ratio, and concentration of equity in the main merging firm signifi cantly reduce the negative eff ect of cultural distance on cross-border M&A performance.

• 分类： 理论经济学 >> 世界经济
• 稿件状态： 已在期刊出版
期刊名称： 《中国商论》 2024年 第7期
• 引用： PSSXiv:202410.01771 (或此版本 PSSXiv:202410.01771V1)
  DOI:10.19699/j.cnki.issn2096-0298.2024.07.127
  CSTR:32012.36.PSSXiv202410.01771
• 推荐引用方式： 何雯菁.新格局下中国企业“走出去”生存效率的影响因素分析.中国商论,2024(7).[DOI:10.19699/j.cnki.issn2096-0298.2024.07.127] (点此复制)