中国企业并购经验与跨国并购股权的关系研究
Merger and Acquisition Experiences and Ownership Decisions of Cross-Border Merger and Acquisition in Chinese Firms

摘要 基于中国企业跨国并购事件的二手数据，探讨并购经验对中国企业跨国并购股权比例决策的影响，并研究文化距离与研发能力对两者关系的调节作用。实证研究发现：作为一种决策经验，并购经验具有情境边界，跨国并购经验对跨国并购股权比例负相关，母国并购经验对跨国并购股权比例决策并无显著影响；文化距离越大，使得具有同样跨国并购经验的企业选择的跨国并购股权比例越低；主并企业母国研发能力对跨国并购经验与跨国并购股权比例之间的关系不产生显著影响，但在母国并购经验高的企业中，研发能力低组比能力高组的企业更倾向于选择较高的股权比例。
This study investigates the affection of Merger and Acquisition(M&A) experiences on the ownership of Cross-border Merger and Acquisition(CBMA) of Chinese Enterprises. In addition, it also examines the moderating effects of the cultural distance (CD) and the R&D capability. Based on the second-hand data of the CBMA events of Chinese enterprises, it is found that M&A experience as a type of the decision-making experience has contextual boundaries. The overseas M&A experience is negatively related to the CBMA equity share ratio, while there is no significant correlation between the domestic M&A experience and the CBMA equity share ratio. As CD becomes greater, enterprises with the same overseas M&A experience are likely to choose lower CBMA equity share rates. The R&D capability of the acquirer does not have significant moderating effect on the relationship between overseas experience and the CBMA equity rates, but regarding to those enterprises with relatively high domestic M&A experience, enterprises with weaker R&D capability prefer to have higher CBMA equity shares