摘要
I
摘要
近几年，我国企业实力的不断增长为其跨国并购绩效提升提供了巨大的“经济顺
势”[1]，而在“一带一路”及“供给侧改革”的政策指引下，顺应企业战略发展的海外
并购呈活跃态势。然而并购中却普遍存在着“文化逆势”的现象，影响着跨国并购绩
效
为了全面分析“文化逆势”背景下的跨国并购成功路径，文章基于多元回归分析
方法，识别出内外部文化差异对并购绩效都有显著负向影响，组织文化强度差异作用
更为强烈，验证了“文化逆势”现象。在此基础上，从东道国国家层面、交易层面以
及企业层面三个角度寻找能够调节文化差异且影响跨国并购绩效的前因变量，发现：
东道国竞争指数、交易规模和企业规模可以有效缓解文化差异的负面影响，并能直接
作用于跨国并购绩效，其中企业规模的调节效应较为强烈。鉴此，文章进一步通过
fsQCA方法，将文化差异、东道国竞争指数、交易规模以及企业规模作为前因条件，
识别出基于文化差异的跨国并购驱动路径：内部主导型、外部激励型、内外整合型以
及外部约束型，以发挥我国企业跨国并购“经济顺势”优势，规避“文化逆势”风
险
除四种跨国并购驱动路径以外，文章还从文化与非文化因素以及政府层面提出相
关建议对策：（1）正视文化差异，提升跨文化管理能力，依据文化差异选取合理的并
购目标，构建兼容并蓄的内部文化，积极利用文化差异，促进文化融合；（2）把控非
文化要素，利用东道国环境，发挥优势，拓宽融资渠道，提升自身实力，全力发挥所
握资源能力；（3）侧重政府调控，发挥其支持引导功能，完善相关法规，鼓励民企，
构建信息服务平台，支持服务机构发展
综上研究，希望本文能够完善文化差异以及跨国并购相关理论，促进定性比较分
析方法在国内管理学的应用，并为我国企业成功实现跨国并购提供理论指导和实践方
向
关键词：文化差异；跨国并购；调节效应；驱动机制
Abstract
II
Abstract
In recent years, the increasing strength of Chinese enterprises has provided a huge
economic advantage for the improvement of its cross-border M&A performance. With the
further deepening of the supply side reform and The Belt and Road policy, The economic
advantage of Chinese enterprises in cross-border M&A is becoming more and more
prominent , with the cross-border M&A that conforms to the strategic development is
active .But a common phenomenon of cultural disadvantage affects the success or failure of
cross-border M&A.
In order to generally analysis cross-border M&A success path in the cultural background,
we identify that the internal and external cultural differences has a significant negative impact
on the performance of cross-border M&A based on the contrarian multivariate regression
analysis method, differences of organizational culture intensity effect is more intense, verify
the cultural trend phenomenon. On this foundation, we find the antecedent variables,the
host country competition index and transaction size can regulate cultural differences and
influence the performance of cross-border M&A, the are also semi variable acquisition, can
act directly on transnational mergers and acquisitions performance; the moderating effect of
enterprise scale is relatively stronger. The paper further studies the impact of multivariable
interaction on the performance of transnational mergers and acquisitions through fsQCA. On
the basis of the results of regression analysis, cultural differences, host country competition
index, transaction scale and enterprise scale are used as the antecedent conditions,identify the
driving mechanism of cross-border M&A based on cultural differences,finding the driving
mechanism of cross-border M&A:internal dominant, external incentive, internal and external
integration and external constraints,giving full play to the advantages of economic
advantage of Chinese enterprises and avoid the risk of cultural disadvantage.
Besides four kinds of cross-border M&A driving mechanism, the article also puts
forward some suggestions from cultural factors, non cultural factors and government: (1) pay
attention to culture construction, on the basis of cultural differences to select targets correctly,
grasp the rigidity and flexibility of organizational culture, and continue to learn, improve our
creativity through cultural differences; (2)control non cultural elements, using host country
environment,broaden the financing channels,objective knowledge of own strength,give full
play of available resources; (3) focusing on the role of government guidance, improve the
relevant laws and regulations, encourage private enterprises, establish information service
platform.
In conclusion, we hope that this paper can improve cultural differences and theories of
cross-border M&A, and promote the application of qualitative comparative analysis method
in domestic management, and provide theoretical guidance and practical direction for Chinese
enterprises to achieve cross-border M&A performance successfully.
Key words: cultural difference;cross-border M&A;cegulation effect;driving mechanism
目录
III
目录
摘要 ..... I
Abstract .. II
第一章绪论 .... 1
1.1 研究背景与意义 ......... 1
1.1.1 研究背景 .......... 1
1.1.2 研究意义 .......... 3
1.2 国内外研究综述 ......... 4
1.2.1 文化差异的内涵及其衡量标准 .......... 4
1.2.2 并购绩效及其度量方法 .......... 6
1.2.3 文化差异与跨国并购绩效 ...... 8
1.2.4 研究评述 .......... 9
1.3 研究思路与创新点 ... 10
1.3.1 研究思路 ........ 10
1.3.2 创新点11
1.4 本章小结 ....... 12
第二章基础理论与方法研究 .......... 13
2.1 相关理论 ....... 13
2.1.1 跨文化管理理论 ........ 13
2.1.2 外来者劣势理论 ........ 13
2.1.3 组织学习理论14
2.2 研究方法 ....... 16
2.2.1 熵权法16
2.2.2 层次分析法 .... 17
2.2.3 QCA分析法 ... 17
2.3 本章小结 ....... 20
第三章基于文化差异的跨国并购绩效影响因素分析 ...... 21
3.1 跨国并购样本选取与描述 ... 21
3.1.1 跨国并购样本选取 .... 21
3.1.2 跨国并购样本描述 .... 21
3.2 跨国并购绩效及其影响因素选取 ... 23
3.2.1 被解释变量 .... 23
3.2.2 解释变量 ........ 24
3.2.3 调节变量 ........ 25
3.2.4 控制变量 ........ 26
3.2.5 变量共线性检验 ........ 26
3.3 跨国并购绩效影响因素实证分析 ... 26。