经验学习、东道国制度风险与中国企业跨国并购成败

Experience Learning, Host Country Institutional Risk and Complete Cross-Border M&As of Chinese Enterprises

摘要: 随着经济全球化的发展，虽然中国企业跨国并购活动愈演愈烈，但是许多研究数据却表明有超过60%的跨国并购活动并不成功。其中，跨国并购经验和东道国制度环境扮演着重要作用。本文基于发展中国家背景，以2001年到2015年间中国企业进行的551次跨国并购交易为研究样本，探讨了跨国并购经验如何影响跨国并购成败以及东道国制度风险对其的调节作用。实证研究表明，随着企业在同一东道国并购经验的积累，并购经验对并购成功率最初具有正影响，然后变为负影响，最后又转变为正影响。东道国制度风险负向调节跨国并购经验与跨国并购成功率之间的曲线关系。在制度风险较高的东道国实施并购交易时，并购经验对并购成功率起初就会有负向影响。从总体上看，企业跨国并购经验的积累对提高跨国并购成功率是有益的，但是要始终保持经验学习溢出效应对于我国许多跨国公司而言绝非易事。

Abstract: With the development of economic globalization, although Chinese companies’ cross-border M&A activities have intensified, many research data indicate that more than 60% of cross-border M&A activities are not successful. Among them, the experience of cross-border mergers and acquisitions and the institutional environment of the host country play an important role. Based on the background of developing countries, this paper takes 551 cross-border M&A transactions con-ducted by Chinese companies from 2001 to 2015 as a sample of research, and explores how cross-border M&A experience affects the success of cross-border mergers and acquisitions and the regulatory role of host country institutions. Empirical studies show that with the accumulation of M&A experience in the same host country, the M&A experience initially has a positive impact on the success rate of M&A, then becomes a negative impact, and finally turns into a positive impact. The risk of the host country system negatively regulates the curve between the experience of cross-border M&A and the success rate of cross-border M&A. When M&A transactions are imple-mented in host countries with high institutional risks, M&A experience will have a negative impact on M&A success rates at first. Generally speaking, the accumulation of cross-border M&A experience is beneficial to improve the success rate of cross-border M&A, but it is not easy for many mul-tinational companies to maintain the experience of learning spillovers.