外来者劣势对中国企业海外并购成功率影响研究

Research on the Impact of the Liability of Foreignness on the Odds of Success of Chinese Enterprises’ Overseas M & A

摘要: 基于外来者劣势中的“合法性缺失”和“信息不对称”视角，以1995~2019年25年1260宗海外并购案为研究对象，分析外来者劣势对中国企业海外并购成功率的影响，研究结论为：1) 东道国与母国的规制合法性缺失、认知合法性缺失、信息不对称越大，越不利于海外并购成功；2) 国有企业属性对规制合法性缺失影响海外并购成功率具有正向调节的作用，而对规范合法性缺失、信息不对称影响海外并购成功率具有负向调节的作用；3) 行业相关性对认知合法性缺失、信息不对称影响海外并购成功率具有负向调节作用。上述结论阐明了外来者劣势对海外并购成功率的影响机理以及调节效应，有利于提高中国企业海外并购的“质”与“量”。

Abstract: Based on the perspective of “lack of legitimacy” and “information asymmetry” in the liability of for-eignness, this paper analyzes the impact of the liability of foreignness on the odds of success of Chi-nese enterprises’ overseas M & A. Taking 1260 overseas M & A cases in the 25 years from 1995 to 2019 as the research object, the research conclusions are as follows: 1) The greater the lack of reg-ulative legitimacy, cognitive legitimacy and information asymmetry, the more unfavorable to the success of overseas M & A; 2) State-owned enterprises attribute positively moderates the impact of the lack of regulative legitimacy on the odds of success of overseas M & A, while negatively moder-ates the impact of the lack of normative legitimacy and information asymmetry on the odds of suc-cess of overseas M & A; 3) Industry relevance negatively moderates the impact of the lack of cogni-tive legitimacy and information asymmetry on the odds of success of overseas M & A. The above conclusions clarify the influence mechanism and the moderating effects of the liability of foreign-ness on the odds of success of overseas M & A, which is conducive to improving the “quality” and “quantity” of Chinese enterprises’ overseas M & A.