本文選題：并購績效 + 國際經(jīng)驗��； 參考：《廣東工業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著全球經(jīng)濟(jì)一體化進(jìn)程的加快,世界產(chǎn)業(yè)結(jié)構(gòu)面臨著重新調(diào)整、升級和戰(zhàn)略轉(zhuǎn)移,給正處于逐步實施新型工業(yè)化戰(zhàn)略的中國經(jīng)濟(jì)帶來了重要的戰(zhàn)略機(jī)遇期,越來越多的中國企業(yè)開始走上國際化的道路。在全球化的進(jìn)程中,跨國并購逐漸成為對外直接投資的主要方式,中國企業(yè)通過跨國并購的方式參與國際化,以此獲得企業(yè)發(fā)展所需的戰(zhàn)略性資源,打開國際市場以及獲得國外先進(jìn)的技術(shù)和資源。然而中國企業(yè)實施跨國并購的成功率并不高,眾多學(xué)者認(rèn)為與國內(nèi)完全不同的制度環(huán)境是導(dǎo)致其失敗的主要原因。因此,本研究從“制度理論”、“交易成本理論”和“組織學(xué)習(xí)理論”的視角出發(fā),選取制度差異為自變量,企業(yè)的國際經(jīng)驗為調(diào)節(jié)變量,探究制度差異和國際經(jīng)驗對中國企業(yè)實施跨國并購后績效的影響。主要探索三個問題:(1)制度差異是否為影響中國企業(yè)實施跨國并購后績效的主效應(yīng)?(2)制度差異對中國企業(yè)實施跨國并購后績效的影響機(jī)制是怎么樣的?(3)國際經(jīng)驗對制度差異與中國企業(yè)實施跨國并購后績效之間的影響具有調(diào)節(jié)效應(yīng)嗎?為了回答上述問題,本研究從制度理論、交易成本理論、組織學(xué)習(xí)理論、產(chǎn)業(yè)組織理論等理論視角對中國跨國并購績效研究的相關(guān)文獻(xiàn)進(jìn)行了回顧。接著以150家實施跨國并購的中國上市企業(yè)為研究樣本,收集相關(guān)數(shù)據(jù),以EXCEL和SPSS19.0軟件對數(shù)據(jù)進(jìn)行處理和分析,主要研究結(jié)果如下:(1)制度差異對中國企業(yè)實施跨國并購后的績效存在顯著的負(fù)向效應(yīng);(2)國際經(jīng)驗對制度差異與中國企業(yè)實施跨國并購后績效具有顯著的調(diào)節(jié)作用,弱化了制度差異對中國企業(yè)實施跨國并購績效的負(fù)向作用。本文的貢獻(xiàn)在于:(1)本研究基于中國本土化的情境,對中國企業(yè)實施跨國并購過程中與東道國的制度差異、國際經(jīng)驗與并購后績效之間的關(guān)系進(jìn)行深入全面的研究,是對先前關(guān)于制度差異和跨國并購績效關(guān)系的重要補(bǔ)充。(2)本研究整合了制度理論、交易成本理論、組織學(xué)習(xí)理論和產(chǎn)業(yè)組織理論對中國企業(yè)實施跨國并購績效的理論分析框架,以豐富中國企業(yè)實施跨國并購績效的相關(guān)理論研究。最后,指出本研究存在的局限性和未來的研究方向,為后續(xù)的研究提供借鑒。
[Abstract]:With the acceleration of the process of global economic integration, the world industrial structure is facing readjustment, upgrading and strategic transfer, which has brought an important strategic opportunity period to the Chinese economy, which is gradually implementing the new industrialization strategy. More and more Chinese enterprises begin to take the road of internationalization. In the process of globalization, transnational M & A (M & A) has gradually become the main way of foreign direct investment (FDI). Chinese enterprises participate in internationalization through cross-border M & A, so as to obtain the strategic resources needed for the development of enterprises. Open the international market and access to foreign advanced technology and resources. However, the success rate of cross-border M & A in China is not high, and many scholars believe that the main reason for its failure is the institutional environment completely different from that in China. Therefore, from the perspective of "system theory", "transaction cost theory" and "organization learning theory", this study selects institutional differences as independent variables, and international experiences of enterprises as adjusting variables. To explore the impact of institutional differences and international experience on the performance of Chinese enterprises after cross-border mergers and acquisitions. This paper mainly explores three questions: 1) whether the institutional difference is the main effect that affects the performance of Chinese enterprises after cross-border M & A; (2) how the system difference affects the performance of Chinese enterprises after cross-border M & A; what is the influence mechanism of the system difference on the performance of Chinese enterprises after cross-border M & A; Does the influence between institutional differences and the performance of Chinese enterprises after cross-border mergers and acquisitions have a moderating effect? In order to answer the above questions, this study reviews the relevant literature on the performance of cross-border mergers and acquisitions in China from the perspective of institutional theory, transaction cost theory, organizational learning theory and industrial organization theory. Secondly, 150 Chinese listed companies that carry out cross-border M & A are used as research samples to collect relevant data, and the data are processed and analyzed by excel and SPSS 19.0 software. The main results are as follows: (1) there is a significant negative effect of institutional differences on the performance of Chinese enterprises after cross-border mergers and acquisitions. (2) International experience has a significant regulatory effect on the institutional differences and the performance of Chinese enterprises after cross-border mergers and acquisitions. It weakens the negative effect of institutional differences on the performance of transnational M & A of Chinese enterprises. The contribution of this paper lies in: (1) based on the situation of localization in China, this study makes a thorough and comprehensive study on the institutional differences between Chinese enterprises and the host country in the process of transnational M & A, and the relationship between international experience and post-merger performance. This study integrates institutional theory, transaction cost theory, organizational learning theory and industrial organization theory to analyze the performance of transnational M & A in China. In order to enrich the performance of cross-border mergers and acquisitions of Chinese enterprises related theoretical research. Finally, the limitations of this study and the future research direction are pointed out to provide reference for future research.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F279.2;F271;F272.5

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