本文關(guān)鍵詞： 跨國并購 文化差異 并購后整合 協(xié)同效應(yīng) 整合能力　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在政府"走出去"、"產(chǎn)業(yè)升級"、"一帶一路"戰(zhàn)略等政策的支持和推動下,中國企業(yè)隨著自身實力的提升,在全球范圍內(nèi)掀起了一輪跨國并購浪潮。統(tǒng)計表明,中國企業(yè)跨國并購目標(biāo)主要集中于歐洲、北美洲、澳洲等發(fā)達國家和地區(qū),而這些地區(qū)與中國在國家文化上差異巨大,可以說是中西方文化的交融與碰撞。而企業(yè)并購后整合則是并購創(chuàng)造價值,產(chǎn)生協(xié)同效應(yīng)的關(guān)鍵因素,研究國家文化差異對并購后整合的影響,進而討論其對并購后協(xié)同效應(yīng)的影響就具有重要的理論意義和現(xiàn)實意義。本文基于Hofstede文化維度論和并購協(xié)同理論為基礎(chǔ),針對我國企業(yè)跨國并購的情況,研究文化差異與跨國并購后整合協(xié)同效應(yīng)之間的關(guān)系以及包括企業(yè)跨國并購經(jīng)驗和控制程度在內(nèi)的企業(yè)整合能力在文化差異影響并購后整合協(xié)同效應(yīng)過程中所起的調(diào)節(jié)作用,包括調(diào)節(jié)方向和調(diào)節(jié)力度。本文針對上述研究問題,首先運用文獻研究法對相關(guān)領(lǐng)域的研究現(xiàn)狀和成果進行梳理,在此基礎(chǔ)上提出假設(shè)并建立并購后整合協(xié)同效應(yīng)評價模型;其次,通過描述性統(tǒng)計方法,對2007-2014年中國企業(yè)跨國并購案例分別從年份和地域進行大樣本描述性統(tǒng)計;最后,運用假設(shè)檢驗法驗證所提出的假設(shè)。具體以企業(yè)并購后整合協(xié)同效應(yīng)指數(shù)為因變量,文化差異為自變量,跨國并購經(jīng)驗和控制程度為調(diào)節(jié)變量構(gòu)建計量模型,以檢驗文化差異對并購后整合協(xié)同效應(yīng)的影響及企業(yè)整合能力在文化差異影響并購后整合協(xié)同效應(yīng)過程中所起的調(diào)節(jié)作用。實證結(jié)果表明:在企業(yè)年齡、企業(yè)規(guī)模、企業(yè)現(xiàn)金流、支付方式、市值賬面比等控制變量的限定下,文化差異與并購后整合協(xié)同效應(yīng)呈負相關(guān)關(guān)系,即并購雙方文化差異越大,并購后整合協(xié)同效應(yīng)越差;企業(yè)跨國并購經(jīng)驗和控制程度在文化差異影響并購后整合協(xié)同效應(yīng)過程中起負向調(diào)節(jié)作用,即跨國并購經(jīng)驗和控制程度可以削弱文化差異對并購后整合效果產(chǎn)生的負向影響。本文研究結(jié)論提供兩點啟示。第一,企業(yè)在跨國并購時要注重對雙方文化匹配性的考察和評估,在并購后整合過程中重視文化差異對并購后整合協(xié)同效應(yīng)的影響,選擇合理的整合模式;第二,在跨國并購中,要注重并購整合經(jīng)驗的積累,培養(yǎng)國際經(jīng)營人才,提升并購整合能力。
[Abstract]:With the support and promotion of the government's "going out", "industrial upgrading", "Belt and Road" strategy and other policies, Chinese enterprises, with the improvement of their own strength, have set off a wave of cross-border mergers and acquisitions around the world. Statistics show that, Cross-border M & A targets of Chinese enterprises are mainly concentrated in developed countries and regions such as Europe, North America, Australia, and so on, and these regions differ greatly from China in terms of national culture. It can be said that the blending and collision of Chinese and western cultures, and the integration after M & A is the key factor of creating value and synergistic effect of M & A. This paper studies the influence of national cultural differences on the post-merger integration. It is of great theoretical and practical significance to discuss its influence on the post-merger synergy. Based on the theory of cultural dimension of Hofstede and the theory of synergy of M & A, this paper aims at the situation of transnational M & A in China. This paper studies the relationship between cultural differences and post-merger integration synergy, and the regulatory role of corporate integration ability, including the experience and degree of control of cross-border M & A, in the process of cultural differences affecting the post-merger integration synergy. Aiming at the above research problems, this paper firstly combs the research status and achievements in related fields by literature research method, and then puts forward the hypothesis and establishes the evaluation model of post-merger integration synergy effect. Secondly, through descriptive statistical method, the paper carries out large sample descriptive statistics from year to year and region of Chinese transnational M & A cases from 2007-2014. Finally, The hypothesis test method is used to verify the hypotheses put forward. Taking the post-merger and acquisition synergy index as dependent variable, the cultural difference as independent variable, the experience of cross-border M & A and the degree of control as adjusting variables, the econometric model is constructed. In order to test the impact of cultural differences on the post-merger integration synergy and the regulatory role of corporate integration ability in the process of cultural differences affecting the post-merger integration synergy, the empirical results show that: at the age of the firm, the firm size, Under the limit of controlling variables such as cash flow, payment mode and market value's book value ratio, the cultural difference is negatively related to the post-merger integration synergy effect, that is, the greater the cultural difference between the two sides, the worse the post-merger integration synergy effect. The experience and control degree of transnational M & A play a negative role in the process of cultural difference influencing the integration and synergy after M & A. That is, the degree of experience and control of cross-border M & A can weaken the negative impact of cultural differences on the post-merger integration effect. In cross-border M & A, enterprises should pay attention to the investigation and evaluation of the cultural matching between the two sides, pay attention to the influence of cultural differences on the post-merger synergy in the process of merger and acquisition, and choose a reasonable integration model. Second, in cross-border M & A, we should pay attention to the impact of cultural differences on the post-merger synergy. We should pay attention to the accumulation of experience in M & A integration, train international management talents and enhance the ability of M & A integration.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271

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