本文關(guān)鍵詞： 跨國(guó)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(jí)"、"一帶一路"戰(zhàn)略等政策的支持和推動(dòng)下,中國(guó)企業(yè)隨著自身實(shí)力的提升,在全球范圍內(nèi)掀起了一輪跨國(guó)并購浪潮。統(tǒng)計(jì)表明,中國(guó)企業(yè)跨國(guó)并購目標(biāo)主要集中于歐洲、北美洲、澳洲等發(fā)達(dá)國(guó)家和地區(qū),而這些地區(qū)與中國(guó)在國(guó)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(jià)值,產(chǎn)生協(xié)同效應(yīng)的關(guān)鍵因素,研究國(guó)家文化差異對(duì)并購后整合的影響,進(jìn)而討論其對(duì)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(shí)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(duì)我國(guó)企業(yè)跨國(guó)并購的情況,研究文化差異與跨國(guó)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(guó)并購經(jīng)驗(yàn)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(duì)上述研究問題,首先運(yùn)用文獻(xiàn)研究法對(duì)相關(guān)領(lǐng)域的研究現(xiàn)狀和成果進(jìn)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(píng)價(jià)模型;其次,通過描述性統(tǒng)計(jì)方法,對(duì)2007-2014年中國(guó)企業(yè)跨國(guó)并購案例分別從年份和地域進(jìn)行大樣本描述性統(tǒng)計(jì);最后,運(yùn)用假設(shè)檢驗(yàn)法驗(yàn)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(guó)并購經(jīng)驗(yàn)和控制程度為調(diào)節(jié)變量構(gòu)建計(jì)量模型,以檢驗(yàn)文化差異對(duì)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(shí)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(fù)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(guó)并購經(jīng)驗(yàn)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(fù)向調(diào)節(jié)作用,即跨國(guó)并購經(jīng)驗(yàn)和控制程度可以削弱文化差異對(duì)并購后整合效果產(chǎn)生的負(fù)向影響。本文研究結(jié)論提供兩點(diǎn)啟示。第一,企業(yè)在跨國(guó)并購時(shí)要注重對(duì)雙方文化匹配性的考察和評(píng)估,在并購后整合過程中重視文化差異對(duì)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(guó)并購中,要注重并購整合經(jīng)驗(yàn)的積累,培養(yǎng)國(guó)際經(jīng)營(yíng)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 賈鏡渝;李文;郭斌;;經(jīng)驗(yàn)是如何影響中國(guó)企業(yè)跨國(guó)并購成敗的——基于地理距離與政府角色的視角[J];國(guó)際貿(mào)易問題;2015年10期

2 王艷;;“誠信創(chuàng)新價(jià)值觀”文化差異度與并購績(jī)效——基于2008-2010年滬深上市公司股權(quán)并購事件的經(jīng)驗(yàn)數(shù)據(jù)[J];會(huì)計(jì)研究;2014年09期

3 鮑新中;陶秋燕;盛曉娟;;企業(yè)并購后整合對(duì)創(chuàng)新影響的實(shí)證研究——基于資源整合產(chǎn)生協(xié)同效應(yīng)角度的分析[J];華東經(jīng)濟(jì)管理;2014年08期

4 張秋華;李德慶;;組織文化測(cè)量的研究述評(píng)[J];價(jià)值工程;2014年20期

5 董莉軍;謝家國(guó);;中國(guó)企業(yè)跨國(guó)并購成敗的影響因素[J];經(jīng)濟(jì)縱橫;2014年01期

6 周淼;;以制度距離為視角的跨國(guó)并購績(jī)效影響機(jī)制——基于我國(guó)上市公司OFDI的經(jīng)驗(yàn)分析[J];經(jīng)濟(jì)問題;2013年11期

7 段明明;楊軍敏;;文化差異對(duì)跨國(guó)并購績(jī)效的影響機(jī)制研究:一個(gè)整合的理論框架[J];科學(xué)學(xué)與科學(xué)技術(shù)管理;2011年10期

8 張潔梅;;企業(yè)并購整合研究現(xiàn)狀綜述[J];商業(yè)時(shí)代;2011年12期

9 李善民;劉永新;;并購整合對(duì)并購公司績(jī)效的影響——基于中國(guó)液化氣行業(yè)的研究[J];南開管理評(píng)論;2010年04期

10 蔚海燕;梁戰(zhàn)平;;企業(yè)并購知識(shí)轉(zhuǎn)移研究——以ICOS的兩次跨國(guó)并購為例[J];情報(bào)科學(xué);2010年02期

相關(guān)碩士學(xué)位論文 前4條

1 劉玲;我國(guó)企業(yè)并購中的文化整合研究[D];華中師范大學(xué);2014年

2 徐必連;我國(guó)中央企業(yè)并購整合評(píng)價(jià)研究[D];北京交通大學(xué);2011年

3 李佳;并購項(xiàng)目后評(píng)價(jià)體系初步研究[D];北京交通大學(xué);2011年

4 張海瑞;我國(guó)企業(yè)跨國(guó)并購中的文化整合研究[D];北京交通大學(xué);2007年

，

本文編號(hào)：1534632