| 外来者劣势、组织学习与中国企业跨国并购意图的实现 |
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| 引用本文： | 朱华.外来者劣势、组织学习与中国企业跨国并购意图的实现[J].科研管理,2018,39(8):80-90. |
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| 作者姓名： | 朱华 |
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| 作者单位： | 东北财经大学萨里国际学院，辽宁 大连116025 |
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| 基金项目： | 国家自然科学基金青年项目：“种群密度的集聚效应及其对中国跨国公司准入合法性的影响”（71702026）；教育部人文社会科学重点研究基地重大项目：“我国战略性新兴产业全球网络布局及其投资策略研究”（13JJD790002）；教育部人文社会科学一般项目：“基于SNA的我国战略性新兴产业海外价值链延伸投资策略研究”（15YJA790094）。 |
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| 摘 要： | 针对中国企业跨国并购失败率较高的问题，本研究从外来者劣势的角度着手，构建了企业跨国并购进入障碍的理论框架，并通过实证检验揭示中国企业跨国并购的劣势所在。此外，本文还结合组织学习理论，探讨在给定外来者劣势的情况下各类经验对跨国并购交易的影响，从中折射出经验发挥作用的有效机制。通过对2005-2014年间中国企业海外并购的626个交易的实证检验，本文发现企业的国有性质、敏感行业并没有对并购的成功起到显著的负面影响；而并购交易的金额、东道国法律和经济制度的质量都对并购成败起到显著的影响。此外，由于中国企业的跨国经验较少且尚未培养起经验的学习、转移和运用能力，所以除了随时间积累起的经验对并购成功有U型影响外，多数经验没有有效的克服外来者劣势，甚至由于试错成本的存在，经验对跨国并购成败起到负面影响。
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| 关 键 词： | 跨国并购 前并购阶段 外来者劣势 组织学习与经验 Probit模型 |
| 收稿时间： | 2016-04-08 |
| 修稿时间： | 2017-06-28 |
Liability of foreignness,organizational learning and realization of Chinese MNEs' cross-border M&A deals |
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| Zhu Hua.Liability of foreignness,organizational learning and realization of Chinese MNEs' cross-border M&A deals[J].Science Research Management,2018,39(8):80-90. |
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| Authors: | Zhu Hua |
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| Institution: | Surrey International Institute, Dongbei University of Finance and Economics, Dalian 116025, Liaoning, China |
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| Abstract: | For the purpose of exploring the issue of high failure rate of Chinese MNEs’ cross-border M&As, the project seeks to develop theoretical framework in dealing with the entry barriers of firms’ cross-border M&As and undertake empirical studies revealing the liability of foreignness encountered by Chinese MNEs. Moreover, combining with organizational learning theory, we also try to uncover the role of experience in this process given the extant liability of foreignness, in order to answer which type experience serves to function, if there is any, and its mechanism. Through the empirical test of 626 cross-border M&A deals of Chinese MNEs during 2005-2014, the paper finds no significant adverse effects exist if the deal involving state-owned identity and sensitive industry factors, while as the quantity of the deal and the quality of the law system as well as economic freedom of host countries do have positive effects in fostering the completion of these deals. The results also show that because Chinese MNEs are less experienced in cross-border deals and also fail to develop learning, transferring and applying ability of experience, most type of their experience are invalid in overcoming liability of foreignness except time-accumulated experience revealing U shape influence. What’s worse, sometimes experience serves to adversely function due to the cost of trial and error. |
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| Keywords: | cross-border M&A pre-acquisition stage liability of foreignness organizational learning and experience Probit model |
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