经济距离、董事会异质性与跨国公司股权进入模式
|
摘要
跨国并购不仅受到两国经济发展水平差异的影响,还可能受到母公司董事会特征的影响。本文以2003—2016年中国企业发生的410起跨国并购的事件为研究样本,运用二项Logit回归模型,探讨经济距离、董事会异质性对中国企业跨国并购股权进入模式的影响。结果表明:在跨国并购过程中,经济距离越大,企业越倾向于部分股权进入模式;董事会规模越大,企业也倾向于部分股权进入模式;而政治关联、教育水平与股权进入模式的关系并无显著影响。
Cross-border mergers and acquisitions(CBMA) may not only be affected by the differences between the two countries in the level of economic development,but also may be affected by the characteristics of the board directly.Based on the data of 410 cases of cross-border M&A of Chinese enterprises from 2003 to 2016,this article uses the binomial Logit model to analyze the impact of economic distance and heterogeneity of the board on the MNE's equity entry mode of Chinese enterprises.The results show that the greater the economic distance is,the more likely the enterprises tend to adopt minority-equity mode in the process of cross-border mergers and acquisitions.Meanwhile,the larger scale of the board is,the more possibility for it to choose minority-equity entry mode.However,the relationship between political association and education level have no significant effect on the equity entry mode.
Cross-border mergers and acquisitions(CBMA) may not only be affected by the differences between the two countries in the level of economic development,but also may be affected by the characteristics of the board directly.Based on the data of 410 cases of cross-border M&A of Chinese enterprises from 2003 to 2016,this article uses the binomial Logit model to analyze the impact of economic distance and heterogeneity of the board on the MNE's equity entry mode of Chinese enterprises.The results show that the greater the economic distance is,the more likely the enterprises tend to adopt minority-equity mode in the process of cross-border mergers and acquisitions.Meanwhile,the larger scale of the board is,the more possibility for it to choose minority-equity entry mode.However,the relationship between political association and education level have no significant effect on the equity entry mode.
引文
[1]吴先明.企业特定优势、国际化动因与海外并购的股权选择——国有股权的调节作用[J].经济管理,2017,39(12):41-57.
[2]薛安伟.跨国并购提高企业绩效了吗——基于中国上市公司的实证分析[J].经济学家,2017(06):88-95.
[3]危平,唐慧泉.跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析[J].国际贸易问题,2016(11):120-131.
[4]Powell K S,Lim E.Investment motive as a moderator of cultural-distance and relative knowledge relationships with foreign subsidiary ownership structure[J]. Journal of Business Research,2016(70):255-262.
[5]Hernández V,Nieto M J.The effect of the magnitude and direction of institutional distance on the choice of international entry modes[J]. Journal of World Business,2015,50(1):122-132.
[6]张元钊.政治风险影响了中国企业跨国并购吗——基于面板负二项回归模型的实证分析[J].国际商务(对外经济贸易大学学报),2016(03):129-138.
[7]杨德彬.跨国并购提高了中国企业生产率吗——基于工业企业数据的经验分析[J].国际贸易问题,2016(04):166-176.
[8]Villa MAD,Rajwani T,Lawton T. Market entry modes in a multipolar world:Untangling the moderating effect of the political environment[J].International Business Review,2015,24(3):419-429.
[9]李彤.东道国政治风险对中国企业跨国直接投资进入模式的影响——国际化经验的调节效应[J].商业经济研究,2015(04):78-81.
[10]Thomas Hutzschenreuter,Sandra Lange. Added Psychic Distance Stimuli and MNE Performance:Performance Effects of Added Cultural,Governance,Geographic,and Economic Distance in MNEs'International Expansion[J].Journal of International Management,2014,20(1):38-54.
[11]Lin Cui,Xiaoming He. Expanding near the home base or venture far? The influence of home country state on the economic distance of foreign direct investments[J]. Journal of Business Research,2017(75):95-107.
[12]史伟,李申禹,陈信康.国家距离对跨国零售企业东道国选择的影响[J].国际贸易问题,2016(03):117-127.
[13]綦建红,杨丽.文化距离与我国企业OFDI的进入模式选择——基于大型企业的微观数据检验[J].世界经济研究,2014(06):55-61.
[14]张艺琼,冯均科.合约特征、高管股权激励与公司内部控制有效性——基于倾向得分匹配法的实证检验[J].山西财经大学学报,2018,40(04):86.
[15]Herrmann,P&Datta,D K. CEO successor characteristics and the choice of foreign market entry mode:An empirical study[J]. Journal of International Business Studies,2002,33(3):551-569.
[16]Hennart,Slangen,A. H. L. we really do need more entry mode studies! A commentary on Shaver[J]. Journal of International Business Studies,2015(46):114-122.
[17]李冬伟,吴菁.高管团队异质性对企业社会绩效的影响[J].管理评论,2017,29(12):84-93.
[18]邵剑兵,陈永恒.高管股权激励、盈余管理与审计定价——基于盈余管理异质性的视角[J].审计与经济研究,2018,33(01):44-55.
[19]Peng M W. Towards and institutional-based view of business strategy[J].Asia Pacific Journal of Management,2002,19(2):251-267.
[20]Chari M D R,Chang K.Determinants of the share of equity sought in cross-border acquisition[J]. Journal of International Business Studies,2009,40(8):1277-1297.
[21]田海峰,黄祎,孙广生.影响企业跨国并购绩效的制度因素分析——基于2000—2012年中国上市企业数据的研究[J].世界经济研究,2015(06):111-118.
[22]张娟,李培馨,陈晔婷.地理距离对企业跨国并购行为是否失去了影响?[J].世界经济研究,2017(05):51-61.
[23]Ahmad Arslan,Shlomo Y. Tarba,Jorma Larimo. FDI entry strategies and the impacts of economic freedom distance:Evidence from Nordic FDIs in transitional periphery of CIS and SEE[J].International Business Review,2015,24(6):997-1008.
[24]Ru-Shiun Liou,Mike Chen-Ho Chao,Monica Yang.Emerging economies and institutional quality:Assessing the differential effects of institutional distances on ownership strategy[J].Journal of World Business,2016,51:600-611.
[25]王锋正,陈方圆.董事会治理、环境规制与绿色技术创新——基于我国重污染行业上市公司的实证检验[J].科学学研究,2018,36(02):361-369.
[26]刘柏,梁超.董事会过度自信与企业国际并购绩效[J].经济管理,2017,39(12):73-88.
[27]孙芳,赵艳.CEO和董事会社会资本协同效应对IPO抑价的影响:正向协同还是负向协同[J].现代财经(天津财经大学学报),2017,37(03):54-66.
[28]陈钢.公司社会责任、资源依赖与并购方财富效应[J].东北财经大学学报,2015(01):26-32.
[29]Cláudia Frias Pinto,Manuel Portugal Ferreira,Christian Falaster. Ownership in cross-border acquisitions and the role of government support[J].Journal of World Business,2017,4(52):533-545.
[30]Fang-Yi Lo. Factors leading to foreign subsidiary ownership:A multi-level perspective[J]. Journal of Business Research,2016(69):5228-5234.
[31]郑建明,刘琳,刘一凡.政治关联的结构特征、多元化驱动与公司价值[J].金融研究,2014(02):167-179.
[32]乐菲菲,张金涛,修浩鑫.高管政治关联会导致创业板企业上市后创新绩效“变脸”吗?[J].经济与管理,2018,32(01):73-79,86.
[33]郑建明,刘琳,刘一凡.政治关联的结构特征、多元化驱动与公司价值[J].金融研究,2014(02):167-179.
[34]Colombelli A. Top management team characteristics and firm growth:evidence from a sample of listed companies[J]. International Journal of Entrepreneurial Behavior&Research,2015,21(1):107-127.
[35]邓新明,熊会兵,李剑峰,侯俊东,吴锦峰.政治关联、国际化战略与企业价值——来自中国民营上市公司面板数据的分析[J].南开管理评论,2014,17(01):26-43.
[36]马跃如,段斌.董事会特征、高管激励方式与中小企业成长——基于国有样本与民营样本数据的对比研究[J].科学学与科学技术管理,2010,31(10):180-185.
[37]Collins J D,Holcomb T R,Certo S T,et al.Learning by doing:Cross-border mergers and acquisitions[J]. Journal of Business Research,2009,62(12):1329-1334.
[38]向锐,冯建.董事会特征与公司经营绩效的关系——基于中国民营上市公司的经验证据[J].财经科学,2008(11):91-99.
[39]Bai T,Jin Z,Qi X. Chinese Firms’ OFDI Entry Mode Choice and Survival of Foreign Subsidiaries:Contingency Effects of Economic and Cultural Distance[J].International Journal of China Marketing,2013,14(1):102-115.
[40]吴清华,王平心,殷俊明.审计委员会、董事会特征与财务呈报质量——一项基于中国证券市场的实证研究[J].管理评论,2006(07):49-56+64.
[41]林俐.国际化经营两大发展模式的比较研究[J].国际贸易问题,2003(04):32-35.
[42]赵青,张华容.政治风险对中国企业对外直接投资的影响研究[J].山西财经大学学报,2016,38(07):1-13.
[43]谢孟军.政治风险对中国对外直接投资区位选择影响研究[J].国际经贸探索,2015,31(09):66-80.
[2]薛安伟.跨国并购提高企业绩效了吗——基于中国上市公司的实证分析[J].经济学家,2017(06):88-95.
[3]危平,唐慧泉.跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析[J].国际贸易问题,2016(11):120-131.
[4]Powell K S,Lim E.Investment motive as a moderator of cultural-distance and relative knowledge relationships with foreign subsidiary ownership structure[J]. Journal of Business Research,2016(70):255-262.
[5]Hernández V,Nieto M J.The effect of the magnitude and direction of institutional distance on the choice of international entry modes[J]. Journal of World Business,2015,50(1):122-132.
[6]张元钊.政治风险影响了中国企业跨国并购吗——基于面板负二项回归模型的实证分析[J].国际商务(对外经济贸易大学学报),2016(03):129-138.
[7]杨德彬.跨国并购提高了中国企业生产率吗——基于工业企业数据的经验分析[J].国际贸易问题,2016(04):166-176.
[8]Villa MAD,Rajwani T,Lawton T. Market entry modes in a multipolar world:Untangling the moderating effect of the political environment[J].International Business Review,2015,24(3):419-429.
[9]李彤.东道国政治风险对中国企业跨国直接投资进入模式的影响——国际化经验的调节效应[J].商业经济研究,2015(04):78-81.
[10]Thomas Hutzschenreuter,Sandra Lange. Added Psychic Distance Stimuli and MNE Performance:Performance Effects of Added Cultural,Governance,Geographic,and Economic Distance in MNEs'International Expansion[J].Journal of International Management,2014,20(1):38-54.
[11]Lin Cui,Xiaoming He. Expanding near the home base or venture far? The influence of home country state on the economic distance of foreign direct investments[J]. Journal of Business Research,2017(75):95-107.
[12]史伟,李申禹,陈信康.国家距离对跨国零售企业东道国选择的影响[J].国际贸易问题,2016(03):117-127.
[13]綦建红,杨丽.文化距离与我国企业OFDI的进入模式选择——基于大型企业的微观数据检验[J].世界经济研究,2014(06):55-61.
[14]张艺琼,冯均科.合约特征、高管股权激励与公司内部控制有效性——基于倾向得分匹配法的实证检验[J].山西财经大学学报,2018,40(04):86.
[15]Herrmann,P&Datta,D K. CEO successor characteristics and the choice of foreign market entry mode:An empirical study[J]. Journal of International Business Studies,2002,33(3):551-569.
[16]Hennart,Slangen,A. H. L. we really do need more entry mode studies! A commentary on Shaver[J]. Journal of International Business Studies,2015(46):114-122.
[17]李冬伟,吴菁.高管团队异质性对企业社会绩效的影响[J].管理评论,2017,29(12):84-93.
[18]邵剑兵,陈永恒.高管股权激励、盈余管理与审计定价——基于盈余管理异质性的视角[J].审计与经济研究,2018,33(01):44-55.
[19]Peng M W. Towards and institutional-based view of business strategy[J].Asia Pacific Journal of Management,2002,19(2):251-267.
[20]Chari M D R,Chang K.Determinants of the share of equity sought in cross-border acquisition[J]. Journal of International Business Studies,2009,40(8):1277-1297.
[21]田海峰,黄祎,孙广生.影响企业跨国并购绩效的制度因素分析——基于2000—2012年中国上市企业数据的研究[J].世界经济研究,2015(06):111-118.
[22]张娟,李培馨,陈晔婷.地理距离对企业跨国并购行为是否失去了影响?[J].世界经济研究,2017(05):51-61.
[23]Ahmad Arslan,Shlomo Y. Tarba,Jorma Larimo. FDI entry strategies and the impacts of economic freedom distance:Evidence from Nordic FDIs in transitional periphery of CIS and SEE[J].International Business Review,2015,24(6):997-1008.
[24]Ru-Shiun Liou,Mike Chen-Ho Chao,Monica Yang.Emerging economies and institutional quality:Assessing the differential effects of institutional distances on ownership strategy[J].Journal of World Business,2016,51:600-611.
[25]王锋正,陈方圆.董事会治理、环境规制与绿色技术创新——基于我国重污染行业上市公司的实证检验[J].科学学研究,2018,36(02):361-369.
[26]刘柏,梁超.董事会过度自信与企业国际并购绩效[J].经济管理,2017,39(12):73-88.
[27]孙芳,赵艳.CEO和董事会社会资本协同效应对IPO抑价的影响:正向协同还是负向协同[J].现代财经(天津财经大学学报),2017,37(03):54-66.
[28]陈钢.公司社会责任、资源依赖与并购方财富效应[J].东北财经大学学报,2015(01):26-32.
[29]Cláudia Frias Pinto,Manuel Portugal Ferreira,Christian Falaster. Ownership in cross-border acquisitions and the role of government support[J].Journal of World Business,2017,4(52):533-545.
[30]Fang-Yi Lo. Factors leading to foreign subsidiary ownership:A multi-level perspective[J]. Journal of Business Research,2016(69):5228-5234.
[31]郑建明,刘琳,刘一凡.政治关联的结构特征、多元化驱动与公司价值[J].金融研究,2014(02):167-179.
[32]乐菲菲,张金涛,修浩鑫.高管政治关联会导致创业板企业上市后创新绩效“变脸”吗?[J].经济与管理,2018,32(01):73-79,86.
[33]郑建明,刘琳,刘一凡.政治关联的结构特征、多元化驱动与公司价值[J].金融研究,2014(02):167-179.
[34]Colombelli A. Top management team characteristics and firm growth:evidence from a sample of listed companies[J]. International Journal of Entrepreneurial Behavior&Research,2015,21(1):107-127.
[35]邓新明,熊会兵,李剑峰,侯俊东,吴锦峰.政治关联、国际化战略与企业价值——来自中国民营上市公司面板数据的分析[J].南开管理评论,2014,17(01):26-43.
[36]马跃如,段斌.董事会特征、高管激励方式与中小企业成长——基于国有样本与民营样本数据的对比研究[J].科学学与科学技术管理,2010,31(10):180-185.
[37]Collins J D,Holcomb T R,Certo S T,et al.Learning by doing:Cross-border mergers and acquisitions[J]. Journal of Business Research,2009,62(12):1329-1334.
[38]向锐,冯建.董事会特征与公司经营绩效的关系——基于中国民营上市公司的经验证据[J].财经科学,2008(11):91-99.
[39]Bai T,Jin Z,Qi X. Chinese Firms’ OFDI Entry Mode Choice and Survival of Foreign Subsidiaries:Contingency Effects of Economic and Cultural Distance[J].International Journal of China Marketing,2013,14(1):102-115.
[40]吴清华,王平心,殷俊明.审计委员会、董事会特征与财务呈报质量——一项基于中国证券市场的实证研究[J].管理评论,2006(07):49-56+64.
[41]林俐.国际化经营两大发展模式的比较研究[J].国际贸易问题,2003(04):32-35.
[42]赵青,张华容.政治风险对中国企业对外直接投资的影响研究[J].山西财经大学学报,2016,38(07):1-13.
[43]谢孟军.政治风险对中国对外直接投资区位选择影响研究[J].国际经贸探索,2015,31(09):66-80.