中国企业的跨国并购战略、国内市场的多元化行为与并购绩效的关系研究
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摘要
跨国并购已经成为中国企业“走出去”的重要方式，虽然一些企业的跨国并购以失败而告终，并没有取得预期效果，但是还是有相当一部分企业取得了成功，并提升了自身的国际竞争力。“选择什么样的跨国并购战略能够使得跨国并购取得成功？”不仅是企业实践需要解决的问题，也是国内外理论界亟需解决的科学问题。传统的国际化理论认为，企业特定所有权优势是企业成功进行跨国并购的前提，但是，中国多数企业是在不具备特定所有权优势的前提下从事跨国并购的。中国企业的这种“逆向跨境并购”引起了学术界的争论，部分学者认为传统国际化理论能够解释中国企业的跨国并购行为，部分学者认为传统国际化理论不能够完全解释中国企业的跨国并购行为，中国企业的跨国并购实践给传统国际化理论带来了挑战。针对学术界的争论，本文从议价理论切入，研究中国企业的跨国并购战略、企业特定优势、国家特定优势、并购绩效之间的逻辑关系，以回答中国企业选择什么样的跨国并购战略能够取得成功，同时也回答了为什么中国企业的“逆向跨境并购”也能够取得成功。根据逻辑演绎，本文将具体研究问题细化为：（1）中国企业跨国并购的股权结构与并购绩效之间的关系如何？（2）中国企业的企业能力对跨国并购的股权结构与并购绩效关系的影响作用如何？（3）中国企业在国内市场的多元化行为对跨国并购的股权结构与并购绩效关系的影响作用如何？
针对研究问题，在相关文献研究和理论研究的基础上，以议价能力为理论依据提出了并购的股权结构、企业能力、企业在国内市场的多元化行为、并购绩效之间的内在逻辑关系，推理出本研究的概念模型，并提出3组6个研究假设。运用SPSS统计软件对2000-2010年间从事过跨国并购事件的123个上市公司样本进行相关分析、回归分析。通过对数据结果的分析，本研究得出了以下结论：第一，中国企业跨国并购的股权结构战略对并购绩效有影响，与非对等股权相比，对等股权的跨国并购绩效更好。第二，企业的研发能力和营销能力对并购的股权结构与并购绩效之间的关系具有负向调节作用，即研发能力和营销能力会弱化对等股权跨国并购将产生更高绩效的关系。第三，中国企业在国内市场上的多元化行为对并购绩效也会产生影响，其中企业的行业多元化程度对并购的股权结构与并购绩效之间的关系具有正向调节作用，即主并企业的行业多元化程度会强化对等股权跨国并购将产生更高绩效的关系；企业的地域多元化程度对并购的股权结构与并购绩效之间的关系具有负向调节作用（不显著），即主并企业的地域多元化程度会弱化对等股权跨国并购将产生更高绩效的关系；企业的纵向一体化程度对并购的股权结构与并购绩效之间的关系不具有调节作用。
立足于议价理论，本文对中国企业跨国并购的股权结构战略对并购绩效的影响研究，也有新的理论尝试，其理论创新贡献在于：（1）用国家特定优势（Country-specificadvantage）理论解释了中国企业的逆向跨境收购行为。（2）极大地丰富了议价理论的应用情景，将议价理论应用于新兴经济体中国的企业进入发达国家时的讨价还价情景；同时补充和延伸了国家层面议价能力的来源，探讨的是企业来自母国（home）层面的议价能力，不再局限于东道国政府（host）的国家层面议价能力。（3）将OLI范式与国家特定优势相结合，共同解释了现阶段中国企业的跨国并购行为，进一步可以理解为将OLI范式与LLL模型相结合相互补充进行解释。（4）本研究采用规范的实证研究方法研究中国企业的跨国并购行为，补充了国内关于中国企业跨国并购研究缺少大样本实证研究的不足。另外，本文的研究结果对中国企业的跨国并购实践具有一定的指导意义：现阶段中国企业从事跨国并购时，不要盲目地追求多数股权或控股股权的股权结构战略，在企业不具备特定优势的前提下，对等的股权结构战略是最佳选择；如果企业自身具备企业特定优势、或者能够充分利用国家特定优势时，就可以不依赖于来自股权所有权的控制权以实现并购目标。现阶段，中国企业可以通过“先做中国第一，再做世界第一”的路径提升自身的国际竞争力，这也是一个利用国家特定优势培育企业特定优势的过程，能够使得企业成功实施跨国并购战略。最后，本文也指出了研究中存在的局限性和未来的研究方向。
Cross-border M&A has become the important way of Chinese enterprises "going out"，although some enterprises fail and do not achieve the expected effect，but there are quite anumber of enterprise success，and also enhance their international competitiveness."Choosewhat kind of Cross-border merger and acquisition strategy can ensure cross-border M&Asuccess?" It is not only a practical problem to be solved，but also a scientific problem for thetheoretical circle to solve. The traditional internationalization theories believe that firmspecific ownership advantage is the precondition of cross-border merger and acquisitionsuccess，however，most of China's enterprises do not have the firm specific ownershipadvantage in cross-border M&A. This kind of "reverse cross-border M&A" by Chineseenterprises has caused the academic debate， some scholars think that the traditionalinternationalization theories can explain Chinese enterprises cross-border M&A， somescholars think that the traditional internationalization theories cannot fully explain Chineseenterprises cross-border M&A，Chinese enterprises' cross-border M&A practices bringchallenges to traditional internationalization theories. According to the academic debate，thisstudy researches the logical relationship among Chinese enterprises cross-border merger andacquisition strategy， firm specific advantages，country specific advantages and M&Aperformance based on the bargaining theory. This study wants to answer “what kind ofcross-border merger and acquisition strategy can achieve success”，and also answer “whyChinese enterprises’‘reverse cross-border mergers and acquisitions’ can also achievesuccess”. According to the logical deduction，the research questions are:(1)How is therelationship between equity ownership and performance of Chinese enterprises' cross-borderM&A?(2) How does firm capability effect on the relationship between equity ownership andM&A performance?(3) How does diversification behavior in the domestic market effect onthe relationship between equity ownership and M&A performance?
According to the research questions，on the basis of literature study and theoretical study，the author proposes the internal logic relationship among equity ownership，firm capability，diversification behavior in the domestic market and the M&A performance by the theory ofbargaining power. The author reasons out the conceptual model of this study，and proposesthree groups of six research hypotheses. Using the SPSS statistical software，the author doescorrelation analysis and regression analysis of the123samples of listed companies engage in cross-border M&A between2000and2010. The results indicate some conclusions. Firstly，equity ownership of Chinese enterprises' cross-border M&A has effects on performance，compared with the non-equal equity ownership，the equal equity ownership has bettercross-border M&A performance. Secondly，R&D capabilities and marketing capabilities havenegative moderating effects on the relationship between equity ownership and M&Aperformance，indicates that R&D capabilities and marketing capabilities would weaken therelationship between equity ownership and M&A performance. Thirdly，diversificationbehavior in the domestic market effect on the relationship between equity ownership andM&A performance. The degree of industry diversification has positive moderating effects onthe relationship between equity ownership and M&A performance，indicates that degree ofindustry diversification would strengthen the relationship between equity ownership andM&A performance. The degree of geographical diversification has negativemoderating(non-significant) effects on the relationship between equity ownership and M&Aperformance， indicates that degree of geographical diversification would weaken therelationship between equity ownership and M&A performance. The degree of verticalintegration has no moderating (non-significant) effects on the relationship between equityownership and M&A performance.
Based on the bargaining theory，this study researches the relationship between equityownership and M&A performance of Chinese enterprises’ cross-border M&A strategy，thisstudy also try to use some new theories，its theoretical contributions are:(1) Explain the“reverse cross-border acquisitions” of Chinese enterprises by Country specific advantagestheory.(2) Greatly enriched the application situation of bargaining theory, this paper uses thebargaining theory in the situation of emerging economy-Chinese enterprises’ FDI indeveloped countries; this paper also complements and extends the country level of bargainingpower source, explores the bargaining power from enterprise’ home country, no longer limitsto the host country government's bargaining power.(3) Combining the OLI paradigm andCountry specific advantages, this study explains the present Chinese enterprises’ cross-borderM&A behavior; it can be further understood as combining the OLI paradigm and LLLmodel(which complement each other) to explain.(4)This study uses normative empiricalresearch methodology to research Chinese enterprises’ cross-border M&A behavior，adds tothe domestic research on Chinese enterprises’ cross-border M&A lack of large sampleempirical research. In addition, the results of this study have certain guiding significance for Chinese enterprises cross-border mergers and acquisitions practices: at the present stage,Chinese enterprise don't blindly pursuing a majority stake or a controlling stake in the equitystructure of strategy when engaged in cross-border M&A, if they do not have specificadvantages, peer equity structure strategy is the best choice; If Chinese enterprises havecertain firm specific advantages, or they can able to make full use of the country specificadvantages, they do not depend on the control from the equity ownership to achieve targets.At present, China's enterprises can improve their international competitiveness by the path of"To be competitive in Chinese domestic market first, then to be competitive in the world ", itis also a process of using country specific advantage to foster firm specific advantages, whichcan make enterprises successfully implement the strategy of cross-border mergers andacquisitions. At last，this study also points out the limitations existing in the research and thefuture research direction.
针对研究问题，在相关文献研究和理论研究的基础上，以议价能力为理论依据提出了并购的股权结构、企业能力、企业在国内市场的多元化行为、并购绩效之间的内在逻辑关系，推理出本研究的概念模型，并提出3组6个研究假设。运用SPSS统计软件对2000-2010年间从事过跨国并购事件的123个上市公司样本进行相关分析、回归分析。通过对数据结果的分析，本研究得出了以下结论：第一，中国企业跨国并购的股权结构战略对并购绩效有影响，与非对等股权相比，对等股权的跨国并购绩效更好。第二，企业的研发能力和营销能力对并购的股权结构与并购绩效之间的关系具有负向调节作用，即研发能力和营销能力会弱化对等股权跨国并购将产生更高绩效的关系。第三，中国企业在国内市场上的多元化行为对并购绩效也会产生影响，其中企业的行业多元化程度对并购的股权结构与并购绩效之间的关系具有正向调节作用，即主并企业的行业多元化程度会强化对等股权跨国并购将产生更高绩效的关系；企业的地域多元化程度对并购的股权结构与并购绩效之间的关系具有负向调节作用（不显著），即主并企业的地域多元化程度会弱化对等股权跨国并购将产生更高绩效的关系；企业的纵向一体化程度对并购的股权结构与并购绩效之间的关系不具有调节作用。
立足于议价理论，本文对中国企业跨国并购的股权结构战略对并购绩效的影响研究，也有新的理论尝试，其理论创新贡献在于：（1）用国家特定优势（Country-specificadvantage）理论解释了中国企业的逆向跨境收购行为。（2）极大地丰富了议价理论的应用情景，将议价理论应用于新兴经济体中国的企业进入发达国家时的讨价还价情景；同时补充和延伸了国家层面议价能力的来源，探讨的是企业来自母国（home）层面的议价能力，不再局限于东道国政府（host）的国家层面议价能力。（3）将OLI范式与国家特定优势相结合，共同解释了现阶段中国企业的跨国并购行为，进一步可以理解为将OLI范式与LLL模型相结合相互补充进行解释。（4）本研究采用规范的实证研究方法研究中国企业的跨国并购行为，补充了国内关于中国企业跨国并购研究缺少大样本实证研究的不足。另外，本文的研究结果对中国企业的跨国并购实践具有一定的指导意义：现阶段中国企业从事跨国并购时，不要盲目地追求多数股权或控股股权的股权结构战略，在企业不具备特定优势的前提下，对等的股权结构战略是最佳选择；如果企业自身具备企业特定优势、或者能够充分利用国家特定优势时，就可以不依赖于来自股权所有权的控制权以实现并购目标。现阶段，中国企业可以通过“先做中国第一，再做世界第一”的路径提升自身的国际竞争力，这也是一个利用国家特定优势培育企业特定优势的过程，能够使得企业成功实施跨国并购战略。最后，本文也指出了研究中存在的局限性和未来的研究方向。
Cross-border M&A has become the important way of Chinese enterprises "going out"，although some enterprises fail and do not achieve the expected effect，but there are quite anumber of enterprise success，and also enhance their international competitiveness."Choosewhat kind of Cross-border merger and acquisition strategy can ensure cross-border M&Asuccess?" It is not only a practical problem to be solved，but also a scientific problem for thetheoretical circle to solve. The traditional internationalization theories believe that firmspecific ownership advantage is the precondition of cross-border merger and acquisitionsuccess，however，most of China's enterprises do not have the firm specific ownershipadvantage in cross-border M&A. This kind of "reverse cross-border M&A" by Chineseenterprises has caused the academic debate， some scholars think that the traditionalinternationalization theories can explain Chinese enterprises cross-border M&A， somescholars think that the traditional internationalization theories cannot fully explain Chineseenterprises cross-border M&A，Chinese enterprises' cross-border M&A practices bringchallenges to traditional internationalization theories. According to the academic debate，thisstudy researches the logical relationship among Chinese enterprises cross-border merger andacquisition strategy， firm specific advantages，country specific advantages and M&Aperformance based on the bargaining theory. This study wants to answer “what kind ofcross-border merger and acquisition strategy can achieve success”，and also answer “whyChinese enterprises’‘reverse cross-border mergers and acquisitions’ can also achievesuccess”. According to the logical deduction，the research questions are:(1)How is therelationship between equity ownership and performance of Chinese enterprises' cross-borderM&A?(2) How does firm capability effect on the relationship between equity ownership andM&A performance?(3) How does diversification behavior in the domestic market effect onthe relationship between equity ownership and M&A performance?
According to the research questions，on the basis of literature study and theoretical study，the author proposes the internal logic relationship among equity ownership，firm capability，diversification behavior in the domestic market and the M&A performance by the theory ofbargaining power. The author reasons out the conceptual model of this study，and proposesthree groups of six research hypotheses. Using the SPSS statistical software，the author doescorrelation analysis and regression analysis of the123samples of listed companies engage in cross-border M&A between2000and2010. The results indicate some conclusions. Firstly，equity ownership of Chinese enterprises' cross-border M&A has effects on performance，compared with the non-equal equity ownership，the equal equity ownership has bettercross-border M&A performance. Secondly，R&D capabilities and marketing capabilities havenegative moderating effects on the relationship between equity ownership and M&Aperformance，indicates that R&D capabilities and marketing capabilities would weaken therelationship between equity ownership and M&A performance. Thirdly，diversificationbehavior in the domestic market effect on the relationship between equity ownership andM&A performance. The degree of industry diversification has positive moderating effects onthe relationship between equity ownership and M&A performance，indicates that degree ofindustry diversification would strengthen the relationship between equity ownership andM&A performance. The degree of geographical diversification has negativemoderating(non-significant) effects on the relationship between equity ownership and M&Aperformance， indicates that degree of geographical diversification would weaken therelationship between equity ownership and M&A performance. The degree of verticalintegration has no moderating (non-significant) effects on the relationship between equityownership and M&A performance.
Based on the bargaining theory，this study researches the relationship between equityownership and M&A performance of Chinese enterprises’ cross-border M&A strategy，thisstudy also try to use some new theories，its theoretical contributions are:(1) Explain the“reverse cross-border acquisitions” of Chinese enterprises by Country specific advantagestheory.(2) Greatly enriched the application situation of bargaining theory, this paper uses thebargaining theory in the situation of emerging economy-Chinese enterprises’ FDI indeveloped countries; this paper also complements and extends the country level of bargainingpower source, explores the bargaining power from enterprise’ home country, no longer limitsto the host country government's bargaining power.(3) Combining the OLI paradigm andCountry specific advantages, this study explains the present Chinese enterprises’ cross-borderM&A behavior; it can be further understood as combining the OLI paradigm and LLLmodel(which complement each other) to explain.(4)This study uses normative empiricalresearch methodology to research Chinese enterprises’ cross-border M&A behavior，adds tothe domestic research on Chinese enterprises’ cross-border M&A lack of large sampleempirical research. In addition, the results of this study have certain guiding significance for Chinese enterprises cross-border mergers and acquisitions practices: at the present stage,Chinese enterprise don't blindly pursuing a majority stake or a controlling stake in the equitystructure of strategy when engaged in cross-border M&A, if they do not have specificadvantages, peer equity structure strategy is the best choice; If Chinese enterprises havecertain firm specific advantages, or they can able to make full use of the country specificadvantages, they do not depend on the control from the equity ownership to achieve targets.At present, China's enterprises can improve their international competitiveness by the path of"To be competitive in Chinese domestic market first, then to be competitive in the world ", itis also a process of using country specific advantage to foster firm specific advantages, whichcan make enterprises successfully implement the strategy of cross-border mergers andacquisitions. At last，this study also points out the limitations existing in the research and thefuture research direction.
引文
1数据来源于http://finance.qq.com/a/20120417/007384.htm，腾讯财经新闻
2《柳传志：并购IBMPC业务六年终获成功》2011年05月27日北京青年报
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2《柳传志：并购IBMPC业务六年终获成功》2011年05月27日北京青年报
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