文化距离对中国企业跨国并购所有权安排影响研究--基于地理距离调节作用

摘要

This paper tests the influence of cultural distance on enterprises ’ ownership arrangements and the moderating effect of geographic distance on their relationship.The sample consisted of 426 cross border Mergers and Acquisitions of Chinese enterprises from 2005 to 2012.And empirical test were run using a binomial logit model.The result shows: enterprises are more inclined to full ownership when cultural distance is large and more inclined to shared ownership when geographic distance is large.In addition, geographic distance can moderates the relationship between cul-tural distance and enterprises’ ownership arrangements in cross border Mergers and Acquisitions.%选取了2005—2012年间我国企业发生的426起跨国并购事件，运用二项Logit模型，分析文化距离对我国企业跨国并购所有权安排的影响，并在此基础上，探讨地理距离对二者关系的调节作用。结果表明：文化距离越大，企业在跨国并购中越倾向于全资进入模式；地理距离越大，企业越倾向于合资进入模式；并且，地理距离对文化距离和企业所有权安排关系起到一定的调节作用。