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论文编号：	11826
作者编号：	2120182988
上传时间：	2020/6/22 12:34:31
中文题目：	制度距离与中国企业跨国并购创新绩效关系研究
英文题目：	Research on the Relationship between Institutional Distance and Innovation Performance of Chinese Enterprises'' Cross-border Mergers and Acquisitions
指导老师：	周楠
中文关键字：	制度距离；跨国并购；创新绩效；跨国并购经验
英文关键字：	Institutional distance; Cross-border M&A; Innovation performance; Cross-border M&A experience
中文摘要：	近些年来，随着政府出台一系列走出去的政策以及中国企业规模的日益壮大，越来越多的中国的企业把目光转向国外，希望通过跨国并购提高创新能力获取竞争优势，中国企业跨国并购的规模呈现逐年增加的趋势。中国企业在跨国并购后的经营活动和创新活动中常常面临宏观环境因素的影响。在跨国并购后进入东道国，成长于母国环境下的企业要面临不同国家的相异的制度环境，企业的创新活动也会不可避免地受到制度环境差异的影响，这种影响是不可忽视的。虽然跨国并购和创新的成为学者研究焦点，但是现有领域的研究主要聚焦于跨国并购绩效的影响因素，很少有学者关注跨国并购后的创新绩效，而创新能力对于企业和国家的发展至关重要。成长于母国制度环境的企业在跨国并购后的创新活动需要面对陌生且不同的制度环境，这既增加了不利因素，但又带来了新的机会。 基于此，本文主要从资源基础观、制度基础观和组织学习理论等理论角度，探索了国家之间在不同维度的制度差异对中国企业跨国并购后创新绩效的影响。本文将并购企业的跨国并购经验作为调节变量，通过零膨胀负二项回归模型对2014年至2017年中国A股上市制造业企业发生所有跨国并购事件研究，分析制度距离的不同维度对跨国并购创新绩效的影响。实证研究结果表明我国与东道国之间的正式制度距离，对中国企业跨国并购后的创新绩效产生显著负向影响，而文化、信仰等非正式制度距离对中国企业跨国并购后的创新绩效产生显著正向影响，企业有必要增长积累跨国并购经验，因为它能削弱正式制度距离对创新绩效的负面作用。本文的贡献在于，在中国企业情境下，细致地分析制度距离的不同维度对跨国并购后的创新绩效的不同影响，为未来后续研究提供参考。在研究价值方面，基于本文的研究结论，为政府和企业提出相应方面的建议。
英文摘要：	In recent years, with the introduction of policies to encourage enterprises to invest abroad and the growing size of Chinese enterprises, more and more Chinese enterprises have turned their sights abroad, hoping to increase their innovation capabilities to gain competitive advantages through cross-border M&A. The scale of Chinese enterprises' cross-border M&A is increasing year by year. Chinese enterprises often face the influence of macro-environmental factors in their business and innovation activities after cross-border M&A. After entering the host country after cross-border M&A, enterprises growing up in their home country have to face different institutional environments in host country, and innovation activities will also inevitably be affected by the differences in institutional environments, which cannot be ignored. Although cross-border M&A and innovation have become the focus of research, the existing research mainly focuses on the influencing factors of cross-border M&A performance. Few scholars have focused on innovation performance after cross-border M&A, but innovation ability is not only important for enterprises but also for the development of the country. Enterprises growing up in the institutional environment of the home country need to face unfamiliar and different institutional environments during their innovation activities in the host country, which not only increases unfavorable factors, but also brings new opportunities. Therefore, this thesis attempts to discuss the impact of institutional distance on the innovation performance of Chinese enterprise after cross-border M&A from the theoretical perspectives of resource-based theory, institutional basic theory, and organizational learning theory. What’s more, this thesis takes the cross-border M&A experience of the acquirer as the moderating variable, uses a zero-inflated negative binomial regression model for analysis, and selects enterprises that have successfully implemented cross-border M&A in China's listed manufacturing enterprises from 2014 to 2017 as the research sample. This thesis analyzes the influence of different dimensions of institutional distance on the innovation performance after cross-border M&A. Empirical research results indicate that the formal institutional distance has a significant negative impact on the innovation performance of Chinese enterprises after cross-border M&A, while the informal institutional distance has a significant positive impact on the innovation performance of Chinese enterprises after cross-border M&A. In addition, it is necessary for enterprises to accumulate more experience in cross-border M&A, because it can weaken the negative effect of formal institutional distance on innovation performance. The contribution of this thesis is that, in the context of Chinese enterprises, this thesis analyzes the different effects of different dimensions of institutional distance on the innovation performance after cross-border M&A, and provides references for future research. In terms of research value, based on the research conclusions, this thesis puts forward suggestions to the government and enterprises.
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