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论文编号：	12244
作者编号：	1120170868
上传时间：	2020/12/18 9:49:50
中文题目：	海外背景高管影响企业跨国并购有效性机 制研究——基于二元海外经验视角
英文题目：	The Research on the effect of Executives with Overseas Background on Firm’s Cross-border Acquisition Effectiveness——Based on the Perspective of Binary Foreign Experience
指导老师：	林润辉
中文关键字：	高管二元海外经验；跨国并购完成；跨国并购绩效；高阶理论； 动态分析
英文关键字：	binary overseas experience of executives; cross-border M&A completion; cross-border M&A performance; Upper echelons theory; dynamic analysis
中文摘要：	跨国并购是国内外学者研究的重要话题之一。随着经济全球化和一带一路 战略的推进，中国企业跨国并购无论在并购金额还是并购数量上均实现前所未 有的突破，然而，与之相对应，企业跨国并购有效性（包括并购完成率及并购 绩效水平）整体较低，如何协调跨国并购高增长与并购有效性较低的矛盾是当 前领域亟待解决的重要现实问题。近年来，海外背景高管为弥补企业国际化经 验不足、降低海外投资风险提供了解决方案，但值得关注的是，尽管海外背景 高管数量不断增加且市场规模逐渐扩大，企业跨国并购完成率远低于世界平均 水平，且研究显示近一半的中国企业跨国并购并不成功甚至亏损。高管海外经 验已不再是许多跨国企业的“稀缺资源“和国际竞争优势的重要来源，高管海 外经验能否发挥作用提升企业跨国并购有效性，是本文关注的主要问题。 以 2008-2017 年中国参与跨国并购的上市企业为研究样本，本文围绕高管获 取海外经验的来源国差异，区分“同源海外经验”与“非同源海外经验”，并 考察基于两种不同来源国经验类型的“二元海外经验”对于跨国并购有效性的 影响。本文强调，不同经验获取来源国对企业提供海外资源、知识、信息等方 面的能力存在差异，而这种差异是导致企业产生不同跨国并购结果的原因之一。 进一步地，本文从动态性视角，检验高管二元海外经验互动与企业跨国并购有 效性的作用关系。结合实证研究与案例研究，本文的主要发现和结论如下： 首先，并非所有的海外背景高管对企业跨国并购有效性产生显著影响，整 体上海外背景高管人数的增加并不能有效提升跨国并购成功率和并购价值。从 前期并购交易来看，只有同源海外经验高管有助于促进跨国并购完成率的提升， 非同源海外经验高管对跨国并购完成率不产生显著影响。基于企业合法性和合 法性门槛视角的研究发现，企业海外上市和国家制度差异对同源海外经验高管 与跨国并购完成的关系起到负向调节作用，且上述关系在国有企业中更显著。 该研究结论冲击了常规理解中高管海外经验对企业跨国并购结果的正向影响， 指出了同源海外经验高管在企业获取目标国合法性、积累当地资源的重要作用。 同时本文结合浙江华友钴业跨国并购案例验证了本文研究结论，为企业优化高 管资源配置在跨国并购交易中的作用提供新的理论视角。 其次，基于企业内部并购整合和外部市场扩张视角，研究发现同源海外经 验高管相比于非同源海外经验高管更有助于后期跨国并购绩效的提升，同源海 外经验高管不仅加强并购后双方企业组织行为和知识的有效转移，其在目标国 网络关系也有利于缓解企业在海外市场扩张与经营中的面临的冲突和风险。海 外经验作用的发挥依赖于外部知识的有效吸收和转化。从经验吸收方面，任期 较长的高管对高管二元海外经验的作用具有正向调节效应；而高管团队内部薪 酬差距过大，会阻碍高管间的经验交流与合作，对高管二元海外经验作用的发 挥起到负向调节作用。从经验运用方面，制度环境较弱的国家往往伴随透明性 低，市场波动较大，东道国制度环境负向调节同源海外经验高管作用的发挥。 进一步研究得出，跨国并购绩效提升在具有同源海外任职经验高管人数较多、 高管获取海外经验时间间隔较短的企业中更明显。来源于相似制度环境国家的 海外经验并未对企业跨国并购绩效的提升产生显著影响。结合中国平安并购比 利时富通案例研究，验证了本文结论。 最后，从动态研究视角，多数企业跨国并购经历从 “一阶国际生存能力” 向“二阶全球并购能力”的发展演变。在企业初次跨国并购中，企业缺乏国际 化知识和能力，同源海外经验高管大大降低企业跨国并购不确定性，保障跨国 并购的顺利进行。在连续跨国并购阶段，同源海外经验高管作用逐渐减弱，且 由于路径依赖制约企业并购长期发展。非同源海外经验高管在企业不同阶段跨 国并购作用不显著。连续跨国并购中，高管国际化经验多样性对提升企业跨国 并购绩效具有显著影响。研究结果表明，同源海外经验高管在企业初次跨国并 购阶段发挥作用更显著，在连续跨国并购阶段，企业涉猎海外经验知识越广， 越有可能从差异化的市场中积累更多的资源和信息，为后续成功并购和全球化 企业扩张奠定基础。以吉利集团跨国并购纵向案例为研究对象，验证了本文研 究结论。 本文研究创新点主要体现在以下四个方面。第一，重新审视高管海外经验 的作用，以往研究从整体上单一视角考察高管海外经验的作用存在一定的片面 性，且无法系统地识别不同来源国高管作用的差异。本文首次关注高管获取海 外经验来源的区域属性，研究结论为海外背景高管何以提升跨国并购有效性提 供新的证据。第二，识别了不同来源国高管海外经验作用的差异，提出高管海 外经验中影响跨国并购有效性提升的关键因素。不仅构建了基于高管二元海外 经验影响跨国并购有效性的理论框架，同时深化不同类型海外经验对跨国并购 的影响机制研究。第三，加入时间维度，从动态性视角分析了企业跨国并购中 动态能力演进问题，揭示了高管二元海外经验互动及其与不同阶段企业并购有 效性的关系，不仅弥补了静态视角考察跨国并购影响因素的不足，且加强了动 态视角下企业跨国并购有效性提升的理论基础。第四，多层次、深层次挖掘二 元海外经验对企业跨国并购的系统性影响，丰富了基于多重视角分析企业跨国 并购有效性提升的机制研究，为构建全面的高管海外经验与企业跨国并购分析 模型提供理论支撑。
英文摘要：	Cross-border merger and acquisition (Cross-border M&A) is one of the important research topics for domestic and foreign scholars. With the advancement of the economic globalization and the Belt and Road Initiative, Chinese companies' cross-border M&As have achieved unprecedented breakthroughs in terms of both the amount and the number of M&As. However, correspondingly, the effectiveness of the enterprises’ cross-border M&As is generally low (both low completion rate and performance of M&As). Therefore, how to coordinate the conflict between the high growth of cross-border M&As and the low effectiveness of M&As is an urgent practical issue to be resolved in the current field. In recent years, the returnee executives have provided solutions to make up for the lack of internationalization experience of enterprises and reduce the risk of overseas investment. However, it is worth noting that despite the increase of executives with overseas background, the completion rate of cross-border M&As is much lower than the world average, and researches have also shown that nearly half of Chinese enterprises’ cross-border M&As were unsuccessful or even loss-making. The overseas experience of executives is no longer "scarce resources" and international competitive edge for many multinational corporations. Whether the overseas experience of executives can play a role in improving the effectiveness of cross-border M&As is the main question in this research. In this dissertation, we take the Chinese listed companies which participated in cross-border M&As from 2008 to 2017 as the research samples, and distinguish the “overseas experience from target country” and “overseas experience from non-target country” based on the differences in the country of origin where executives acquired overseas experience, and examine the impact of such binary overseas experience on the cross-border M&As effectiveness. This dissertation emphasizes that there is difference in the executives derived from different countries to provide companies with overseas resources, knowledge, and information, and such difference is one of key reasons that leads to different cross-border M&A results. Further, this dissertation examines the relationship between the binary overseas experience and the enterprises’ cross-border M&As effectiveness from a dynamic view. Based on the empirical and case studies, the main findings and conclusions of this dissertation are as follows: First, not all executives with overseas background have a significant impact on the cross-border M&As effectiveness. Generally, the increasing number of the executives with overseas background cannot significantly enhance the success rate and the value of cross-border M&As. As for pre-acquisition deal stage, only the executives with the overseas experience from the target country can help firm to improve the completion rate of cross-border M&As, while the executives with the overseas experience from the non-target country have no significant impact on the completion rate of cross-border M&As. Based on the perspective of the enterprise’s legitimacy and the legitimacy threshold, it is found that the companies listed overseas and national institutional distance negatively moderate the relationship between the executives with overseas experience from the target country and the completion of cross-border M&As, and the above relationship is more significant in state-owned enterprises. This conclusion has caused a shock to the conventional understanding that the overseas experience of executives has a positive influence on the results of cross-border M&As, and emphasize the important role of the executives from target country in promoting firm’s acquisition of external legitimacy and accessing to local resources. At the same time, the research conclusion has been verified with the case of the Zhejiang Huayou Cobalt Co., Ltd, which provides a new theoretical perspective for the firm’s optimization of the allocation of executive resources in cross-border M&As. Secondly, based on the perspective of the internal acquisition integration and external market expansion, it is found that the executives with overseas experience from the target country are more conducive to the improvement of the cross-border M&A performance than the counterparts with the overseas experience from non-target country. The executives with the overseas experience from target country can not only enhance the transfer of the organizational behavior and knowledge between the two companies after the acquisition, their network relationships in the target country can also help to alleviate the conflicts and risks faced by enterprises in expanding and operating in the target markets. Furthermore, the extent of the overseas experience playing a role depends on the effective absorption and transformation of such external knowledge. In terms of the experience absorption, the executives with long-term tenure have a positive moderating effect on the role of executives’ binary overseas experience; while the pay gap within the top management team hinders the experience exchange and cooperation between executives, which will negatively moderate the role of executives’ binary overseas experience. From the perspective of the application of experience, the weak institutional environment in the target country is often accompanied by low transparency in transaction, which positively promotes the effect of executives from target country on post-acquisition performance. Further research has shown that the improvement of cross-border M&A performance is more prominent in companies with a large number of executives with overseas working experience from target country and short time intervals of executives’ acquisition of overseas experience. Overseas experience from the countries with similar institutional environments has not significantly affected the cross-border M&A performance. The conclusion has been verified using the case study of the Ping An Company acquiring Belgian Fortis. Third, taking dynamic research, we found that most firms’ cross-border M&As have evolved from the “first-level international survival ability” to “second-level global M&A capability”. In the firm’s initial cross-border M&A, the firm is lack of the internationalization knowledge, so the executives with the overseas experience from target country can greatly reduce the uncertainty of M&A and ensure the smooth implementation of cross-border M&A. In the subsequent cross-border M&As, the role of the executives with overseas experience from target country become weakened, and even hindered the long-term development of enterprises’ M&A due to path dependency. The executives with overseas experience from non-target country have not played a significant role in different stages of cross-border M&A. In the subsequent stage of cross-border M&A, the diversified overseas experience of executives has a significant impact on improving the performance of cross-border M&A. The research results show that the executives with overseas experience from target country play a more significant role in the firm’s initial cross-border M&A. In the subsequent cross-border M&A, the broader the firm’s overseas experience and knowledge, the more likely it is to accumulate more resources and information from differentiated markets, which lay the foundation for subsequent successful M&A and the expansion globally. The conclusion has been verified using the vertical case of Geely Group's cross-border M&As. Overall, this dissertation makes following four contributions. First, the role of executives ’overseas experience is re-examined. In the previous studies, the role of executives’ overseas experience was investigated from a single perspective, which is one-sided and could not systematically identify the differences in the role of executives’ overseas experience from different countries. This study pay attention to the regional attributes of the sources of the executives' overseas experience, and provides first time evidence for how executives with overseas experience can improve the effectiveness of cross-border M&As. Second, the differences in the role of the executives’ overseas experience from different countries are identified, we found a key factor in the executives’ overseas experience affecting the improvement of cross-border M&A effectiveness. Not only a theoretical framework based on the influences of the binary overseas experience of executives on the cross-border M&As is built, but also deepen the research on the impact mechanism of different types of overseas experience on cross-border M&A Third, with the addition of the time dimension, we analyze the evolution of the dynamic capability in companies’ cross-border M&As from a dynamic view, and explore the relationship of executive’s binary overseas experience and the effectiveness of companies’ M&As at different stages, which not only makes up for the deficiencies of exploring the influencing factors of cross-border M&As from a static view, but also strengthens the theoretical basis for improving the effectiveness of enterprises’ cross-border M&As from a dynamic perspective. Fourth, the systematic impact of the binary overseas experience on enterprises’ cross-border M&As is explored at multi-level level, which enriches the research on the mechanism of improving the effectiveness of cross-border M&As based on multiple perspectives, and provides theoretical support for constructing a comprehensive model of analyzing the relationship between executives’ overseas experiences and the cross-border M&As.
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