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论文编号：	14006
作者编号：	2120213328
上传时间：	2023/6/7 15:53:58
中文题目：	中国企业跨国并购中的跨文化管理策略——基于文化分层视角的多案例研究
英文题目：	Cross-Cultural Management Strategies in Cross-Border Mergers and Acquisitions of Chinese Firms——A Multi-Case Study Based on the Perspective of Cultural Stratification
指导老师：	任兵
中文关键字：	逆向跨国并购；文化异同；跨文化管理策略；文化分层视角；多案例研究
英文关键字：	Reverse Cross-border M&A; Cultural Differences; Cross-cultural Management Strategies; Cultural Layered Perspective; Multiple Case Study
中文摘要：	2016年后中国针对投机性资本外流的控制政策和国外对部分司法管辖区和行业部门的外国投资监管审查有所加强，且受近年来新冠疫情、复杂的国际形势、贸易保护主义和逐渐凸显的逆全球化现象的影响，中国对外投资和并购交易数量明显减少，跨国业务中的文化冲突风险骤增。很多的中国企业期望通过逆向跨国并购获取技术、市场、品牌等战略性资产以迅速实现全球化，但跨文化管理策略的失当让不少企业遭遇失败。跨国并购中的“七七定律”揭示了文化整合对企业跨国并购的重要影响，但文化所产生的模糊而复杂的影响一直是跨国并购领域研究中的难题。 对于逆向跨国并购的研究，当前主要基于多种理论视角，如资源基础观、制度基础观、交易成本观以及质性元分析，归纳识别出了并购动因、情境、整合等重要知识模块，其中文化差异对跨国并购绩效的影响呈现出了复杂和不确定性。对于跨文化管理的研究，当前多是分析如何采取跨文化管理策略以应对文化差异。然而，现有两个领域的研究存在以下三个明显的局限。首先，在新兴市场企业逆向跨国并购的“资源-制度”二元情境下，资源研究十分丰富而文化分析较为单薄，文化因素仅作为非正式制度的一项，其理论重要性不够凸显。其次，研究多采用“文化距离”“文化异质性”等高度抽象的综合性指标，且围绕文化维度的实证主义研究范式很难展现丰富的文化内涵。最后，现有跨文化管理策略的研究并未结合丰富的文化内涵应用到高度复杂的跨国并购情境中，且提出理论模型的可靠性有待检验。上述研究局限导致对文化差异与跨文化管理策略的内在丰富关联欠缺合理的理解，限制了对跨文化管理实践的启示。 本论文认为，文化分层理论为深入剖析中国企业逆向跨国并购中文化的丰富内涵提供了机会。因此，本论文通过引入文化分层的理论视角来探究不同文化情境下中国企业跨国并购过程中跨文化管理策略的选择与适配，进而引申出两个具体的科学问题：（1）在并购前主并方如何选取跨文化管理策略以推动跨国并购的实现？（2）在并购后主并方如何选取跨文化管理策略以实现良好的并购整合绩效？ 具体来说，本论文基于Schein的组织文化分层理论和范徵与曹姝婧的冰河模型，将文化纵向划分为外部显露的积雪层、若隐若现的冰冻层和隐性认知的河水层，将文化横向划分为国家或民族层面、企业层面和个人层面，同时引入文化智力代替个人层面文化，以此划分出七种文化分层模块，并贯穿整个研究。在此基础上，本论文采取多案例对比分析法，选取吉利并购沃尔沃、海尔并购Fisher & Paykel、中联重科并购CIFA三个并购事件，依次进行案例内、案例间分析，通过详细的理论推理和编码，系统总结了案例企业逆向跨国并购前后文化情境与跨文化管理策略的匹配，构建出可推广的综合稳健的框架模型。 本论文发现，并购前推动中国企业逆向跨国并购完成的主导因素是资源和能力，而文化因素居于次要地位。但不同并购事件中主并方根据资源优势强弱和潜在文化冲突大小，选择“资源决定-文化配合”或“资源主导-文化支持”2种资源策略和文化策略的协调方式来推动并购的完成。并购后主并方均会对国家文化层面和个人文化智力层面采取外部适应策略，并根据双方重要文化异同来适配“学习型”“伙伴型”和“强化型”3种不同的内部文化整合策略。 本论文总结分析了跨文化管理策略对并购全过程的驱动作用和在并购前后发生的权变，以聚合两个研究问题的结论，达到研究目的。本论文最终形成的不同文化情境下企业跨文化管理策略适配模型对于深入剖析文化内涵、丰富和联接跨文化管理和跨国并购领域的研究具有重要的理论借鉴意义，对于中国企业逆向跨国并购过程中如何平衡资源和文化策略，并最终推动并购目标实现具有重要的启示。
英文摘要：	Since 2016, China has strengthened its control policies on speculative capital outflows and foreign investment regulatory scrutiny of certain judicial jurisdictions and industry sectors. In addition, due to the impact of the recent COVID-19 pandemic, complex international situations, trade protectionism, and the increasingly prominent phenomenon of anti-globalization, the number of Chinese outbound investment and M&A transactions has significantly decreased, with a sudden increase in cultural conflict risks in cross-border business. Many Chinese companies hope to quickly achieve globalization by acquiring strategic assets such as technology, markets, and brands through reverse cross-border M&A, but improper cross-cultural management strategies have led many companies to fail. The "7-7 Rule" in cross-border M&A reveals the important impact of cultural integration on enterprise cross-border M&A. However, the vague and complex effects of culture have always been a challenge in the field of cross-border M&A research. Regarding research on reverse cross-border M&A, various theoretical perspectives are currently employed, such as resource-based view, institutional-based view, transaction cost view, and qualitative meta-analysis. These approaches identify important knowledge modules related to M&A motives, situations, and integration. However, the impact of cultural differences on cross-border M&A performance exhibits complexity and uncertainty. In the field of cross-cultural management, current studies mainly focus on analyzing how to adopt cross-cultural management strategies to deal with cultural differences. However, there are three obvious limitations in the existing research in these two areas. First, in the "resource-institution" binary context of reverse cross-border M&A in emerging market enterprises, research on resources is abundant, while cultural analysis is relatively weak. Cultural factors are only treated as informal institutions, and their theoretical importance is not prominent enough. Second, studies often use highly abstract comprehensive indicators such as "cultural distance" and "cultural heterogeneity," and the empirical paradigm around cultural dimensions is difficult to show rich cultural connotations. Finally, existing research on cross-cultural management strategies has not applied rich cultural connotations to highly complex cross-border M&A situations, and the reliability of proposed theoretical models needs to be verified. These research limitations hinder a reasonable understanding of the inherent rich relationship between cultural differences and cross-cultural management strategies, and limit the insights into cross-cultural management practices. This paper argues that cultural stratification theory provides an opportunity to deeply analyze the rich cultural connotations in the reverse cross-border M&A of Chinese enterprises. Therefore, this paper explores the selection and adaptation of cross-cultural management strategies in the cross-border M&A process of Chinese enterprises under different cultural contexts from the perspective of cultural stratification theory. This leads to two specific scientific questions: (1) How do the acquirer and target company select cross-cultural management strategies before the M&A to promote the realization of cross-border M&A? (2) How do the acquirer and target company select cross-cultural management strategies after the M&A to achieve good M&A integration performance? Specifically, this paper divides culture longitudinally into three layers: the external visible snow layer, the ambiguously visible frozen layer, and the implicit cognitive river layer, based on Schein's organizational culture stratification theory and Fan and Cao's iceberg model. Culture is also divided horizontally into national or ethnic level, enterprise level, and personal level, with cultural intelligence replacing personal-level culture. This results in seven cultural stratification modules that are used throughout the study. Based on this framework, this paper adopts a multiple case comparative analysis method and selects three M&A events: Geely's acquisition of Volvo, Haier's acquisition of Fisher & Paykel, and Zoomlion's acquisition of CIFA. The paper conducts intra-case and inter-case analyses, and through detailed theoretical reasoning and coding, systematically summarizes the matching of cultural contexts and cross-cultural management strategies before and after the reverse cross-border M&A of the case companies. This results in the development of a comprehensive and robust framework model that can be applied to other cases. This paper finds that the dominant factors that drive Chinese enterprises to complete reverse cross-border M&A before the M&A are resources and capabilities, while cultural factors are of secondary importance. However, the acquirer chooses two coordination modes for resource and cultural strategies, "resource-based - cultural coordination" or "resource-dominant - cultural support," based on the strength of resource advantages and the potential cultural conflicts in different M&A events. After the M&A, both the acquirer and target company adopt external adaptation strategies at the national culture level and personal cultural intelligence level. They also adapt "learning-oriented," "partner-oriented," and "reinforcement-oriented" internal cultural integration strategies based on important cultural similarities and differences between the two parties. In conclusion, this paper analyzes the driving role of cross-cultural management strategies throughout the M&A process and the contingencies that occur before and after the M&A, to achieve the research objectives. The cross-cultural management strategy adaptation model developed in this paper under different cultural contexts has significant theoretical and practical implications for deepening the analysis of cultural connotations, enriching and connecting research in the fields of cross-cultural management and cross-border M&A, and providing important guidance for Chinese enterprises on how to balance resource and cultural strategies and ultimately achieve M&A goals in the reverse cross-border M&A process.
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