摘要
摘要
经济全球化的时代背景下，跨国并购正成为全球范围内越来越重要的一种资
源重组方式。在“走出去”与“一带一路”等战略及倡议的落实和推进下,我国
政府主动引导国内企业实施对外并购,并在交易金额和数量上实现了令世界瞩目
的成绩。但是，从并购绩效来看，大量企业在开展跨国并购后并未取得可观的并
购绩效，不少学者也从诸如企业战略、宏观政策、国家制度或文化等方面对企业
的跨国并购行为进行研究，但关于企业文化与跨国并购的研究却较为匮乏，基于
此，本文从收购方企业文化的视角出发，研究了作为非正式制度的企业文化是如
何对企业的跨国并购决策和绩效产生影响的。
本文以我国沪深上市公司在2008-2019年间发起的跨国并购事件作为研究对
象，对公司年报进行文本分析，通过建立词库的方式来提取出风险偏好文化和低
权力距离文化这两种企业文化。运用实证检验的方法，研究了收购方企业文化与
跨国并购决策及绩效的关系，研究结果发现：（1）企业的风险偏好文化和低权力
距离文化均能促使企业作出跨国并购决策；（2）风险偏好文化和低权力距离文化
还能提高企业的并购绩效；（3）进一步还发现，企业风险偏好文化可以通过影响
企业管理层风险特质进而对跨国并购决策产生影响；而低权力距离文化则会通过
影响信息不对称程度来对跨国并购决策产生影响；（4）在企业文化与跨国并购绩
效关系的异质性检验中，可以发现风险偏好文化和低权力距离文化对并购绩效的
影响更容易在收购方为民营企业、被并方为非上市公司、并购行业为非敏感性行
业、收购方所在地正式制度较低时显著；（5）在拓展研究中，本文发现风险偏好
文化和低权力距离文化均能提升企业在跨国并购后的研发强度；而在将企业文化
对跨国并购的影响进一步拓展至对外直接投资上时，本文发现风险偏好文化和低
权力距离文化对企业对外直接投资均存在正向影响。
本文的研究结论说明了企业文化确实会对企业的跨国并购决策和绩效产生
影响。这不仅丰富了文化与经济领域的研究，也有助于拓展文化与跨国并购的研
究视角，为企业文化建设提供了借鉴，从而推动我国资本市场的高质量发展。
关键词：跨国并购；企业文化；并购决策；并购绩效
I
Abstract
Abstract
Under the background of economic globalization, cross-border mergers and
acquisitions are becoming an increasingly important resource reorganization method
on a global scale. With the implementation and promotion of strategies and initiatives
such as "Going Global" and "One Belt One Road", the Chinese government has
actively promoted local enterprises to conduct cross-border mergers and acquisitions,
and has achieved remarkable growth in theamount of outbound mergers and
acquisitions and the number of transactions. However, as to performance, a large
number of companies have not achieved considerable M&A performance after
carrying outcross-border mergers andacquisitions. Many scholarshave also
conducted research on companies’ cross-border mergers and acquisitions from aspects
such as corporate strategy, macro policies, national systems or culture. However, the
research on corporate culture and cross-border mergers and acquisitions is relatively
scarce. Based on this, this article studies how corporate culture as an informal system
affects the decision-making and performance of cross-border mergers and acquisitions
from the perspective of the corporate culture of the acquirer.
This article takes the cross-border mergers and acquisitions initiated by China’s
A-share listed companies during 2008-2019 as the research object, and extracts the
two corporate cultures of risk preference culture and low power distance culture
through text analysis of annual reports. Through empirical methods, the relationship
between corporate culture and cross-border M&A decision-making and performance
is studied. Through testing, paper finds: (1) The corporate risk preference culture and
low power distance culture can both prompt companies to make cross-border M&A
decisions; (2) Risk Preference culture and low power distance culture can also
improve corporate M&A performance; (3) It is further found that corporate risk
preference culturecan influencecross-borderM&A decisions byinfluencing
corporate management risk characteristics; while low power distance culture can pass
The degree of information asymmetry affects the decision-making of cross-border
M&A; (4) In the heterogeneity test of the relationship between corporate culture and
II
Abstract
cross-border M&A performance, it can be found that the effect of risk preference
culture and low power distance culture on M&A performance is more significant
when the acquirer is a private enterprise, the target is a non listed company, the M&A
industry is a non sensitive industry, and the formal system of the acquirer’s location is
low; (5) In the extended research, this article finds that both risk preference culture
and low power distance culture can increase the R&D intensity of enterprises after
cross-border M&A; while the influence of corporate culture on cross-border M&A is
further extended to foreign direct investment, this paper finds that both risk preference
culture and low power distance culture can have a positive impact on corporate
foreign direct investment.
The conclusion of this paper shows that corporate culture does have an impact on
cross-border M&A decisions and performance. This will not only fill the research of
culture and economy, but also help to expand the research perspective of culture and
cross-border M&A, provide reference for the construction of corporate culture, so as
to promote the high-quality development of China's capital market.
Keywords:cross-border mergersandacquisitions;corporateculture; merger
decision-making; merger performance
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