外来者劣势与国际并购绩效研究

基于外来者劣势和组织学习理论，从外来者劣势的固有来源合法性缺失和信息不对称两个维度出发，分析外来者劣势对跨国企业国际并购绩效的影响，探索种群密度、文化交流、股权比例和企业年龄4个情境因素的调节作用，构建外来者劣势与国际并购绩效关系的概念模型，选取2004年至2010年中国企业国际并购事件为样本，利用SPSS软件进行大样本实证检验。研究结果表明，合法性缺失和信息不对称导致的外来者劣势对国际并购绩效产生显著的负向影响，种群密度、文化交流和企业年龄皆能显著弱化信息不对称对国际并购绩效的负向影响，股权比例越大则越强化信息不对称对国际并购绩效的负向影响。从提高目标国选取的合理性、考量东道国环境、采取内部股权治理战略和平衡组织学习模式等角度给出降低外来者劣势进而提高国际并购绩效的管理启示。

Research on Liability of Foreignness and International Mergers and Acquisitions Performance

Based on theories of Liability of Foreignness (LOF) and organizational learning, from perspectives of the inherent sources of LOF, i.e. the legitimacy deficit and information asymmetry, we analyze the effects of LOF on international M-A performance of MNEs and explore the moderating effects of population density, cultural exchange, equity ratio and enterprise age. We also construct a conceptual model of LOF and international M-A performance. Taking the international M-As of Chinese enterprises between 2004 and 2010 as samples, this study uses large sample to empirically test the effects of LOF on the international M-A performance through SPSS. The results show that LOF caused by legitimacy deficit and information asymmetry has a significant and negative effect on the performance of the international M-As. Population density, cultural exchange and enterprise age significantly weaken the negative effect of information asymmetry on international M-A performance. High equity ratio enhances the negative effect of information asymmetry on international M-A performance. From perspectives of improving the rationality of the target selection, considering the host environment, adopting internal equity governance strategy and balancing organizational learning mode, we propose management instructions to reduce LOF, thereby improving the performance of international M-As.