制度距離與文化距離對跨國並購績效表現之影響

Abstract

本研究旨在綜述關於制度距離、文化距離與收購方績效表現之間的關係。以SDC資料庫收集了2013年——2016年間貿易產業跨國並購案例，並以WRDS篩選出有近連續七年財務報表之66間公司，130個跨國並購案。與以往研究不同的是本研究嘗試將各變數指數做拆解分析，將衡量文化距離、制度距離的指數分別與衡量收購方績效表現的指數做線性回歸分析，並加入收購方並購經驗作為調節變數做分析。根據實證結果發現文化距離指數中，權利、不確定性規避、長期主義、放縱指數距離與收購方收購方SALES呈負相關關係；個人主義距離與收購方ROA呈負相關關係，同時並購經驗對這一模型有顯著正向調節作用。在制度距離中，投資者保護力度指數距離與收購方SALES呈正相關關係；政府透明度距離與收購方ROA呈負相關關係，同時並購經驗對這一模型也有顯著正向調節作用。發現短期內文化距離、制度距離會影響收購方企業的跨國並購績效表現，其中收購方並購經驗有一定的正向調節能力。

This study aims to review the relationship between institutional distance, cultural distance, and the performance of acquiring firms. This research uses SDC database to find out cross-border merger and acquisition cases in the trade industry from 2013 to 2016. The sample consists of 66 companies with nearly continuous seven years financial statements, resulting in 130 cross-border M&A cases were selected through the WRDS database. Unlike previous studies, this research attempts to disaggregate various variable indices. It conducts linear regression analyses between indices measuring cultural distance, institutional distance, and indices measuring the performance of acquiring firms. Additionally, the study incorporates the acquirer's M&A experience as a moderating variable in the analysis.Based on empirical results, within the cultural distance indices, the distances in terms of power, uncertainty avoidance, long term orientation, and indulgence exhibit a negative correlation with the acquiring firm's SALES performance. The distance in terms of individualism is negatively correlated with the acquiring firm's ROA performance. Simultaneously, M&A experience significantly positively moderates this relationship. Regarding institutional distance, the strength of investor protection is negatively correlated with the acquiring firm's SALES performance. The distance in terms of transparency of government policymaking is negatively correlated with the acquiring firm's ROA performance. Similarly, M&A experience has a significant positive moderating effect in this model as well. The findings indicate that institutional and cultural distances in the short term impact the cross-border M&A performance of acquiring firms, with the acquiring firm's M&A experience exhibiting a certain level of positive moderating capability.