导　　师： 成思危;蓝海林

学科专业： 1201

授予学位： 博士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 随着我国企业海外扩展的步伐日益加快，跨国并购已经逐渐成为主要的企业进入海外市场和开发企业竞争优势的最主要和最重要的方式之一，并受到了学术界的持续关注。越来越多研究发现并购的成功关键在于整合过程中建立有效的组织安排。组织安排是企业能否实现并购战略目标的关键，最重要获取控制权。过去十年，但我们从国内外的案例中发现，跨国并购的整合是相当重要，但整合并不是从并购后才开始，而是在并购谈判的过程中就必须考虑，而整合的目的就是为了通过适当的控制权实现并购目标，并购动机的差异使主并企业会选择不同层面的控制权。本研究探讨并购动机、并购控制权与并购绩效的逻辑关系，深入研究中国企业在跨国并购过程中，不同的并购动机如何影响控制权程度的选择，并进而影响并购绩效，提出并购动机、控制权获取选择与并购绩效之间的理论框架并进行实证研究，为中国企业跨国并购中的决策和行为提供理论和实践指导。 本研究遵循“并购动机（战略）——控制权（行为）——并购绩效（绩效）”的逻辑思路，选取我国曾进行跨国并购的企业为研究对象，在回顾相关文献和理论基础上，提出假设并进行实证检验，得到如下结论：中国企业跨国并购的动机与并购控制权具有显著的正相关关系，即，资源导向型并购比市场导向型并购更倾向于高控制；持股比例对并购动机和控制权之间关系具有正向调节作用；议价能力没有显示出对并购动机与控制权具有调节作用；企业所有制对并购动机和控制权之间关系具有负向调节作用，即：与国有企业相比，民营企业进行的资源导向的跨国并购时拥有更高的控制权。并购控制权与并购绩效具有显著正相关关系；国家制度距离的三个维度均对并购控制权与 With the increasing pace of overseas expansion of Chinese enterprises, cross-bordermergers and acquisitions has gradually become one of the most major and important ways forthe main enterprises to enter overseas markets and develop corporate competitive advantage,which has received sustained attention from academia. More and more studies have found thatthe key to the successful mergers and acquisitions lies in the effective organizationalarrangements during the process of integration. Organizational arrangement is the stickingpoint for enterprise to achieve mergers and acquisitions strategic objectives, and among whichacquiring control power is the most important. Over the past decade, through the domesticand foreign cases, we have found that cross-border mergers and acquisitions integration ispretty important, but it does not start from the mergers and acquisitions, and it should be takeninto consideration in the merger talks. The purpose of integration is to realize acquisitiontargets through appropriate control, and actively-merging enterprises will choose differentcontrol level due to the different motivations. The study explores the logical relationshipbetween motivation, control power and performance of mergers and acquisitions，and furtherdiscusses that different motivation how to affect the choice of control level and then affectperformance of Chinese enterprises’ mergers and acqusitions. The study constructs atheoretical framework between mergers and acquisitions motivation, control power andperformance, and it conducts empirical research, trying to provide theoretical and practicalguidance to mergers and acquisitions decisions and actions of Chinese enterprises. The study follows the logic thinking of Mergers and acquisitions motivation /(strategy/)-Control power /(behavior/)-Performance /(performance/) and selects Chinese enterprises thathave been involved in cross-border mergers and acquisitions as objects of study. On the basisof reviewing the relevant literature and theoretical basis, the stu

关 键 词： 跨国并购 并购动机 控制权 并购绩效

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]