“走出去”后的价值创造：跨国并购整合效率的定量分析

"Go Global" is China's national strategy to achieve the industrial upgrading and get access to technologies and talents, but more than half of cross-border mergers and acquisitions do not create values. To address this problem, this project investigates the internal and external determinants of the post-deal integration efficiency, including corporate culture, organizational capital, environmental risk and political risk. Firstly, the project creatively uses the machine learning algorithm to quantify the text information of the company's home page so as to form a comprehensive framework to analyze the impact of corporate culture. Secondly, it measures organizational capital using the perpetual inventory method and SG&A dynamic capital spending and examines its impacts on the performance of post-deal integration. Thirdly, focusing on the uncertainty of the environment, such as nuclear power risk and natural disasters, this project extends the contents and scope of the research on the impact of external factors on cross-border mergers and acquisitions. Finally, to capture the political risk more accurately, this project will complement the current research on static political risk research by measuring such risk dynamically. Through in-depth study of the impact mechanism of the internal and external factors on the cross-border integration at both micro and macro level, this project is to advise both firms and the government to realize better integration performance after cross-border M&As.

“走出去”是我国实现产业升级、获取技术及人才的国家战略，但数据显示超过半数的跨国并购并未产生财富效应。因此，本项目对影响跨国并购整合的内外部重要因素，包括企业文化、组织资本、环境风险和政治风险，进行全面剖析。首先，创造性地运用机器学习算法将公司主页的文本信息进行量化从而实现对企业文化进行多角度评分，首次构建了企业文化整体量化分析框架。其次，运用永续存盘法以及SG&A支出将组织资本存量动态量化，进而探讨其对跨国并购整合绩效的影响作用。再次，首次聚焦环境不确定因素如核电风险及自然灾害等，延伸了传统跨国并购整合绩效外部影响因素的研究内容和研究范畴。最后，本研究首次将政治风险动态化以弥补以往静态研究的不足，对于政治风险的捕捉更加精准。通过深入研究跨国并购整合内外因素在微观层面和宏观层面的影响效果和传导机制，以期给予企业和政府更加准确的指导意见，推动企业和国家更好地实现跨国经营及产业链升级。

课题组已发表并标注本项目的论文共12篇，包括国际顶尖金融期刊论文2篇，国际顶尖管理期刊论文1篇，《金融研究》论文1篇。“走出去”是我国实现产业升级、获取技术及人才的国家战略，本项目聚焦于影响跨国并购整合效率的内外部因素，并对此问题进行了深入考察。本课题有助于更好地理解跨国并购整合在微观层面和宏观层面的影响效果和传导机制，可为我国实现跨国经营及产业链升级提供理论借鉴和经验证据。