Pacific-Basin Finance Journal, Volume 49, June 2018
语言距离和并购：来自中国的证据
作者：Lu Li (Shanghai International Studies University, China),
Yang Duan (Hong Kong Baptist University, China),
Yuqian He (Shanghai University of Finance and Economics, China),
Kam C.Chan (Western Kentucky University, USA)
摘要：我们用了一种新的语言距离测量方法，并通过中国的收购样本来检验它与并购财富效应之间的关系。并购者与被并购者之间的语言距离基于地图上定义两个地点之间语言的差异来构建的。我们发现，语言距离与收购方在公告发布附近的异常回报之间存在显著的负相关关系。这些发现对不同的模型、地方金融发展的制度差异，甚至在考虑语言、地理距离和收购方和目标之间潜在的社交网络之间的多重共线性之后，都具有很强的稳定性。语言距离的负面影响更为显著当: (1)交易不属于高科技产业，(2)收购方并非来自于普通话区域，(3)收购方并非来自语言多样化的地区。进一步的分析表明，高层管理层的方言经验对于收购方的股东来说很有价值。我们的研究结果表明，在公司决策中文化距离很重要。
Linguistic distance and mergers and acquisitions: Evidence from China
Lu Li (Shanghai International Studies University, China), Yang Duan (Hong Kong Baptist University, China), Yuqian He (Shanghai University of Finance and Economics, China), Kam C.Chan (Western Kentucky University, USA)
ABSTRACT
We use a new measure of linguistic distance and examine how it relates to the wealth effects of mergers and acquisitions using a sample of acquisitions in China. Linguistic distance between the acquirer and the target is constructed based on the map that defines the difference in level between any pair of languages in China. We find a significant negative relationship between the linguistic distance and the acquirer's abnormal return around the announcement. The findings are robust to different model specifications, institutional differences in local financial development, and after accounting for multicollinearity between linguistic and geographical distances and the potential social networks between acquirers and targets. The negative effect of linguistic distance is more pronounced when: (1) the deals are not in high-tech industries, (2) acquirers are not from Putonghua popular areas, and (3) acquirers are not from a linguistically diverse area. Further analysis suggests that top management's dialect experience is valuable to the acquirer's shareholders in mergers and acquisitions. Our findings suggest that cultural distance matters in corporate decisions.
原文链接：https://www.sciencedirect.com/science/article/pii/S0927538X17305139#!
翻译：阙江静
