跨國併購已成為現今企業在全球市場競爭的重要策略，然而，併購雙方母國的文化差異會為併購後績效產生重要的影響，因此文化差異在跨國併購中是併購雙方需重視的議題。有別於以往研究文化差異文獻所存在之等價的無效假設問題及對稱性問題，本研究聚焦討論在單一文化維度：母國不確定性規避，探討併購雙方母國不確定性規避差異的程度如何影響併購後績效，以及併購雙方在此維度下的相對高低將會如何對併購後績效產生不同程度之影響，並加入產業相似性及雙方是否有合作經驗，討論其對母國不確定性規避差異與併購後績效之調節。
本研究取得2009年1月1日至2018年12月31日共計611起之跨國併購案件為樣本，並使用線性迴歸分析。研究結果顯示併購雙方母國不確定性規避差異程度越大，對併購後績效的影響越負面，並且，在併購方之不確定性規避大於被併購方的情況下，母國不確定性規避差異對併購後績效之負向影響將更為嚴重，我們亦發現，併購雙方產業相似程度越高，越可以正向調節併購雙方母國間不確定性規避差異的程度與併購方併購後績效的負向關聯。

When doing cross-border acquisition, national cultural differences between two firms have been found to have an important impact on acquirers’ post-acquisition performance. Differ from previous literatures existing the problems of symmetry and invalid assumption of equivalence, this research focus on only one national cultural dimension: uncertainty avoidance, to discuss how do the difference in uncertainty avoidance between the home countries of acquirers and acquirees affect acquirers’ post-acquisition performance, and how do the relative height of uncertainty avoidance between two parties affect their interaction differently. In addition, we take industry relatedness and collaboration experiences into consideration to discuss their moderating effect.

We obtain data from 2009/1/1 to 2018/12/31 and use ordinary least square regression to analyze 611 cross-border acquisition events. The results show that the greater level of the difference in home countries’ uncertainty avoidance between acquirers and acquirees, the more negative its impact on acquirers’ post-acquisition performance. Moreover, when the uncertainty avoidance of acquirers is larger than acquirees, the negative influence caused by the difference in uncertainty avoidance between two parties on acquirers’ post-acquisition performance will be more serious. We also find that industry relatedness between two parties could positively moderate the relationship between the difference in home countries’ uncertainty avoidance and acquirers’ post-acquisition performance.

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