本研究目的主要在探討文化差異程度對企業併購的影響。本研究以中國大陸跨國併購案為研究對象，併購樣本資料收錄時間以1985到2005年為主，共計92家廠商(46件併購案)。本研究創造了國家文化差異指數(National Culture Dissimilar Index), 產業與組織文化差異指數(Industry and Organization Dissimilar Index )和公司治理差異指數 (Governance Dissimilar Index)，並利用階層迴歸分析(Hierarchical Regression Analysis)來進行相關統計驗證。

研究結果顯示：(1)主併者與被併者的國家文化、組織文化確實存在顯著的文化差異。(2)且主併者與被併者的國家文化差異越大，則主併者合併後3年的平均資產報酬率、平均股東權益報酬率皆相較於併購案發生前，有明顯下降的趨勢。另外，本研究以主併者與被併者的董事會結構、是否為忙碌董事會當作獨立變數，來探討兩者的公司治理差異指數對併購後主併者的影響。 (3) 結果顯示兩者的董事會結構差異，會造成主併者合併後3年的平均資產報酬率下降；是否為忙碌董事會的差異，會造成主併者平均股東權益報酬率上升。(4) 另外，本研究發現，國家文化差異指數相較於組織文化差異指數可以解釋約1.5倍主併者資產報酬率下降的原因與4倍股東權益報酬率下降的原因。(5)但研究顯示，文化因素並無法解釋主併者合併後平均股票價格相較於合併前呈負向成長的原因。(6)最後本研究證實，國家文化差異、組織文化差異在中國大陸跨國企業併購案中，存在著顯著的交互作用效果。

This study represents a practical examination of the cultural dissimilarities and post-acquisition performance of acquirers involved in cross-national mergers and acquisitions within China. Based on a national culture dissimilarity index (NCDI), an industrial and organizational dissimilarity index (IODI), and a corporate governance dissimilarity index (CGDI), we employ hierarchical regression analysis to examine our models. Data on 92 firms involved in mergers and acquisitions from 1985 to 2005 indicate that the national cultures of acquirers and targets are often significantly different. Moreover, results show that greater dissimilarities are associated with lower growth ratios in terms of acquirers’ ROA and ROE: board structure differences lead to decreased ROA, while organizational atmosphere differences in terms of busy and non-busy outsider boards increase the ROE growth ratio.

Further, national culture dissimilarities led to a 150% reduction in terms of ROA, and a 400% reduction in ROE as compared to organizational culture dissimilarities. However, no cultural factors can explain the negative changes related to stock premiums. We also examine the interactive relationships – results show that there are significant interactive relationships between national culture dissimilarities, organizational culture dissimilarities, and post-acquisition performance in China.

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