本研究以交易成本理論探討主併公司在跨國併購中受政治風險影下其併購動機的績效表現。我們假設主併公司在分散風險的動機下會併購海外政策風險較低的公司來規避本國的政治風險。並且，因為較低的交易成本及風險，主併公司併購低政策風險的被併公司會產生較好的長期績效表現。透過研究1,236筆美國上市公司的跨國併購，我們的實證結果證實主併公司在跨國併購中的分散風險動機假說。主效果顯示在跨國併購中被併公司的政策風險與主併公司的長期績效表現呈現負向的關係。當主併公司選擇的被併公司的政策風險越低，主併公司在跨國併購中的長期績效表現會越好。並且，實證顯示此負向的主效果在主併公司面對更高的政治風險時會更加強化因為主併公司擁有更強烈的分散風險動機。最後，我們發現當主併公司與被併公司存在更大的體制與地理距離時，主併公司的分散風險動機會更加強化。這些調節變數顯示出主併與被併公司間的資訊不對稱會產生能影響主併公司的跨國併購動機的交易成本與風險。我們的實證結果在不同的子樣本、政治風險的替代衡量指標及潛在內生性偏誤測量裡皆維持不變。

This study draws on transaction cost economics theory (TCE) and analyzes the performance of acquirers’motives for engaging in cross-border acquisitions (CBAs) amid political risk. We hypothesize that acquirers with the risk diversification motivation will take over overseas targets with low policy risk for hedging the political risk at home in CBAs. Moreover, due to the lower transaction costs and risk, acquisitions of low policy risk targets may lead to better post-takeover long-term performance. We collect a sample of 1,236 international acquisitions by US public companies to analyze our hypotheses. The empirical results support the risk diversification motivation of acquirers in CBAs. Our findings show a negative relationship between targets’policy risk and acquirers’long-term performance in CBAs. When acquirers seek low-risk targets to hedge risk, they may experience better long-term performance in CBAs. In addition, we discover that this negative relationship is strengthened when acquirers’political risk is higher due to acquirers’stronger incentives to hedge risk. Lastly, we find that when acquirers and targets are amid greater institutional and geographic distance, acquirers’risk diversification motivation will be strengthened. These moderators further indicate that the information asymmetry between the merging firms may incur risk and transaction costs in acquisitions that can influence acquirers’motives in CBAs. Our findings remain unchanged through different subsamples, alternative measures of political risk, and potential endogenous biases.

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