儘管文化距離經常作為跨境併購或是跨文化管理研究的框架，但學術上對於文化差異帶來的影響卻有歧異的結果。Huang, Zhu & Brass（2017）將文化距離中的權力距離獨立出來，探討文化維度之間不對稱的觀點，本研究延續其研究脈絡與方法，並以2000-2018年間新興國家企業的跨境併購作為樣本，採用分段回歸模式分別去觀察在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下，權力距離對於併購後績效的影響。此外，也加入產業相關性以及併購方的併購經驗作為調節變數。而研究最終發現，權力距離在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下，對併購後績效皆產生負面效果，但統計上不顯著；調節效果方面，產業相關性在「併購方權力距離大於目標方權力距離」情形下具有正面且顯著的調節效果，能減緩權力距離的負面影響；而併購經驗在「目標方權力距離大於併購方權力距離」會減緩權力距離帶來的負面影響，但在「併購方權力距離大於目標方權力距離」時，則會加劇權力距離帶來的負面影響。

Many researches focused on the effect of culture difference on acquisition performance. However, they showed inconclusive results. Huang, Zhu & Brass（2017）mentioned the asymmetric effect of culture dimensions, and hence using one of them – power distance to justify the concept. In this study, I take emerging market firms from 2000 to 2018 as sample, and distinguish two difference scenarios – compared to targets, acquirers belong to culture of higher power distance and the opposite one. The analysis shows that the asymmetric effect of power distance depends on business relatedness and acquisition experience.

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