技术获取型海外并购整合与技术创新——基于中国企业和韩国企业的对比研究  

Integration and Technology Innovation in Technology-sourcing Overseas M&As:A Comparative Study Based on Chinese Enterprises and Korean Enterprises

作　　者：陈珧[1] 

机构地区：[1]浙江大学经济学院

出　　处：《世界经济研究》2016年第8期114-125,137,共12页World Economy Studies

摘　　要：技术获取型海外并购是企业获取创新性技术的重要来源，为实现并购后技术创新能力的提升，并购整合策略的选择至关重要。并购整合实施至少需要考虑整合程度和目标方自主性两个方面的决策，其具体选择依赖于并购双方的资源相似性与互补性特征。通过选取2000—2013年间中国企业技术获取型海外并购和韩国企业技术获取型海外并购事件为样本进行对比实证分析，得到主要结论如下：当技术获取型海外并购双方资源相似性强互补性弱时，应与高程度整合和低程度目标方自主性匹配；当资源互补性强相似性弱时，应与低程度整合和高程度目标方自主性匹配；资源相似性互补性均强时，应与较高程度整合和较高程度目标方自主性匹配，有利于并购后技术创新能力的提升。Technology-sourcing overseas M&A has become an instrument for firms to acquire new knowledge and build technological ability. To achieve technology innovation improvement,the choice of integration strategy is of vital importance. Integration implement includes at least two aspects,integration degree and target autonomy,whose choices are dependent upon the characteristics of the two merging firms,such as resource similarity and resource complementarity. In this paper we conduct a comparative empirical study based on the data of Chinese enterprises and Korean enterprises to test our three hypotheses. The results show that when it is characterized by strong resource similarity and weak resource complementarity,a high level of integration and a low level of target autonomy should be chosen to facilitate post-merger technology innovation. When it is characterized by weak resource similarity and strong resource complementarity,a low level of integration and a high level of target autonomy should be chosen.When it is characterized by both strong resource similarity and strong resource complementarity,a moderate level of integration and a moderate level of target autonomy should be chosen.

关 键 词：海外并购 技术创新 整合 自主性 中外实证 

分 类 号：F273.1[经济管理—企业管理] F271[经济管理—国民经济]