二元研发、关系嵌入与海外并购绩效  

Dual R&D,Relational Embeddedness and M&A Performance

作　　者：肖慧敏[1] 周红霞[2] XIAO Hui-min;ZHOU Hong-xia(School of Business Administration,Nanjing University of Finance and Economics,Nanjing 210023,China)

机构地区：[1]南京财经大学工商管理学院 [2]南京财经大学会计学院

出　　处：《经济体制改革》2018年第6期103-108,共6页Reform of Economic System

基　　金：国家自然科学基金青年项目"自生锚;外在锚与中国企业海外并购股权决策研究"(71702069);江苏省高校哲学社会科学项目"江苏企业蛇吞象式海外并购:二元学习与整合升级研究"(2017SJB0232);江苏省高校哲学社会科学项目"‘一带一路’战略下国家经济安全体系建设中国国家审计监督功能定位与实施路径研究"(2016SJB790012)

摘　　要：本文基于组织二元学习理论,选取创造性资产寻求型海外并购的微观数据,采用Heckman两步法考察海外并购前后不同类型的研发对并购绩效的影响以及关系嵌入强度的调节作用。研究结果表明,海外并购前探索式研发比利用式研发更利于提升企业绩效;海外并购后,利用式研发比探索式研发更有利。主并企业与目标企业的关系嵌入强度正向调节并购后研发与并购绩效之间的关系,且关系嵌入强度对探索式研发与并购绩效的调节作用更强。Based on the dual learning theory, selecting Chinese creative assets seeking M＆A data and using Heckman two-step method, this paper examines the impact of different types of R＆D on overseas M＆A performance and the moderating effect of relational embeddedness. The results show that prior to overseas M＆A explorative R＆D is more conducive to enhance M＆A performance than exploitative R＆D, while after overseas M＆A exploitative R＆D is more favorable than explorative R＆D. The strength of relational embeddedness between acquiring firms and target firms positively regulates the relationship between post-R＆D and M＆A performance, and the relational embeddedness has a stronger moderating effect on the relationship between post-explorative R＆D and M＆A performance.

关 键 词：创造性资产 研发 关系嵌入 并购绩效 

分 类 号：F125[经济管理—世界经济]