数字经济下内外网络均衡对中国海外并购质量的影响——复杂知识缺口弥合效果的视角  

Impact of the domestic and foreign network balance on the quality of Chinese overseas M&A under digital economy——A perspective on the bridging effect of complex knowledge gap

作　　者：李飞 陈岩[1] 金红 Li Fei;Chen Yan;Jin Hong(School of Economics and Managem ent,Beijing University of Posts and Telecom munications,Beijing 100876,China;Jilin Branch,China Construction Bank Co.,Ltd.,Changchun 130061,Jilin,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876 [2]中国建设银行股份有限公司吉林省分行,吉林长春130061

出　　处：《科研管理》2019年第12期73-84,共12页Science Research Management

基　　金：国家自然科学基金面上项目(项目批准号:71573023,起止时间:2016.01-2019.12);国家自然科学基金青年项目(项目批准号:71802027,起止时间:2019.01-2021.12);北京市自然科学基金面上项目(项目批准号:9192014,起止时间:2019.01-2020.12);北京市社会科学基金青年项目(项目批准号:18YJC019,起止时间:2018.08.01-2020.12)

摘　　要：本文基于2001-2016年的146起中国制造业上市公司海外并购样本的事件研究与大数据B o o tstrap检验,发现,内外网络均衡有助于提升中国企业海外并购后创新质量,且对国内创新质量的促进作用高于国际创新质量;母国和东道国的数字化水平高时,网络均衡对并购后创新质量的提升作用更为显著;当母国与东道国数字鸿沟小时,并购方网络均衡与东道国数字化水平的交互作用更能提升中国并购后创新质量;当并购目标方知识复杂度高时,网络均衡与数字化的交互作用对提升中国企业海外并购后创新质量的作用更显著。表明保持内外部网络均衡以及提高我国数字化水平是弥合复杂性知识缺口的重要机制。本研究为形成数字经济情境下一“网络优势决定论”一的新兴市场跨国公司竞争优势的新理论体系提供了重要实证依据,对中国制造业企业通过高质量海外并购弥合复杂知识缺口,走向世界创新中心具有重要价值。According to Thomson One database, China’s overseas M&As amounted to US$108 billion in 2018, which declines 2.9% compared with the same period in the last year. Overseas M&A of Chinese enterprises has entered a new stage of improving quality and efficiency and fostering international competitive advantage. Meanwhile, in recent years, digitalization has progressed rapidly in emerging-market countries. Taking China as an example, its digital economy grew by 17.24% in 2017, with that sector’s share of GDP rising to 32.28%. The integration of highly complex and strongly non-transferable tacit knowledge is the core of enterprise strategies aimed at increasing innovation and competitiveness. In essence, digitalization can improve the standardization, simplification, openness, and transferability of tacit knowledge. Therefore, researchers should study whether and how digital development can help Chinese enterprise to acquire highly complex overseas innovation resources in order to improve their innovation quality.In this paper, we integrate insights from network theory to broaden internalization theory for the digital age. We have constructed the research framework of network balance, digitalization, and innovation quality of enterprises in the context of Chinese cross-border M&As. The balanced network contributes to the development of new products;it does so mainly because it increases the diversity and efficiency of a company’s knowledge-search process. The balance of local partners and foreign partners is a vital network advantage. Per network theory, a balanced network configuration integrates all kinds of essential knowledge and thus minimizes both coordination costs and knowledge-transfer difficulty;this improves the quality of innovation. Focusing only either on local or foreign sources of innovation may lead to incomplete innovation knowledge or, even worse, to an imperfect understanding of a host country’s culture and institutions, which is not conducive to improved innovation quality. Thus, we propose

关 键 词：海外并购 创新质量 数字鸿沟 内外网络均衡 世界创新中心 知识复杂度 

分 类 号：F832.48[经济管理—金融学]