坚持独立或寻求依赖?“蛇吞象”式跨国并购的整合策略研究  

Insisting on Independence or Seeking for Dependence?The Research on Post-acquisition Integration Strategy for Cross-border Acquisition from Emerging Multinational Enterprises

作　　者：杜健[1] 郑秋霞 郭斌[1] Du Jian;Zheng Qiuxia;Guo Bin(School of Management,Zhejiang University)

机构地区：[1]浙江大学管理学院

出　　处：《南开管理评论》2020年第6期16-26,共11页Nankai Business Review

基　　金：国家自然科学基金重点项目(71832013);国家自然科学基金项目(71672176);浙江省软科学研究计划重点项目(2018C25037)资助。

摘　　要：本研究围绕“新兴跨国企业并购发达国家企业,如何有效地进行并购后的整合”这一核心问题展开,采用单案例纵向研究方法,构建了一个关于跨国并购后整合的动态模型。研究发现:(1)新兴跨国企业并购发达国家企业后可以采取独立策略和依赖策略。独立策略具体包括保持被并购企业原有组织身份、稳定其经营管理团队、给予被并购企业高度自主权;依赖策略主要包括降低依赖不对称和增加联合依赖两大类型。(2)心理距离和战略一致性是影响并购后依赖策略选择的前提条件,两者的交互作用在一定程度上决定了企业整合策略的选择。(3)独立策略和依赖策略的实施有利于并购双方战略目标的实现。Post-acquisition integration,to a large extent,determines firms’long-term financial gain from cross-border acquisition.However,emerging multinational enterprises(EMNES)often fail to capture value and realize their strategic objectives due to ineffective post-acquisition integration.Therefore,this study conducts a single in-depth case study of Geely-Volvo deal to explore the question of“how to integrate effectively after EMNEs acquired firms from developed country”.It develops a dynamic integration model regarding to integration strategies and their boundary conditions from the perspective of resource dependence.This study finds that EMNES can selectively or simultaneously adopt independence strategies and dependence strategies.Independence strategies mean that the acquirer keeps a distance from the acquired firm at the initial stage of post-acquisition integration,which include maintaining original identity,stabilizing top management team,and granting a great degree of autonomy.Dependence strategies mean that the acquirer can restructure the dependence by taking different actions.There are mainly two dimensions of dependence strategies,namely,lowering dependence asymmetry and increasing joint dependence.On the one hand,acquirers can lower dependence asymmetry by providing cooptation resources or cultivating alternative resources.On the other hand,they can increase joint dependence by strengthening two-way communication,sharing resources or taking joint actions.In the meantime,it reveals that psychic distance and strategic fit are the boundary conditions of integration strategy choice.To some extent,the interaction of psychic distance and strategic fit determines the choice of integration strategy.This paper demonstrates that the implementation of independence and dependence strategies fosters the achievement of strategic objectives of both sides.This study also provides some important practical implications for EMNEs.It takes time to realize effective post-acquisition integration and EMNEs should not aim to

关 键 词：新兴跨国企业 心理距离 战略一致性 独立策略 依赖策略 

分 类 号：F271[经济管理—企业管理]