跨国并购影响创新绩效的中介机制:制度复杂性战略响应视角  

The Mediating Impact of Cross-Border M&A on Firm’s Innovation Performance:From the Perspective of Strategic Response to Institutional Complexity

作　　者：吴航[1] 陈劲[2] WU Hang;CHEN Jin(Business School,East China University of Political Science and Law,Shanghai 201620,China;School of Economics and Management,Tsinghua University,Beijing 100083,China)

机构地区：[1]华东政法大学商学院,上海201620 [2]清华大学经济管理学院,北京100083

出　　处：《科学学与科学技术管理》2020年第11期31-47,共17页Science of Science and Management of S.& T.

基　　金：国家自然科学基金项目(71972075,71702057,71802190);教育部人文社科青年基金项目(20YJC790030)。

摘　　要：开展跨国并购是中国企业破解资源约束、提升创新绩效的重要抓手。然而与如火如荼的跨国并购浪潮相悖的是,实证研究对于跨国并购与创新之间的关系并没有达成一致,同时现有理论也并不能很好地回答跨国并购作用于创新的中介机制。基于制度复杂性战略响应视角,选取中国跨国企业的173项并购交易作为研究对象,实证检验了不同类型的跨国并购对创新绩效的影响机制。结果发现,探索性并购、利用性并购均与创新绩效正相关;制度适应对探索性并购与创新绩效之间的关系具有显著的中介作用,而制度共创对利用性并购与创新绩效之间的关系具有显著的中介作用。Cross-border M&A is an important grasp for Chinese firms to crack resource constraints and improve innovation performance.However,contrary to a wave of cross-border M&A in full swing,empirical research does not agree on the relationship between cross-border M&A and innovation,and existing theories can not properly answer the intermediaries that cross-border M&A plays in innovation.Based on the perspective of strategic response to institutional complexity,this study aims to examine how different types of cross-border M&A can be beneficial to firm’s innovation performance using 173 M&A transactions of Chinese multinational corporations.The study finds that both exploratory and exploitative M&A are positively related to innovation performance.Results once again confirm the exploring orientation of cross-border M&A,and show that firms can obtain advanced technologies and capabilities for innovation from the merged firms,thereby enriching their knowledge base,reducing inertia,and ultimately improving innovation performance.The study also finds that exploitative M&A can also significantly improve innovation performance.This finding is clearly contrary to the previous study’s conclusion that"multinational exploitative activities make firms simple and inert".The reason for this phenomenon may be significantly related to the samples selected in this study.This study takes Chinese multinational firms as the research object,and the cross-border M&A of Chinese firms are still at the early stage.In the early stages of M&A,repeated exploitative activities can continuously refine the firm’s practices in product development,marketing and logistics,which make innovation activities more focused and finally improve the innovation efficiency of the firm.However,when cross-border exploitative activities enter the mature stage,the negative effects of repeated knowledge usage and information search activities continue to appear.The formation of a homogeneous culture and the loss of diversified skills make mergering firms easier a

关 键 词：跨国并购 并购动机 创新绩效 制度复杂性 战略响应 

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