制度逻辑视角下跨国并购整合的创新机理:以并购协同为中介  

The Innovation Mechanism of Cross-border M&A Integration from the Perspective of Institutional Logic:Mediated by M&A Synergy

作　　者：吴航 陈劲[2] Wu Hang;Chen Jin(School of Economics,Jiaxing University,Jiaxing 314001,China;School of Economics and Management,Tsinghua University,Beijing 100083,China)

机构地区：[1]嘉兴学院经济学院,浙江嘉兴314001 [2]清华大学经济管理学院,北京100083

出　　处：《浙江大学学报（人文社会科学版）》2021年第6期134-148,共15页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家自然科学基金面上项目(71972075);国家自然科学基金青年项目(71702057)。

摘　　要：跨国并购整合过程中创新绩效的提升机理仍是一个悬而未决的理论谜题。基于制度逻辑视角和跨国并购整合的相关文献,可将跨国并购整合决策界定为制度复杂性战略响应问题,并购企业存在制度适应和制度共创两种响应方式。研究发现,跨国企业在运营整合过程中倾向于选择制度共创来实现运营协同以提升创新绩效,而在财务整合过程中倾向于选择制度适应来实现财务协同以提升创新绩效。运营协同在制度共创与创新绩效之间起到部分中介作用,财务协同在制度适应与创新绩效之间起到部分中介作用。How to promote firm innovation through the post cross-border M&A integration process is still an unsolved theoretical puzzle.The innovation school believes that the key to cross-border M&A integration decision-making lies in the degree of integration,ignoring the inevitable institutional logic conflict in the integration process and the fact that the explanation based on the resource view does not fully reveal the mediation process from M&A integration to innovation performance.Although researches on M&A synergy in the strategic school provide an opportunity for the explanation of the above-mentioned intermediary mechanism,it also ignores the research on the relationship between integration decision-making and M&A synergy,and fails to reveal the transmission path from cross-border M&A integration decision,M&A synergy to performance.Basing on the perspective of institutional logic and the literature on cross-border M&A integration,we define the integration decision of cross-border M&A as a strategic response to institutional complexity,including two response methods of institutional adaptation and institutional co-creation.Then,we explore the influencing mechanism of two strategic responses on innovation performance basing on the M&A synergy theory.The results show that operational synergy partly mediates the relationship between institutional co-creation and innovation performance,and financial synergy partly mediates the relationship between institutional adaptation and innovation performance.In the process of operational integration,multinational companies tend to co-create new institutions to achieve operational synergy to promote innovation performance,while in the process of financial integration multinational companies tend to achieve financial synergy through institutional adaptation to promote innovation performance.This research directly contributes to the research of innovation school on the innovation mechanism of cross-border M&A.On the one hand,basing on the perspective of institutional logic,this st

关 键 词：跨国并购 整合 制度逻辑 制度适应 制度共创 运营协同 财务协同 创新绩效 

分 类 号：F271[经济管理—企业管理] F125[经济管理—国民经济]