多元化并购、资源基础与制造企业服务化转型——基于fsQCA的多案例分析  

Diversified M&A,Resource Base and Service‑oriented Transformation of Manufacturing Enterprises:A Multi‑case Study Based on QCA Method

作　　者：向海燕[1] 李子瑞 Xiang Haiyan;Li Zirui(School of Economics&Management,Xi’an Technological University,Xi’an 710021,China)

机构地区：[1]西安工业大学经济管理学院,西安710021

出　　处：《技术经济》2022年第9期122-132,共11页Journal of Technology Economics

基　　金：国家社会科学基金“基于高溢价并购视角的非关联大股东的公司治理机制及效果研究”(20XGL005)。

摘　　要：为探究制造业企业通过并购实现服务化的转型路径,以2014—2018年制造企业并购服务企业并购事件为研究对象,运用组态思维和fsQCA方法,选取“基于并购的资源获取”和“并购后资源整合”两个维度的5个前因条件,讨论前因变量组合与制造业服务化转型之间的复杂因果机制。结果表明,制造业服务化转型存在3条转型路径,即研发能力驱动型、财务能力驱动型和服务化经验驱动型。通过分析路径和典型案例,发现:并购标的企业的盈利能力与研发能力均能衡量服务型资源质量且二者具有替代效应;并购方财务柔性在并购后整合与服务化转型中具有重要作用;并购方服务化经验有助于并购后整合。In order to explore the transformation path of manufacturing enterprises to realize service‐oriented through mergers and acquisitions,taking the merger and acquisition(M&A)events of manufacturing enterprises acquired service enterprises from 2014 to 2018 as the research object,using configuration thinking and fsQCA method,five antecedent conditions are selected based on the two dimensions of“resource acquisition based on mergers and acquisitions”and“resource integration after mergers and acquisitions”,and the complex causal mechanism between the combination of antecedent variables and the transformation of manufacturing services to service is discussed.The results show that there are three transformation paths in the service‐oriented transformation of Manufacturing Enterprises,namely R&D capability‐driven,financial capability‐driven and service‐oriented experience‐driven.Through the analysis of paths and typical cases,it is found that the profitability and R&D capability of the M&A target company can both measure the quality of service‐oriented resources,and both have a substitution effect.The financial flexibility of the acquirer plays an important role in post‐M&A integration and service‐oriented transformation.Acquirer’service‐oriented experience is helpful for post‐merger integration.

关 键 词：制造业服务化 资源基础理论 多元化并购 模糊集定性比较分析 

分 类 号：F424[经济管理—产业经济] F425