资源行动视角下中国企业跨国并购的合作型整合机制——基于海信的案例研究  

The Cooperative Integration Mechanism of Chinese Enterprises'Cross-border Post-merger Integration from the Perspective of Resource Action:Case Study based on Hisense

作　　者：许晖[1] 杨金东 刘田田 李阳 XU Hui;YANG Jin-dong;LIU Tian-tian;LI Yang(Business School,Nankai University,Tianjin,300071,China;School of Management,Tianjin University of Technology,Tianjin,300382,China)

机构地区：[1]南开大学商学院,天津300071 [2]天津理工大学管理学院,天津300382

出　　处：《经济管理》2023年第5期5-26,共22页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“数智驱动下高科技企业场景式解决方案研究:理论模型、构建机制及市场响应性”(72272082);国家自然科学基金面上项目“中国跨国企业复合式营销能力的理论模型与构建机制:基于从资源端到客户端的动态演化逻辑”(71972110);南开大学文科发展基金重点项目“双循环背景下中国跨国企业创新突破与适应性成长研究”(ZB21BZ0107)。

摘　　要：随着贸易保护主义和单边主义的盛行,跨国并购和整合发达国家企业成为中国企业参与国际分工与合作、重塑开放型世界经济体系的重要方式。然而,面对与发达国家企业在制度文化、战略资产、管理模式等方面的差异,中国企业如何通过支持性合作模式实现高效整合,仍未得到充分的理论解释。本文基于资源行动视角,以中国家电领军企业海信集团为研究对象,通过对海信跨国并购后整合TVS和Gorenje的嵌入式案例研究,探讨跨国并购后如何采取资源行动策略以形成支持性合作模式,进而实现高效整合。研究发现,第一,跨国并购后整合中的资源相关性可以解构为资源可转移性和资源互补性两个维度,并在不同类型的跨国并购后整合中呈现出差异化特征;第二,由于并购双方资源的可转移性和互补性特征差异,并购企业分别聚焦于整合中的资源嵌入和资源桥接,采取不同的资源构建、资源重组和资源利用等行动策略;第三,在不同的资源行动策略下,并购企业分别形成了驱动型和联动型两类支持性合作模式,实现跨国并购后的高效整合。本文形成的理论机制对理解中国企业独特的跨国并购后整合模式具有重要意义,响应了近期学者对研究如何实现新兴市场企业跨国并购后有效整合的呼吁。With the prevalence of trade protectionism and unilateralism,cross-border M&A and integration of enterprises from developed countries have become an important way for Chinese enterprises to participate in international division of labor and cooperation and reshape the open world economic system.However,in the face of differences in institutional culture,strategic assets,management models and other aspects between Chinese enterprises and those in developed countries,how Chinese enterprises can achieve efficient integration through supportive cooperation has not been fully explained theoretically.Based on the perspective of resource action,through the embedded case study of Hisense's integration of TVS and Gorenje after cross-border M&A,this paper discusses how Chinese enterprises can take resource action strategies to form a supportive partnering approach after cross-border M&A,and achieve efficient integration.The research finds that:(1)the resource relatedness in the integration of Chinese enterprises after cross-border M&A can be deconstructed into two dimensions:resource transferability and resource complementarity,and shows differences in transferability and complementarity characteristics in different types of cross-border M&A integration.(2)Due to the differences in transferability and complementarity of resources between the two parties involved in M&A,the acquiring company focus on resource embedding and resource bridging in integration,adopting different action strategies such as resource construction,resource restructuring,and resource utilization.(3)Under different resource action strategies,Chinese multinational enterprises have formed two types of supportive cooperation models:driven and linkage,achieving efficient integration after cross-border M&A.Theoretical contributions:(1)Identify the resource relatedness characteristics in the post-merger integration of Chinese enterprises under different types of M&A from the dimensions of transferability and complementarity,extend the research on resource re

关 键 词：领军企业 跨国并购后整合 资源相关性 资源行动策略 支持性合作 

分 类 号：F272[经济管理—企业管理]