跨国并购整合过程中的制度复杂性战略响应——创新效应与匹配情景  

Strategic response to institutional complexity in the process of cross-border M&A integration:Innovation effects and matching conditions

作　　者：吴航 陈劲[2] WU Hang;CHEN Jin(College of Economics,Jiaxing University,Jiaxing 314001,China;School of Economics and Management,Tsinghua University,Beijing 100084,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,北京100084

出　　处：《管理工程学报》2024年第2期51-61,共11页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(71972075)。

摘　　要：成功完成跨国并购整合对于并购企业实现战略意图至关重要,然而已有文献尚未揭示出跨国企业如何对并购整合过程中的制度复杂性作出战略响应。本文从制度逻辑视角切入,以我国跨国企业173项并购交易实证检验了跨国并购整合过程中的制度复杂性战略响应对创新绩效的影响,以及战略导向、产业增长与战略响应行为的匹配效应进行研究。研究发现,制度适应、制度共创对创新绩效均具有正向影响,同时战略响应方式选择应与内部战略导向、外部产业环境相匹配。具体而言,实施低成本战略、所处产业增长较慢的并购企业,选择制度适应能获得更佳的创新绩效;实施差异化战略、所处产业增长较快的并购企业,选择制度共创能获得更佳的创新绩效。Successful completion of cross-border M&A integration is critical for MNEs to achieving their strategic intent.However,in the process of cross-border M&A,firms face institutional logic conflicts originating from the difference between home country and host country,which has been defined as institutional complexity.The question of“how MNEs respond to institutional complexity”can be traced back to the two major areas of strategic management and international business.Researchers of the strategic school focus on the degree and activity type of integration to describe integration decision-making,and leave the integration strategy research(how to integrate)still stays at the macro-concept level.Existing studies on integration degree and types regard M&A integration decision-making as an event isolated from the institution,and do not regard institutional factors as an endogenous variable of the integration decision.Although the typological research on integration strategy has responded to the question of how to integrate from the perspective of institution to a certain extent,existing studies have only proposed a number of strategic classifications from the macro level,and have not been further verified theoretically and empirically.Therefore,it is necessary to introduce the analytical framework of institutional theory into existing research paradigm,define the cross-border M&A integration decision as a strategic response to institutional conflict in the integration,and explore its influence mechanism on the final performance.In recent years,scholars in the field of international business have realized that the institutional logic perspective provides a theoretical basis for strategic response to institutional complexity,but the application of this theory in the field of international business is still in the early stage,only has distinguished several strategic responses through theoretical derivation and case studies in the context of overseas subsidiaries of multinational companies.Although existing research can

关 键 词：跨国并购整合 制度复杂性 战略响应 制度适应 制度共创 

分 类 号：F273[经济管理—企业管理]