中國(guó)技術(shù)獲取型海外并購(gòu)與企業(yè)創(chuàng)新能力的相關(guān)性研究
發(fā)布時(shí)間：2018-10-08 06:23
【摘要】：隨著中國(guó)企業(yè)自身實(shí)力的增強(qiáng)和"走出去"步伐的加快,越來(lái)越多的企業(yè)把海外并購(gòu)當(dāng)作是獲取先進(jìn)技術(shù)、提升創(chuàng)新能力的重要途徑。然而,大量的案例證明,海外并購(gòu)并沒(méi)有像很多企業(yè)預(yù)想的那樣成功。當(dāng)前,學(xué)者和企業(yè)家們均已認(rèn)識(shí)到技術(shù)獲取型海外并購(gòu)可能是一項(xiàng)復(fù)雜的工程,遠(yuǎn)非技術(shù)的轉(zhuǎn)移與疊加那么簡(jiǎn)單。國(guó)外相關(guān)的理論大多是基于發(fā)達(dá)國(guó)家較為成熟的并購(gòu)實(shí)踐和產(chǎn)業(yè)體系,對(duì)中國(guó)的情況可能并不適合。通過(guò)對(duì)中國(guó)企業(yè)的技術(shù)獲取型海外并購(gòu)現(xiàn)狀進(jìn)行分析,我們發(fā)現(xiàn)中國(guó)企業(yè)在并購(gòu)過(guò)程中不僅有其特殊性,而且還面臨著諸多的難題。因此,我們有必要弄清楚在中國(guó)企業(yè)的技術(shù)獲取型海外并購(gòu)中,究竟是哪些因素會(huì)影響到最終的創(chuàng)新能力的提升。經(jīng)過(guò)分析,本文發(fā)現(xiàn)企業(yè)創(chuàng)新能力提升的關(guān)鍵步驟在于并購(gòu)后的整合階段。借鑒"白箱"理論的研究視角,本文對(duì)企業(yè)技術(shù)獲取型海外并購(gòu)的傳導(dǎo)路徑進(jìn)行了分析,并得出了資源整合和沖突整合、并購(gòu)方整合程度和目標(biāo)方自主性這兩對(duì)重要變量。這兩對(duì)變量在不同情境下的搭配,可以作為中國(guó)企業(yè)進(jìn)行并購(gòu)整合的策略參考。在此基礎(chǔ)上,本文從收益和成本的角度建立了數(shù)理模型,并對(duì)各個(gè)變量間的關(guān)系進(jìn)行了理論上的推導(dǎo),一定程度上印證了并購(gòu)策略搭配的合理性。最后,本文借助相關(guān)指標(biāo)進(jìn)行了實(shí)證檢驗(yàn),并基于政府和企業(yè)層面給出了相關(guān)建議。本文通過(guò)研究發(fā)現(xiàn):第一,并購(gòu)整合是并購(gòu)后提升企業(yè)創(chuàng)新能力的關(guān)鍵,但整合需要一定的時(shí)間來(lái)完成,因此創(chuàng)新能力的提升也需要兩到三年的時(shí)間才能體現(xiàn);第二,企業(yè)在面對(duì)不同的資源整合和沖突整合的難度時(shí),所選擇的整合策略是不一樣的,只有進(jìn)行正確的策略搭配,才能真正實(shí)現(xiàn)創(chuàng)新能力的提升;第三,并購(gòu)方的整合程度與目標(biāo)方的自主性對(duì)企業(yè)創(chuàng)新能力的提升有重要的影響,但現(xiàn)實(shí)中卻很難找到絕對(duì)完美的指標(biāo)予以度量,這也是企業(yè)采取正確的并購(gòu)整合策略的難度所在;第四,對(duì)中國(guó)企業(yè)樣本進(jìn)行實(shí)證檢驗(yàn),我們發(fā)現(xiàn)并購(gòu)方自身所擁有的創(chuàng)新能力對(duì)并購(gòu)后企業(yè)創(chuàng)新能力的影響顯著為正,而目標(biāo)方所擁有的創(chuàng)新能力卻不一定產(chǎn)生正向作用,這也說(shuō)明了創(chuàng)新能力的提升絕非簡(jiǎn)單的技術(shù)轉(zhuǎn)移與疊加;第五,在中國(guó)企業(yè)的并購(gòu)實(shí)踐中,并購(gòu)方的整合程度與目標(biāo)方的自主性呈現(xiàn)高度負(fù)相關(guān),但有意思的是,目標(biāo)方自主性對(duì)創(chuàng)新能力的提升顯著為負(fù),并購(gòu)方整合程度的影響卻并不顯著,這也說(shuō)明中國(guó)企業(yè)在并購(gòu)中比較注重對(duì)控制權(quán)的分配,而對(duì)整合程度有所忽視或者整合的效果并不理想。隨著中國(guó)經(jīng)濟(jì)的全球影響力不斷提升,本文也希望中國(guó)的技術(shù)獲取型海外并購(gòu)能夠不斷健康地發(fā)展,為增強(qiáng)企業(yè)乃至整個(gè)國(guó)家的自主創(chuàng)新能力做出重要的貢獻(xiàn)。
[Abstract]:With the strengthening of Chinese enterprises' own strength and the quickening of "going out", more and more enterprises regard overseas M & A as an important way to acquire advanced technology and enhance innovation ability. However, a large number of cases have proved that overseas mergers and acquisitions have not been as successful as many companies expected. At present, scholars and entrepreneurs have realized that technology acquisition overseas M & A may be a complex project, far from the technology transfer and superposition. Most of the theories abroad are based on the mature M & A practice and industrial system in developed countries, which may not be suitable for China. By analyzing the status quo of technology acquisition overseas M & A of Chinese enterprises, we find that Chinese enterprises not only have their particularity in the process of M & A, but also face many difficulties. Therefore, it is necessary to find out which factors will affect the ultimate innovation ability of Chinese enterprises in technology acquisition overseas mergers and acquisitions. Through analysis, this paper finds that the key step of improving the innovation ability of enterprises lies in the integration stage after merger and acquisition. From the perspective of "White Box" theory, this paper analyzes the transmission path of enterprise technology acquisition overseas M & A, and obtains two important variables: resource integration and conflict integration, M & A integration degree and target party autonomy. The collocation of these two variables in different situations can be used as a strategic reference for M & A integration of Chinese enterprises. On this basis, this paper establishes mathematical model from the angle of income and cost, and deduces the relationship between various variables in theory, which to some extent confirms the rationality of merger and acquisition strategy collocation. Finally, this paper carries on the empirical test with the help of the relevant indicators, and gives the relevant suggestions based on the government and the enterprise level. This paper finds that: first, M & A integration is the key to enhance enterprise innovation ability after M & A, but integration takes a certain time to complete, so it takes two to three years to improve innovation ability; second, In the face of different difficulties of resource integration and conflict integration, the integration strategy chosen is different. Only if the correct strategy collocation is carried out, can the innovation ability be truly enhanced. Third, The degree of merger and acquisition integration and the autonomy of the target party have an important impact on the improvement of enterprise innovation ability, but it is difficult to find the absolute perfect index to measure in reality, which is also the difficulty for the enterprise to adopt the correct merger and acquisition integration strategy. Fourth, the empirical test on the sample of Chinese enterprises shows that the innovation ability of the M & A party has a significant positive impact on the innovation ability of the enterprise after M & A, but the innovation ability of the target party does not necessarily have a positive effect. This also shows that the promotion of innovation ability is not a simple technology transfer and superposition. Fifth, in the practice of M & A of Chinese enterprises, the degree of integration of M & A parties is highly negatively correlated with the autonomy of the target party, but the interesting thing is, The influence of target autonomy on innovation ability is negative, but the degree of merger and acquisition integration is not significant. This also shows that Chinese enterprises pay more attention to the distribution of control rights in M & A. However, the degree of integration is ignored or the effect of integration is not ideal. With the increasing global influence of China's economy, this paper also hopes that China's technology acquisition overseas M & A can continue to develop healthily, and make important contributions to enhance the independent innovation ability of enterprises and even the whole country.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F273.1
[Abstract]:With the strengthening of Chinese enterprises' own strength and the quickening of "going out", more and more enterprises regard overseas M & A as an important way to acquire advanced technology and enhance innovation ability. However, a large number of cases have proved that overseas mergers and acquisitions have not been as successful as many companies expected. At present, scholars and entrepreneurs have realized that technology acquisition overseas M & A may be a complex project, far from the technology transfer and superposition. Most of the theories abroad are based on the mature M & A practice and industrial system in developed countries, which may not be suitable for China. By analyzing the status quo of technology acquisition overseas M & A of Chinese enterprises, we find that Chinese enterprises not only have their particularity in the process of M & A, but also face many difficulties. Therefore, it is necessary to find out which factors will affect the ultimate innovation ability of Chinese enterprises in technology acquisition overseas mergers and acquisitions. Through analysis, this paper finds that the key step of improving the innovation ability of enterprises lies in the integration stage after merger and acquisition. From the perspective of "White Box" theory, this paper analyzes the transmission path of enterprise technology acquisition overseas M & A, and obtains two important variables: resource integration and conflict integration, M & A integration degree and target party autonomy. The collocation of these two variables in different situations can be used as a strategic reference for M & A integration of Chinese enterprises. On this basis, this paper establishes mathematical model from the angle of income and cost, and deduces the relationship between various variables in theory, which to some extent confirms the rationality of merger and acquisition strategy collocation. Finally, this paper carries on the empirical test with the help of the relevant indicators, and gives the relevant suggestions based on the government and the enterprise level. This paper finds that: first, M & A integration is the key to enhance enterprise innovation ability after M & A, but integration takes a certain time to complete, so it takes two to three years to improve innovation ability; second, In the face of different difficulties of resource integration and conflict integration, the integration strategy chosen is different. Only if the correct strategy collocation is carried out, can the innovation ability be truly enhanced. Third, The degree of merger and acquisition integration and the autonomy of the target party have an important impact on the improvement of enterprise innovation ability, but it is difficult to find the absolute perfect index to measure in reality, which is also the difficulty for the enterprise to adopt the correct merger and acquisition integration strategy. Fourth, the empirical test on the sample of Chinese enterprises shows that the innovation ability of the M & A party has a significant positive impact on the innovation ability of the enterprise after M & A, but the innovation ability of the target party does not necessarily have a positive effect. This also shows that the promotion of innovation ability is not a simple technology transfer and superposition. Fifth, in the practice of M & A of Chinese enterprises, the degree of integration of M & A parties is highly negatively correlated with the autonomy of the target party, but the interesting thing is, The influence of target autonomy on innovation ability is negative, but the degree of merger and acquisition integration is not significant. This also shows that Chinese enterprises pay more attention to the distribution of control rights in M & A. However, the degree of integration is ignored or the effect of integration is not ideal. With the increasing global influence of China's economy, this paper also hopes that China's technology acquisition overseas M & A can continue to develop healthily, and make important contributions to enhance the independent innovation ability of enterprises and even the whole country.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F273.1
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