摘要
中国企业知识寻求型海外并购的迅猛发展是国际商务领域引人注目的新现象,然而,现有的文献对这一问题的研究还不够深入,尤其缺乏关于知识寻求型海外并购对创新绩效影响的实证研究。本文从知识基础观的视角,分析中国企业知识寻求型海外并购行为,提出了知识寻求型海外并购中创新绩效影响因素的分析框架,并进行了实证检验。研究发现,在中国企业知识寻求型海外并购中,组织学习、吸收能力、文化整合、被并购企业的角色和被转移知识的特征对创新绩效具有显著的积极影响,并购双方的能力差异反向调节组织学习、吸收能力和被转移知识的特征对创新绩效的作用效果。本文的研究,拓展了我们对于知识寻求型海外并购中创新绩效影响因素和作用机制的理解,使得这一复杂过程中的关键因素及其内在关系清晰地显露出来。
Chinese enterprises are carrying out technology-seeking overseas acquisitions at an unprecedented scale and speed. This technology-seeking action is bound to shortening the technological gap between Chinese enterprises and those in developed countries, and ultimately improving and upgrading innovation capabilities of Chinese enterprises. The existing studies on the relationship between overseas acquisition and enterprise performance mainly focus on the wealth effect of acquisitions, and their research generally adopts the event study method. However, this method cannot measure non-financial performance of cross-border acquisition, especially innovation performance. This paper aims to explore the impact of Chinese enterprises＇ knowledge-seeking overseas acquisitions on their innovation performance flom the perspective of latercomer firms. In addition, this paper attempts to reveal its influencial mechanism and key influencial factors. This paper provides knowledge-based perspectives, analyzes the knowledge-seeking overseas acquisition behaviors of Chinese enterprises, and proposes a framework to analyze the influence factors of innovation performance during knowledge-seeking overseas acquisition. In our proposed research model, organizational learning, absorptive capacity, cultural integration, role of acquired firm, and characteristics of transferred knowledge are used as independent variables. Capability difference between acquiring and acquired finns is used as moderator variable. R＆D intensity, industry type, size of acquiring firm, time elapsed after acquisition and cultural distance between countries are used as control variables. Meanwhile, empirical test is carried out as well. Empirical studies have found that organizational learning, absorptive capacity, cultural integration, role of acquired firm and characteristics of transferred knowledge have significant positive impacts on innovation performance for Chinese enterprises undergoing. The capability difference between acquiring and acquired firms can moderate the effects of organizational learning, absorptive capacity and transferred knowledge＇s characteristics on innovation performance. The findings of this paper have expanded our understanding about influencing factors of innovation performance as well as its functional mechanism during knowledge-seeking overseas acquisitions. These findings clearly reveal the key factors and internal relations during this complex process. The findings of this research can provide practical guidance to Chinese enterprises that are vigorously carrying out cross-border acquisitions in the following aspects： （1） Knowledge-seeking overseas acquisition should be based upon the absorptive capacity of acquiring firm and capacity complementary between both parties. （2） During knowledge-seeking overseas acquisition, establishing an effective organizational learning mechanism is the key to improving innovation performance of multinational corporations. （3） Developing common culture between acquiring and acquired firms is the guarantee for improving innovation performance. （4） Giving the acquired firm the unique position and tasks in the global innovation is essential to achieving sustainable innovations.
出处
《管理工程学报》
CSSCI
北大核心
2016年第3期54-62,共9页
Journal of Industrial Engineering and Engineering Management
基金
国家社会科学基金重点资助项目(12AZD034)
国家社会科学基金资助项目(11BGL044)
教育部人文社会科学规划基金资助项目(10YJA630171)
关键词
中国企业
知识寻求型海外并购
逆向知识转移
创新绩效
Chinese enterprises
knowledge-seeking overseas acquisition
reverse knowledge transfer
innovation performance
作者简介
吴先明（1964-），男，汉，湖北黄冈人；武汉大学经济与管理学院教授，博士生导师，研究方向：国际企业管理与企业战略管理。
