并购情境下基于智力资本整合的技术追赶机理———沈阳机床并购德国希斯案例分析

Technological Catch-up Mechanism Based on Intellectual Capital Integration in M&A Context

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摘要跨国并购被认为是后发企业获取创新资源实现技术追赶的有效捷径。对被并方资源形式拥有并不等于技术能力提升,有效内化并购资源才能支持后发企业技术能力跃升。但文献对“并购-技术追赶”的资源整合的动态机制缺乏充分理论解释。将沈阳机床并购德国希斯的整合实践作为案例样本,借鉴与组织技术转移和创新关联性较强的“智力资本”概念体系,探索基于并购的“智力资本整合-技术追赶”内在机理。研究发现:①基于并购的技术追赶遵循“吸收模仿-集成创造-主导领先”发展路径;②“并购追赶”导向下智力资本整合呈现“人力资本整合主导-社会资本整合主导-组织资本整合主导”演进轨迹;③智力资本整合效应呈现“逆向吸收效应-多元融合效应-能力重构效应”动态转变。 Cross-border merger and acquisition(M&A)is considered as an effective shortcut for enterprises in latecomer countries to obtain innovative resources and realize technological catch-up.Formal ownership of the M&A resources does not equate to technological capability enhancement,the effective internalization of M&A resources can support the technological capability leap of latecomers.However,the literature lacks sufficient theoretical explanation for the resource integration mechanism of“M&A—technological catch-up”.Using a longitudinal single case study design,the M&A integration practice between Shenyang Machine Tool Group and SCHIESS is taken as the research sample,based on the conceptual system of“intellectual capital”which is closely related to organizational technological transfer and innovation,the internal mechanism of“intellectual capital integration-technological catch-up”based on M&A was studied.The research results show that technological catch-up based on M&A follows the path of“absorption and imitation-integration and creation-dominant and leading”.The integration of intellectual capital shows the dynamic evolution of“human capital integration dominant-social capital integration dominant-organization capital integration dominant”.The integration effect of M&A catch-up shows the dynamic change of“reverse absorption effect-diversity fusion effect-ability reconstruction effect”.

作者孙悦洪勇 Sun Yue;Hong Yong(School of Economics and Management,Dalian University of Technology,Dalian 116081,China)

机构地区大连理工大学经济管理学院

出处《技术经济》 CSSCI 北大核心 2024年第2期68-78,共11页 Journal of Technology Economics

基金国家社会科学基金“并购追赶情境下中国企业的双元创新演化研究”(19BGL048)。

关键词跨国并购技术追赶智力资本整合整合效应演进 cross-border M&A technological catch-up intellectual capital integration integration effect evolution

分类号 F273.1 [经济管理—企业管理]

作者简介孙悦,大连理工大学经济管理学院博士研究生,研究方向:并购整合;洪勇,博士,大连理工大学经济管理学院,研究方向:技术追赶。