探索性与开发性跨国并购及跨国企业双元创新研究

More and more Chinese enterprises begin to conduct cross-border mergers and acquisitions (M&As) in high-tech industries and hope to gain profit in the high-end fields of global value chain. However, because of the sensitivity and particularity of high-tech M&As and the increasingly strict investigation of overseas investment in domestic countries, Chinese enterprises often meet with many obstacles when doing cross-border M&As. In order to have a deep understanding of the risks, characteristics, mechanism and performance of cross-border M&As conducted by Chinese enterprises, this project adopts the perspective of knowledge exploration and exploitation, and conducts a multi-stage research on cross-border M&As conducted by Chinese enterprises in high-tech industries. First of all, by distinguishing between explorative and exploitative cross-border M&As, we identify the characteristics and mechanism of cross-border M&As in high-tech industries. Second, by focusing on internal and external resource allocation, we investigate the possible ways to achieve ambidextrous innovation. Moreover, we try to find the role that cross-border M&As play during this process. Finally, based on a longitudinal survey and the integration of multiple databases, we study the value creation and performance evaluation of cross-border M&As in different stages. This project not only deepens scholars’ understanding of cross-border M&As and knowledge exploration and exploitation, but also helps managers of multinational enterprises to further understand the way of value creation in cross-border M&As.

越来越多的中国企业将跨国并购聚焦于高科技行业及领域，以期望在全球价值链的高端领域进行发展。然而，随着各国对于海外投资的审查越发严格以及技术并购的敏感性与特殊性，中国企业在高科技领域的跨国并购之路困难重重。为了深刻了解中国企业在高科技领域实施的跨国并购的风险、特点、机制与绩效，本课题从知识探索与开发的角度入手，以多阶段的方式对中国企业在高科技领域进行的跨国并购展开研究。首先，本课题通过对技术型跨国并购进行探索性与开发性的区分，识别出高科技领域跨国并购的主要特点与实施机制。其次，通过对企业内外部资源的协调问题进行研究，探究跨国企业双元创新的达成机制，并研究跨国并购在其中发挥的作用。最后，通过对跨国并购的纵向跟踪调查以及多数据库的整合，研究跨国并购在不同阶段的价值创造与绩效评价问题。该课题不仅深化了学者对跨国并购以及知识探索与开发的认识，而且帮助跨国企业管理者进一步理解了跨国并购的价值创造方式。

随着中国企业对全球价值链高端领域的关注，越来越多中国跨国企业将技术作为跨国并购中的重要关注点，期望通过跨国并购来提升企业的竞争优势，进而提升在各方面的绩效。在数据方面，本项目以中国企业发起的跨国并购为研究对象，通过访谈、调研、文本分析、多数据库整合形成了中国上市企业跨国并购的宝贵数据。在研究内容方面，本项目以知识探索与开发为切入点，着重分析了高科技领域跨国并购的特点、过程与绩效。具体而言，本项目识别了探索性并购与开发性并购的特点以及二者区别，并在此基础上分析了两种并购的实现路径与绩效差异。同时，基于对吉利、比亚迪、字节跳动、快手等典型案例的研究，本项目分析了企业达成双元创新的可行方式。最后，通过对高科技领域跨国并购的全面分析，本项目系统性的设计了一个涉及跨国并购前中后期的、包含15个指标与27个测量的高科技领域跨国并购绩效评价体系，该评价体系体现出多阶段、多维度、全面性的特点。本项目的研究结果不仅对于跨国并购和创新领域的文献有重要的理论贡献，而且对于中国跨国企业管理者的并购决策制定有重要的实践启示。