新兴市场技术获取型跨国并购的逆向学习机制

The mechanism of reverse knowledge transfer of sourcing cross-border acquisitions from emerging market

本文以Zephy数据库2000-2016年期间我国企业技术获取型跨国并购案例为研究样本,对影响跨国并购逆向学习绩效的前因条件构型进行了理论探讨和定性比较检验。研究结果表明：第一,虽然制度距离和技术能力都是影响企业跨国并购逆向学习绩效的重要前因条件,但相比而言,企业自身的技术能力对于跨国并购获得较好的学习绩效才是必要的前因条件;第二,本文基于定性比较的前因条件构型,总结出了三种有效实现跨国并购逆向学习的模式,即后探索式学习、后利用式学习以及后利用-探索并举式学习。第三,正式制度距离和并购后的研发投入具有互替性,双方正式制度距离过大,会抑制母国企业并购后的研发投入。以上研究发现不仅有利于完善新兴市场国家的逆向跨国并购学习理论,也有利于指导企业在复杂情境下开展逆向跨国并购的实践。

Based on the sample of sourcing Cross-border Acquisitions by Chinese enterprises from Zephy database during 2000-2016,we theoretically and empirically examine the configurations of the influence factors of the sourcing Cross-border Acquisition performance. Results suggest that,first,although institutional distance and technical capability are both important influence factors of of the sourcing cross-border acquisition performance,but technical ability is more important and necessary;Second,we summarize three effective reverse learning mode in sourcing cross-border MA by qualitative comparative analysis,that is after exploratory learning,after exploitation learning and after exploitation-exploratory learning. Third,the formal institutional distance and Rd spending after mergers and acquisitions are alternative. When the formal institutional distance is too big,it will inhibit RD investment after the merger.Our study is helpful to improve the reverse learning theory of emerging market countries,besides,it can guide enterprises in the complex situation in sourcing cross-border MA practice.