来源国劣势与合法化战略——新兴经济企业跨国并购的案例研究

Disadvantages of Original Country and Legitimacy Strategies:Case Studies on EMNEs’ Cross-border M&A

新兴经济体企业在跨国并购中如何根据不同类型来源国劣势来做出合法化战略选择?通过对吉利和万向六次跨国并购的多案例分析,本文打破现有文献关于"来自相同国家的企业面临相似来源国劣势"这一"同质化假定",把来源国劣势构念化为制度维和产品维。通过归纳式案例研究,本文发现,对于产品维的来源国劣势,新兴经济体企业倾向于通过组织制度设计、资源协同和声誉重构等合法性修复战略进行应对。对于制度维的来源国劣势,新兴经济体企业倾向于采用制度遵从、组织制度设计、资源协同等合法性获取战略来应对。当面临产品维和制度维双重劣势时,新兴经济体企业综合运用制度遵从、组织制度设计、资源协同、声誉重构等合法性获取和合法性修复战略,重点强调沟通协调这一合法性维持战略来应对。这些发现贡献于新兴经济体企业在跨国并购,乃至于更广意义国际化的文献,并对中国企业跨国并购过程有一定的启示意义。

Facing liabilities of country of origin,how do emerging market firms choose legitimacy strategies during cross-border M&As?Studying six cross-border M&As of Geely and Wanxiang.we propose that the concept of liability of country of origin includes two dimensions,namely,product-related liabilities and institution-related liabilities.More­over.we find that facing product-related liabilities,emerging market firms would prefer the legitimacy repairing strategies.In contrast,facing institution-related liabilities,emerging market firms would prefer the legitimacy acquiring strategies.Finally,when facing both the product-related liabilities and institution-related liabilities,emerging market firms would integrate the legitimacy acquiring strategies,legitimacy maintaining strategies and legitimacy re­pairing strategies.These findings would have important implications for literature on cross-border M&As.and more broadly,internationalization of emerging market firms.