新兴经济体企业逆向跨国并购的新型整合战略研究——文献评述与整合框架构建

New Integration Strategy in Reverse Cross-border M&A of EMNE——Literature Review and Integration Framework Construction

伴随新兴经济体企业对发达国家的逆向跨国并购快速增长,并购后如何有效整合被并企业成为理论界关注的重要问题。与传统跨国并购整合相比,逆向跨国并购整合呈现很多独特之处,并在此过程中涌现出很多新型整合战略,如“轻接触”“无为而治”“支持性伙伴”等,这些新型整合战略也对传统并购理论提出了挑战。基于此,文章对逆向跨国并购的新型整合战略进行系统梳理,归纳新型整合战略的内涵、特征、模式、驱动因素及其价值创造机制,在此基础上构建逆向跨国并购新型整合战略的整合性分析框架。对逆向跨国并购新型整合战略进行系统梳理不仅有助于学术界更深入理解逆向跨国并购的独特性,也对中国企业在逆向跨国并购后如何有效管理和整合被并企业、提升整合绩效具有启示意义。

With the rapid growth of reverse cross-border M&A of emerging economies enterprises,how to effectively integrate acquired companies after M&A has become an important issue in the theoretical circle.Compared with traditional cross-border M&A integration,reverse cross-border M&A integration presents many unique features,and many new integration strategies emerge in this process,such as light-touch approach,noninterference paradigm,supportive partnering approach.These new integration strategies also challenge the traditional M&A theory.This paper systematically review the new integration strategies after reverse cross-border M&As,summarizes the mode,connotation,characteristics,driving factors and value creation mechanism of the new integration strategy,and then constructs an integrated analysis framework of the new integration strategy of reverse cross-border M&As.A systematic review of the new integration strategy of reverse cross-border M&As will not only help researchers to understand the uniqueness of the internationalization strategy of emerging economics multinational enterprises,but also provide suggestions for Chinese enterprises to integrate merged enterprises effectively and improve the integration performance after reverse cross-border M&As.