异质性资产获取、商业模式创新与并购绩效——基于AT&T收购时代华纳的案例研究

Heterogeneous Asset Acquisition,Business Model Innovation and M&A Performance:A Case Study Based on AT&T’s Acquisition of Time Warner

本文通过AT&T收购时代华纳的纵向案例研究,试图揭示数字经济时代异质性资产获取型并购如何通过商业模式创新实现绩效提高。研究发现:异质性资产获取型并购在特定条件下可以提高并购方企业绩效,企业可以从新颖、互补、锁定和效率4个主题创新商业模式;而企业的动态能力有助于其识别、获取合适的异质性资产,推动并购后的商业模式创新和新的资源能力基础构筑,从而提高并购绩效。本文的研究对于数字经济时代企业异质性资产获取型并购如何通过商业模式创新提高绩效,以及运营商企业如何整合异质性资产推动商业模式创新和数字化转型提供了参考和借鉴。

Based on the longitudinal case study of AT&T’s acquisition of Time Warner,how the performance improvement of M&A for heterogeneous asset is achieved by business model innovation in the digital economy era is revealed.The results show that the M&A for heterogeneous asset can improve the performance of acquirer enterprises under specific conditions.Enterprises can innovate business models from four themes of novelty,complementarity,lock‐in and efficiency,the dynamic capabilities of an enterprise can help it identify and acquire appropriate heterogeneous assets,promote business model innovation and build a new resource capability foundation after mergers and acquisitions,thereby improving M&A performance.The research provides a reference for how the acquisition of heterogeneous assets by enterprises can improve performance through business model innovation in the digital economy era,and how the telecom operators can integrate heterogeneous assets to promote business model innovation and the digital transformation.