组织刚性对企业并购目标选择的影响机理研究

Research on the Influence Mechanism of Organizational Rigidity on the Target Selection of M&A

受目标企业组织刚性影响,主并方在后期整合中往往面临着“我想但是我不能(I want but I can’t)”的现实矛盾,进而陷入“赢家诅咒”。为厘清目标企业组织刚性与其整合潜力之间的作用机制,采用探索性案例研究方法,对上汽与双龙之间的并购事件进行探究。研究表明:目标企业的整合潜力对并购整合的成败有着重要作用;企业并购认知分为机会认知与威胁认知两种,目标企业原有认知刚性、并购事件获益性和可控性共同对企业变革认知起锚定作用;资源能力协同互补性、管控模式的匹配性会影响目标企业对并购事件获益性和可控性的判断,从而影响其并购认知;机会认知下,目标企业的整合潜力较高,反之整合潜力较低。将目标企业组织刚性作为并购的前因变量,提出组织刚性对企业并购目标整合潜力的影响模型,从事前控制角度可为我国企业并购目标的选取提供一定参考。

Influenced by the rigidity of the target enterprise,the main and the concurrent side often faces the realistic contradiction of“I want but I can’t”in the later integration,and then fall into the“winner curse”.In order to further clarify the mechanism between the organizational rigidity and the integration potential of the target enterprise,this paper uses an exploratory case study method to explore the M&A event between SAIC and SangYong.Conclusions indicate the followings:①The integration potential of the target enterprise plays an important role in the success of the M&A integration.②The M&A cognition of the target enterprise can be divided into two types:Opportunity and threat.The cognitive rigidity of the target enterprise and the profitability/controllability of M&A events jointly anchor the cognition of the target enterprise.③The synergy and complementarity of resource/capabilities,and the matching of management mode will affect the target enterprise’s judgment on the profitability/controllability of M&A events,thus affecting its M&A cognition.④The target enterprise’s integration potential will be higher with the opportunity cognition,and vice versa.Furthermore,regarding the organizational rigidity of the target enterprise as the antecedent variable of the M&A,this study proposes a target enterprise analysis model,which can provide a reference for how to select a M&A target with high integration potential to control M&A risks beforehand.