中国企业数字型跨国并购驱动机制分析——基于fsQCA方法

Analysis on Driving Mechanism of Chinese Enterprises'Digital M&As:Based on fsQCA Approach

数字经济浪潮下,以数字技术为特征的企业数字型跨国并购在我国发展迅猛,重塑企业跨国并购活动的同时,也成为传统企业加速数字化转型与数字企业数字研发的重要引擎。然而,驱动企业数字并购决策往往是复杂的,如何考虑数字并购中多重复杂因果之间的联系,从而探究中国企业数字并购活动成为理论与实践关注焦点。对此,以探究中国企业数字并购驱动路径为切入点,基于跨国并购动因理论,以制度环境、企业异质性与资源寻求为并购分析视角,整体性地提出了由数字制度环境、企业数字能力与东道国数字资源构成的中国企业数字并购驱动组态模型。进一步,为对比分析中国传统企业与数字企业数字并购高成效组态路径的异同,使用fsQCA归纳出中国传统企业数字并购高成效的5条组态路径与4类战略,分别是S1(数字能力驱动型)、S2(制度环境驱动型)、S3+与S4(制度环境+数字能力耦合驱动型)与S5(战略自发型)。结果表明,数字制度环境+数字能力耦合驱动型是大部分传统企业数字并购的成功路径。其中,数字能力是其所考虑的重要因素,这与传统企业通过数字并购加快数字化转型目的相吻合。数字企业实现数字并购高成效的共有4条组态路径与4类战略,分别是C1(数字制度环境驱动型)、C2(数字资源驱动型)、C3(制度环境+资源耦合驱动型)与C4(协同驱动型)。结果表明,协同驱动型是大部分数字企业实现数字并购高成效路径。其中,获取东道国数字资源是其考虑重要因素,这与数字企业加速数字渗透,占领数字市场目的相符合。同时,也进一步对比分析了影响传统企业与数字企业数字并购高成效与非高成效组态。

Under the context of digital economy,corporate digital-based characterized by digital technologies has grown rapidly in China.It reshapes corporate cross-border M&As activities and becomes an important engine for accelerating digital transformation of traditional enterprises and digital R&D of digital enterprises in emerging economies.However,there are few studies on digital M&As in the context of digital economy currently,and some researches have only explored the net effect of a single factor on firms'digital M&As.While considering the complexity of driving mechanisms of firms'digital M&A in the digital economy context,the factors are often asymmetric and complex,so the driving mechanism of digital M&As in Chinese companies cannot be fully revealed from a linear perspective.In this regard,how to consider the linkages between multiple complex causes and effects in digital M&As and thus explore the digital M&A activities of Chinese firms has become a focus of both theoretical and practical.In summary,we propose a holistic and systematic model of digital M&As driving mechanism of Chinese enterprises based on an asymmetric configurational perspective,with analyzed with the the main driving mechanism framework of institutional environment,enterprise heterogeneity and resource seeking.Further,in order to compare and analyze the similarities and differences of firms'digital M&As paths between Chinese traditional enterprises and digital enterprises.We then follow fsQCA procedure and summarize five pathways of traditional enterprises'highly effective digital M&As.We have named them into four types of configurational strategies based on core conditions,namely S1(a dominant digital capability-driven strategy),S2(a dominant institutional environment-driven strategy),S3 and S4(a dual institutional environment+digital capability-driven strategy),and S5(a strategy spontaneous strategy).The results show that the dual digital institutional environment+digital capability coupling strategy is the successful path of digital M&As for most traditional enterprises.Among them,digital capability is an important factor to be considered,which is consistent with the purpose of traditional enterprises to accelerate digital transformation through digital M&As.Besides,there are also four configurational paths for digital enterprises to achieve high effectiveness in digital M&A,and they are collected into four types of strategies based on core conditions,namely C1(a dominant digital institutional environment-driven strategy),C2(a dominant digital resource-driven strategy),C3(a dual institutional environment+resource-driven strategy)and C4(a synergy-driven strategy).The results show that the synergy-driven strategy is the highly effective path for most digital enterprises to achieve digital M&As.Among them,acquiring digital resources in the host country is an important factor to consider,which is in line with the purpose of digital enterprises to accelerate digital technology penetration and occupy digital markets in host country.In addition,it also further compares and analyzes the highly effective and low effective configurational paths of digital M&As that affecting traditional and digital firms.Based on this,the marginal contributions of this paper are as follows:Firstly,it re-examines the research of Chinese firms'digital M&As driving factors based on an asymmetric configurational perspective and then constructs a configurational driving mechanism model of Chinese firms'digital M&As.It enriches the theoretical study of firms'cross-border M&A in the digital context and also provides some research reference for the combination between fsQCA analysis and digital trade.Secondly,we introduce cases of both digital and traditional enterprises,and further compare and analyze the similarities and differences in digital M&As pathways of different types of enterprises,so as to provide some reference for accelerating the high effectiveness of digital M&As of different types of enterprises.Finally,the findings of this paper also provide some reference for Chinese enterprises to participate in digital trade,and the government to formulate relevant digital trade policies and finally improve the digital institutional environment.