摘要
从目前中国企业跨国并购影响并购方创新绩效的实证结果来看,二者之间关系的方向和力度并不清晰,甚至相互矛盾。以往并购后整合研究忽视了整合的多维性与组织嵌入性,因而不能完全解释跨国并购与创新绩效间的复杂关系。文章采用组态视角构建跨国并购后整合影响创新绩效的理论框架。基于中国计算机、通信和其他电子制造业20个上市公司跨国并购样本,采用fsQCA方法,研究发现提升并购企业创新绩效的组态包括“混合式整合”“对话式整合”和“保障式整合”,未提升创新绩效的组态包括“顾此失彼型”和“放任自流型”。这些结果表明,管理者在设计并购后整合措施时要兼顾缓解整合的破坏效应。激进的整合措施需要搭配更多的措施来缓解整合的破坏效应。研究通过考虑整合异质性和整合情境异质性在协调—破坏悖论中的意义,揭示了已有研究并购企业整合活动和创新绩效不一致关系内在的因果复杂性,并构建和实证探索了整合活动和创新绩效关系的组态理论。
Despite the turbulence in globalization,Chinese enterprises have continued to demonstrate a strong momentum in cross-border mergers and acquisitions(M&As).According to Ernst&Young Greater China’s Overview of China’s Overseas Investment in 2023 released in February 2024,the total value of overseas M&As announced by Chinese enterprises reached USD 39.83 billion,representing a year-onyear increase of 20.30%,and achieving quarter-on-quarter growth for three consecutive quarters.In the high-tech industry,many Chinese enterprises seek to improve innovation performance through cross-border M&As.However,existing empirical results regarding the impact of cross-border M&As on the acquirer’s innovation performance remain inconclusive and even contradictory.Some studies show that cross-border M&As enhance innovation performance,others suggest they reduce the acquirer’s R&D intensity and quality,while still others find no significant relationship.These conflicting findings cast a shadow on how managers can effectively improve innovation performance through cross-border M&As.To explain these inconsistent findings,the process perspective emphasizes the importance of how firms integrate the target company after acquisition.Post-merger integration is the primary mechanism for value creation and is directly related to whether M&As improve innovation performance.Post-merger integration generates coordination effects conducive to innovation,but it also produces disruptive effects that may harm sustained innovation capability—known as the coordination–disruption paradox.Although this paradox offers an explanation for the relationship between Post-merger integration and innovation,current studies often overlook the inherent complexity of integration,leading to an incomplete understanding of the paradox’s sources and an inability to reconcile existing inconsistencies.First,prior research has generally assumed that Post-merger integration is a homogeneous activity,neglecting its multidimensionality.As a result,studies have primarily focused on identifying the optimal degree of integration to resolve the coordination–disruption paradox.Second,prior work has typically examined specific integration activities in isolation,whereas integration is actually deeply embedded within dynamic organizational processes and contexts.The coordination and disruption effects of Post-merger integration do not occur in a vacuum but are embedded in the organizational context.Considering the heterogeneity of integration activities,this study categorizes integration into technological resource integration,complementary resource integration,and structural integration.To capture the long-term organizational process of cross-border M&As,the study incorporates contextual factors such as pre-acquisition industry relatedness,prior cooperative relationships between the two firms,the acquirer’s cross-border M&A experience,and post-acquisition interorganizational dialogue.Current mainstream post-merger integration research often focuses on specific issues to reduce complexity—even though such complexity is essential for understanding the intertwined effects of integration.This“fragmented approach”represents the greatest weakness of post-merger integration research and severely limits its practical applicability.Given the paradoxical,heterogeneous,and contextually complex nature of PMI,adopting a configurational perspective is essential.To explore how various integration measures and contextual factors combine to influence innovation performance,this study employs the fsQCA method,based on 20 cross-border M&A cases of listed com-panies in the Computer,Communication,and Other Electronic Equip-ment Manufacturing industry(C39).The results reveal that configura-tions enhancing innovation performance include“hybrid integration,”“dialogue-driven integration,”and“protective integration.”Configu-rations that fail to enhance innovation performance include“lopsided integration”and“hands-off integration.”These findings suggest that managers should design integration strategies that balance the miti-gation of disruption effects.Aggressive integration measures should be complemented with buffering mechanisms to alleviate potential disruptions.For cross-border M&As with limited pre-acquisition buff-ering mechanisms,managers should consciously foster post-acquisition interorganizational dialogue to safeguard integration.Conversely,ne-glecting integration altogether or focusing excessively on technological resource integration while ignoring organizational communication both hinder innovation performance improvement.This study makes two major theoretical contributions.First,by consid-ering the heterogeneity of integration activities and contextual hetero-geneity in the coordination-disruption paradox,it reveals the inherent causal complexity underlying the inconsistent relationship between in-tegration activities and innovation performance.Prior studies have not reached consensus on this relationship,and although the coordination-disruption paradox has been proposed,it still cannot reconcile the con-flicting findings because previous studies focus on isolated aspects of integration while ignoring its complexity.This study argues that both integration heterogeneity and contextual heterogeneity further compli-cate the coordination-disruption paradox,leading to diverse relational patterns.Second,by identifying concurrent,equifinal,and asymmetric configurations that either enhance or fail to enhance innovation per-formance,the study builds a configurational theory linking integration and innovation performance.The fragmented perspectives and meth-odological tendencies of existing PMI research pose significant chal-lenges and greatly limit the practical applicability of research findings.The configurations identified in this study theoretically capture the intrinsic complexity of post-merger integration,reveal how integration heterogeneity and contextual heterogeneity shape the coordination-disruption paradox,and propose three distinct pathways through which cross-border M&As can enhance innovation performance-offering valuable guidance for post-merger integration practice.
作者
江诗松
蔡宛彤
张硕
Jiang Shisong;Cai Wantong;Zhang Shuo(Economics and Management School,Wuhan University)
出处
《南开管理评论》
北大核心
2025年第11期100-112,172,共14页
Nankai Business Review
基金
国家自然科学基金项目(71572131)
教育部人文社科项目(4YJA630036)资助。
关键词
跨国并购
并购后整合
创新
组态分析
Cross-border Acquisitions
Post-acquisition Integra-tion
Innovation Performance
Configurational Analysis
