摘要
基于TOE框架,运用fsQCA方法探讨技术关联并购和技术多元并购决策的多维度影响因素及其互动匹配机制。研究发现:①技术并购决策受技术、组织和环境3个维度条件变量的共同作用,技术关联并购条件组合并不是技术多元并购的反向条件组合。②技术关联并购驱动路径有7条,分别为技术驱动型、高管逐利下专利数量与制度双轮驱动型、技术与市场双轮驱动型、高管逐利下技术与市场双轮驱动型、高管逐利下专利质量与环境双轮驱动型、技术与组织双轮驱动型和破釜沉舟型;技术多元并购驱动路径有7条,分别为内外交困驱动型、高管逐利下企业规模驱动型、居安思危驱动型、高管与环境双轮驱动型、高管与市场双轮驱动型、模仿驱动型和制度驱动型。③对比技术关联并购和技术多元并购驱动路径发现,技术基础好的企业倾向于进行技术关联并购,技术基础弱的企业倾向于进行技术多元并购;国有企业和大规模企业更倾向于进行技术多元并购;技术关联并购多发生在高管逐利且外部环境好的情境中,技术多元并购多发生在高管审慎且外部环境好的情境中。从技术、组织和环境3个维度综合考察两种并购驱动路径,旨在丰富技术并购前因研究,并为技术并购效果研究中不同甚至截然相反的研究结论提供可能的解释路径。
Technology M&A constitute one of the most crucial approaches to enterprise open innovation.It not only exhibits a booming development trend in practice but also receives strong support from the government,thus emerging as an important strategic measure for promoting the innovative development and enhancing the competitiveness of enterprises.According to different motives,technology M&A can be classified into two types:technology-related M&A and technology-diversified M&A.Technology-related M&A enable enterprises to acquire and internalize the knowledge base of target enterprises,effectively enhancing their core competitiveness.However,it also has the drawback of limited exploration space in new research fields.Technology-diversified M&A bring enterprises opportunities to apply new technologies,but they also face challenges in technology integration.In this context,clarifying the complex driving mechanisms behind enterprises'technology M&A decisions has become an important research issue.Existing research often uses empirical methods,focusing on specific factors without comprehensively exploring multi-dimensional influences or considering internal and external perspectives.Additionally,most studies do not classify M&A samples by motives,leading to inconsistent or contradictory conclusions.This study employs the TOE framework and fsQCA method to analyze the multi-dimensional factors and their interactive mechanisms in technology-related and technology-diversified M&A decisions,aiming to provide a more holistic understanding of the driving forces behind these strategic choices.The results indicate that first,technology M&A decisions are influenced by three dimensions of conditional variables:technology,organization,and environment.The condition combination of technology-related M&A is not the reverse condition combination of technology-diversified M&A.Second,the study identifies seven distinct pathways for technology-related M&A:(1)technology-driven,(2)dual-wheel driven by patent quantity and institutional factors,influenced by profit-seeking executives,(3)dual-wheel driven by technology and market factors,(4)dual-wheel driven by technology and market factors,influenced by profit-seeking executives,(5)dual-wheel driven by patent quality and environmental factors,influenced by profit-seeking executives,(6)dual-wheel driven by technology and organizational factors,and(7)a"desperate"type driven by urgent needs.Similarly,seven pathways are identified for technology-diversified M&A:(1)driven by internal and external challenges,(2)driven by enterprise scale and profit-seeking executives,(3)precautionary-driven,(4)driven by executive decisions and environmental factors,(5)driven by executive decisions and market factors,(6)imitation-driven,and(7)institutionally driven.These pathways highlight the diverse and complex mechanisms underlying M&A decisions,reflecting the interplay of internal and external factors as well as strategic motivations.Finally,a comparison of the driving paths of technology-related M&A and technology-diversified M&A reveals that enterprises with robust technological foundations are more likely to engage in technology-related M&A,whereas those with weaker technological foundations tend to pursue technology-diversified M&A.State-owned enterprises and large-scale enterprises show a greater inclination towards technology-diversified M&A.Technology-related M&A typically occur when executives are profit-driven and the external environment is favorable,while technology-diversified M&A often occur in situations where executives are cautious and the external environment is favorable.This study presents potential contributions as follows.Theoretically,by adopting the fsQCA research method which is adept at handling multiple concurrent causation,this study comprehensively examines the driving factors of technology M&A decisions from three aspects:technology,organization and environment,thereby presenting the multi-dimensional influencing factors and their interaction and matching mechanisms in technology M&A decisions.It deepens the academic community's understanding of the antecedents of technology M&A and helps scholars of consequence research to fundamentally explain the core question of"why enterprises achieve different performance in technology M&A".Practically,the study provides several actionable insights.First,it emphasizes the importance of analyzing M&A outcomes from a multi-dimensional perspective rather than attributing success or failure to a single factor.Second,through a comparative analysis of pathways,the study comprehensively outlines the driving paths for both technology-related and technology-diversified M&A.This enables stakeholders,including governments and shareholders,to better understand the motives behind M&A activities,facilitating targeted management strategies and improving the success rate of technology M&A.Finally,the study suggests that enterprises can use these driving paths to anticipate competitors'M&A decisions,and take preventive and responsive measures in advance.Similarly,governments can leverage these insights to assess the future development of enterprises and provide more effective guidance and support.
作者
李佳航
鲍新中
Li Jiahang;Bao Xinzhong(International Business School,University of International Business and Economics,Beijing 100029,China;Beijing Union University,Beijing 100101,China)
出处
《科技进步与对策》
北大核心
2026年第2期14-23,共10页
Science & Technology Progress and Policy
基金
国家重点研发计划课题(2021YFC3300804)。
