中国企业“凭什么”完全并购境外高新技术企业——基于94个案例的模糊集定性比较分析(fsQCA)
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摘要
跨国并购作为快速获取核心技术与战略资产的一种有效途径,已经得到学术界和业界的一致认同。然而,现有文献对于关乎技术转移、消化和吸收成功与否的关键决策——股权选择问题尚未展开深入研究。基于跨国并购股权选择多重理论解释框架,本文首次运用模糊集定性比较分析(fsQCA)方法,试图探索多种因素对跨国并购股权选择的"联合效应"以及不同因素之间的"互动关系"。本文利用SDC全球并购交易数据库过去12年(2006—2017年)中国企业对94家境外高新技术企业的并购交易事件进行分析,研究表明:①存在四条不同的路径均可支撑中国企业采取完全并购的策略,具体可以归纳为专业买家式并购和行业专家式并购两类并购模式。行业专家式并购是中国企业最常见的完全并购模式;②在一定情形下,专业买家积累的跨国并购经验和行业专家并购时遵循的行业相关性之间具有替代关系;③结合现有理论解释和典型案例分析,本文提出了富有潜力且可待检验的三个研究命题。本文的研究结论在扩展跳板视角、深化多重理论解释框架、丰富跨国并购股权选择研究的方法工具箱和缓解已有研究矛盾四个方面具有一定的研究贡献。同时,也为未来中国企业有效开展完全并购进而获取核心技术提供了丰富的实践启示。
Cross-border merger and acquisitions(CBM&As), an effective way to rapidly acquire core technology and strategic assets, has been recognized by the academia and industry. However, ownership choices in CBM&As, the key decision during technology transfer, digestion and absorption, has not been studied thoroughly.Based on the multiple theoretical explanations framework of ownership choices in CBM&As, this paper, for the first time, uses the fuzzy set qualitative comparative analysis(fsQCA) method to explore the "combined effect" of various factors on ownership choices and the "interactive relationship" between different factors. By analyzing the CBM&As transactions of 94 foreign high-tech enterprises by Chinese enterprises in the past 12 years(2006—2017), the research shows that four different configurations can trigger Chinese enterprises to adopt the strategy of full acquisition, which can be summarized into two acquisition modes: professional buyer acquisition and industry expert acquisition. Industry expert acquisition is the most common complete M & A mode for Chinese enterprises.Furthermore, under certain circumstances, there is a substitutive relationship between the CBM&As experience accumulated by professional buyers and the industry relatedness observed by industry experts. Lastly, based on the existing theoretical interpretation and typical case analysis, three research propositions with potential and to be tested are proposed. The conclusions of this research paper make important theoretical contributions toward extending the springboard perspective, deepening the multiple theoretical explanations framework, enriching the research method toolbox of ownership choices in CBM&As, and alleviating the existing research contradiction. At the same time, the paper provides practical inspiration for Chinese enterprises to effectively carry out full acquisition in order to acquire core technology in the future.
Cross-border merger and acquisitions(CBM&As), an effective way to rapidly acquire core technology and strategic assets, has been recognized by the academia and industry. However, ownership choices in CBM&As, the key decision during technology transfer, digestion and absorption, has not been studied thoroughly.Based on the multiple theoretical explanations framework of ownership choices in CBM&As, this paper, for the first time, uses the fuzzy set qualitative comparative analysis(fsQCA) method to explore the "combined effect" of various factors on ownership choices and the "interactive relationship" between different factors. By analyzing the CBM&As transactions of 94 foreign high-tech enterprises by Chinese enterprises in the past 12 years(2006—2017), the research shows that four different configurations can trigger Chinese enterprises to adopt the strategy of full acquisition, which can be summarized into two acquisition modes: professional buyer acquisition and industry expert acquisition. Industry expert acquisition is the most common complete M & A mode for Chinese enterprises.Furthermore, under certain circumstances, there is a substitutive relationship between the CBM&As experience accumulated by professional buyers and the industry relatedness observed by industry experts. Lastly, based on the existing theoretical interpretation and typical case analysis, three research propositions with potential and to be tested are proposed. The conclusions of this research paper make important theoretical contributions toward extending the springboard perspective, deepening the multiple theoretical explanations framework, enriching the research method toolbox of ownership choices in CBM&As, and alleviating the existing research contradiction. At the same time, the paper provides practical inspiration for Chinese enterprises to effectively carry out full acquisition in order to acquire core technology in the future.
引文
[1]程聪,贾良定.我国企业跨国并购驱动机制研究---基于清晰集的定性比较分析[J].南开管理评论,2016,(6):113-121.
[2]杜运周,贾良定.组态视角与定性比较分析(QCA):管理学研究的一条新道路[J].管理世界,2017,(6):155-167.
[3]黄嫚丽,张慧如,刘朔.中国企业并购经验与跨国并购股权的关系研究[J].管理学报,2017,(8):1134-1142.
[4]林季红,张璐.中国企业海外并购的股权策略选择[J].财贸经济,2013,(9):76-84.
[5]普华永道.2016年中国企业并购市场回顾与2017年展望[EB/OL].https://www.pwccn.com/zh/services/deals-mand-a/publications/ma-press-briefing-jan2017.html,2017.
[6]唐鹏程,杨树旺.企业社会责任投资模式研究:基于价值的判断标准[J].中国工业经济,2016,(7):109-126.
[7]汪涛,贾煜,王康,崔楠.中国企业的国际化战略:基于新兴经济体企业的视角[J].中国工业经济,2018,(5):175-192.
[8]Ahammad,M.F.,Z.Konwar,N.Papageorgiadis,C.G.Wang,and J.Inbar.R&D Capabilities,Intellectual Property Strength and Choice of Equity Ownership in Cross-Border Acquisitions:Evidence from BRICSAcquirers in Europe[J].R&D Management,2018,48(2):177-194.
[9]Ahammad,M.F.,V.Leone,S.Y.Tarba,K.W.Glaister,and A.Arslan.Equity Ownership in Cross-Border Mergers and Acquisitions by British Firms:An Analysis of Real Options and Transaction Cost Factors[J].British Journal of Management,2017,28(2):180-196.
[10]Barkema,H.G.,and M.Schijven.Toward Unlocking the Full Potential of Acquisitions:The Role of Organizational Restructuring[J].Academy of Management Journal,2008,51(4):696-722.
[11]Campbell,J.T.,D.G.Sirmon,and M.Schijven.Fuzzy Logic and the Market:A Configurational Approach to Investor Perceptions of Acquisition Announcements[J].Academy of Management Journal,2016,59(1):163-187.
[12]Chari,M.D.R.,and K.Y.Chang.Determinants of the Share of Equity Sought in Cross-Border Acquisitions[J].Journal of International Business Studies,2009,40(8):1277-1297.
[13]Chen,S.-F.S.,and J.-F.Hennart.A Hostage Theory of Joint Ventures:Why Do Japanese Investors Choose Partial over Full Acquisitions to Enter the United States[J].Journal of Business Research,2004,57(10):1126-1134.
[14]Cho,K.R.,and P.Padmanabhan.Revisiting the Role of Cultural Distance in MNC’s Foreign Ownership Mode Choice:The Moderating Effect of Experience Attributes[J].International Business Review,2005,14(3):307-324.
[15]Clarke,J.E.,R.Tamaschke,and P.W.Liesch.International Experience in International Business Research:A Conceptualization and Exploration of Key Themes[J].International Journal of Management Reviews,2013,15(3):265-279.
[16]Deng,P.The Internationalization of Chinese Firms:A Critical Review and Future Research[J].International Journal of Management Reviews,2012,14(4):408-427.
[17]Elango,B.,S.Lahiri,and S.K.Kundu.How Does Firm Experience and Institutional Distance Impact Ownership Choice in High-Technology Acquisitions[J].R&D Management,2013,43(5):501-516.
[18]Fan,D.,Y.Li,and L.Chen.Configuring Innovative Societies:The Crossvergent Role of Cultural and Institutional Varieties[J].Technovation,2017,(66-67):43-67.
[19]Fiss,P.C.Building Better Casual Theories:A Fuzzy Set Approach to Typologies in Organizational Research[J].Academy of Management Journal,2011,54(2):393-420.
[20]Gada,V.P.,and M.Popli.Product and Geographic Scopes of Target Firm and Equity Control in CrossBorder Acquisitions:An Information Asymmetry Perspective[J].Strategic Change,2018,27(4):351-358.
[21]Gomes-Casseres,B.Firm Ownership Preferences and Host Government Restrictions:An Integrated Approach[J].Journal of International Business Studies,1990,21(1):1-22.
[22]Haleblian,J.,and S.Finkelstein.The Influence of Organizational Acquisition Experience on Acquisition Performance:A Behavioral Learning Perspective[J].Administrative Science Quarterly,1999,44(1):29-56.
[23]Hennart,J.-F.,and S.Reddy.The Choice between Mergers/Acquisitions and Joint Ventures:The Case of Japanese Investors in the United States[J].Strategic Management Journal,1997,18(1):1-12.
[24]Hofstede,G.Culture’s Consequences:International Differences in Work-Related Values[M].Beverly Hills:Sage Publications,1980.
[25]Johanson,J.,and J.-E.Vahlne.The Internationalization Process of the Firm-A Model of Knowledge Development and Increasing Foreign Market Commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[26]Kogut,B.,and H.Singh.The Effect of National Culture on the Choice of Entry Mode[J].Journal of International Business Studies,1988,19(3):411-432.
[27]Lee,Y.,M.Hemmert,and J.Kim.What Drives the International Ownership Strategies of Chinese Firms?The Role of Distance and Home-Country Institutional Factors in Outward Acquisitions[J].Asian Business&Management,2014,13(3):197-225.
[28]Li,J.T.,and Z.Z.Xie.Examining the Cross-Border Acquisition Strategy of Chinese Companies:The Moderating Roles of State Ownership and Institutional Transition[J].Journal of Leadership&Organizational Studies,2013,20(4):436-447.
[29]Lim,M.H.,and J.H.Lee.The Effects of Industry Relatedness and Takeover Motives on Cross-Border Acquisition Completion[J].Journal of Business Research,2016,69(11):4787-4792.
[30]Liou,R.S.,M.C.H.Chao,and M.Yang.Emerging Economies and Institutional Quality:Assessing the Differential Effects of Institutional Distances on Ownership Strategy[J].Journal of World Business,2016,51(4):600-611.
[31]Luo,Y.D.,and R.L.Tung.International Expansion of Emerging Market Enterprises:A Springboard Perspective[J].Journal of International Business Studies,2007,38(4):481-498.
[32]Malhotra,S.,K.Sivakumar,and P.C.Zhu.Curvilinear Relationship between Cultural Distance and Equity Participation:An Empirical Analysis of Cross-Border Acquisitions[J].Journal of International Management,2011,17(4):316-332.
[33]Oguji,N.,and R.A.Owusu.Acquisitions Entry Strategies in Africa:The Role of Institutions,Target-Specific Experience,and Host-Country Capabilities-the Case Acquisitions of Finnish Multinationals in Africa[J].Thunderbird International Business Review,2017,59(2):209-225.
[34]Piaskowska,D.,and G.Trojanowski.Twice as Smart?The Importance of Managers’Formative-Years’International Experience for Their International Orientation and Foreign Acquisition Decisions[J].British Journal of Management,2014,25(1):40-57.
[35]Ragin,C.C.Redesigning Social Inquiry:Fuzzy Sets and Beyond[M].Chicago:University of Chicago Press,2008.
[36]Ragin,C.C.,and P.C.Fiss.Net Effects Analysis Versus Configurational Analysis:An Empirical Demonstration[A].C.C.Ragin.Redesigning Social Inquiry:Fuzzy Sets and Beyond[C].Chicago:University of Chicago Press,2008.
[37]Rihoux,D.B.,and C.C.Ragin.Configurational Comparative Methods:Qualitative Comparative Analysis(QCA)and Related Techniques[M].Thousand Oaks,CA:Sage,2009.
[38]Rugman,A.M.,and A.Verbeke.Extending the Theory of the Multinational Enterprise:Internalization and Strategic Management Perspectives[J].Journal of International Business Studies,2003,34(2):125-137.
[39]Rumelt,R.P.Diversification Strategy and Profitability[J].Strategic Management Journal,1982,3(4):359-369.
[40]Schneider,C.Q.,and C.Wagemann.Set-Theoretic Methods for the Social Sciences:A Guide to Qualitative Comparative Analysis[M].Cambridge:Cambridge University Press,2012.
[41]UNCTAD.World Investment Report 2018:Investment and New Industrial Policies[M].New York and Geneva:United Nations Publications,2018.
[42]Yang,M.Ownership Participation of Cross-Border Mergers and Acquisitions by Emerging Market Firms:Antecedents and Performance[J].Management Decision,2015,53(1):221-246.
(1)同Elango et al.(2013)一致,目标企业SIC(Standard Industrial Classification)代码前三位属于如下15个则为高新技术行业企业:283(医药)、351(发动机和发电机)、357(计算机和办公设备)、366(通讯设备)、367(电子元件和配件)、372(飞机和零部件)、381(搜索和导航设备)、382(测量和控制设备)、384(医疗器械和用品)、385(眼科用具)、386(摄影设备和用品)、387(手表,钟表,手表套件及部件)、481(通信设备)、737(计算机和数据处理服务)、873(研究和测试服务)。
(1)由于本文的研究问题聚焦于完全并购,而非部分并购,故而在必要条件分析中仅针对完全并购。下文的组态分析也是如此,后文不再赘述。事实上,对部分并购的组态分析并未发现明确的因果路径。
(1)稳健性检验结果及评判方法详见中国工业经济网站(http://www.ciejournal.org/)公开附件。
[2]杜运周,贾良定.组态视角与定性比较分析(QCA):管理学研究的一条新道路[J].管理世界,2017,(6):155-167.
[3]黄嫚丽,张慧如,刘朔.中国企业并购经验与跨国并购股权的关系研究[J].管理学报,2017,(8):1134-1142.
[4]林季红,张璐.中国企业海外并购的股权策略选择[J].财贸经济,2013,(9):76-84.
[5]普华永道.2016年中国企业并购市场回顾与2017年展望[EB/OL].https://www.pwccn.com/zh/services/deals-mand-a/publications/ma-press-briefing-jan2017.html,2017.
[6]唐鹏程,杨树旺.企业社会责任投资模式研究:基于价值的判断标准[J].中国工业经济,2016,(7):109-126.
[7]汪涛,贾煜,王康,崔楠.中国企业的国际化战略:基于新兴经济体企业的视角[J].中国工业经济,2018,(5):175-192.
[8]Ahammad,M.F.,Z.Konwar,N.Papageorgiadis,C.G.Wang,and J.Inbar.R&D Capabilities,Intellectual Property Strength and Choice of Equity Ownership in Cross-Border Acquisitions:Evidence from BRICSAcquirers in Europe[J].R&D Management,2018,48(2):177-194.
[9]Ahammad,M.F.,V.Leone,S.Y.Tarba,K.W.Glaister,and A.Arslan.Equity Ownership in Cross-Border Mergers and Acquisitions by British Firms:An Analysis of Real Options and Transaction Cost Factors[J].British Journal of Management,2017,28(2):180-196.
[10]Barkema,H.G.,and M.Schijven.Toward Unlocking the Full Potential of Acquisitions:The Role of Organizational Restructuring[J].Academy of Management Journal,2008,51(4):696-722.
[11]Campbell,J.T.,D.G.Sirmon,and M.Schijven.Fuzzy Logic and the Market:A Configurational Approach to Investor Perceptions of Acquisition Announcements[J].Academy of Management Journal,2016,59(1):163-187.
[12]Chari,M.D.R.,and K.Y.Chang.Determinants of the Share of Equity Sought in Cross-Border Acquisitions[J].Journal of International Business Studies,2009,40(8):1277-1297.
[13]Chen,S.-F.S.,and J.-F.Hennart.A Hostage Theory of Joint Ventures:Why Do Japanese Investors Choose Partial over Full Acquisitions to Enter the United States[J].Journal of Business Research,2004,57(10):1126-1134.
[14]Cho,K.R.,and P.Padmanabhan.Revisiting the Role of Cultural Distance in MNC’s Foreign Ownership Mode Choice:The Moderating Effect of Experience Attributes[J].International Business Review,2005,14(3):307-324.
[15]Clarke,J.E.,R.Tamaschke,and P.W.Liesch.International Experience in International Business Research:A Conceptualization and Exploration of Key Themes[J].International Journal of Management Reviews,2013,15(3):265-279.
[16]Deng,P.The Internationalization of Chinese Firms:A Critical Review and Future Research[J].International Journal of Management Reviews,2012,14(4):408-427.
[17]Elango,B.,S.Lahiri,and S.K.Kundu.How Does Firm Experience and Institutional Distance Impact Ownership Choice in High-Technology Acquisitions[J].R&D Management,2013,43(5):501-516.
[18]Fan,D.,Y.Li,and L.Chen.Configuring Innovative Societies:The Crossvergent Role of Cultural and Institutional Varieties[J].Technovation,2017,(66-67):43-67.
[19]Fiss,P.C.Building Better Casual Theories:A Fuzzy Set Approach to Typologies in Organizational Research[J].Academy of Management Journal,2011,54(2):393-420.
[20]Gada,V.P.,and M.Popli.Product and Geographic Scopes of Target Firm and Equity Control in CrossBorder Acquisitions:An Information Asymmetry Perspective[J].Strategic Change,2018,27(4):351-358.
[21]Gomes-Casseres,B.Firm Ownership Preferences and Host Government Restrictions:An Integrated Approach[J].Journal of International Business Studies,1990,21(1):1-22.
[22]Haleblian,J.,and S.Finkelstein.The Influence of Organizational Acquisition Experience on Acquisition Performance:A Behavioral Learning Perspective[J].Administrative Science Quarterly,1999,44(1):29-56.
[23]Hennart,J.-F.,and S.Reddy.The Choice between Mergers/Acquisitions and Joint Ventures:The Case of Japanese Investors in the United States[J].Strategic Management Journal,1997,18(1):1-12.
[24]Hofstede,G.Culture’s Consequences:International Differences in Work-Related Values[M].Beverly Hills:Sage Publications,1980.
[25]Johanson,J.,and J.-E.Vahlne.The Internationalization Process of the Firm-A Model of Knowledge Development and Increasing Foreign Market Commitments[J].Journal of International Business Studies,1977,8(1):23-32.
[26]Kogut,B.,and H.Singh.The Effect of National Culture on the Choice of Entry Mode[J].Journal of International Business Studies,1988,19(3):411-432.
[27]Lee,Y.,M.Hemmert,and J.Kim.What Drives the International Ownership Strategies of Chinese Firms?The Role of Distance and Home-Country Institutional Factors in Outward Acquisitions[J].Asian Business&Management,2014,13(3):197-225.
[28]Li,J.T.,and Z.Z.Xie.Examining the Cross-Border Acquisition Strategy of Chinese Companies:The Moderating Roles of State Ownership and Institutional Transition[J].Journal of Leadership&Organizational Studies,2013,20(4):436-447.
[29]Lim,M.H.,and J.H.Lee.The Effects of Industry Relatedness and Takeover Motives on Cross-Border Acquisition Completion[J].Journal of Business Research,2016,69(11):4787-4792.
[30]Liou,R.S.,M.C.H.Chao,and M.Yang.Emerging Economies and Institutional Quality:Assessing the Differential Effects of Institutional Distances on Ownership Strategy[J].Journal of World Business,2016,51(4):600-611.
[31]Luo,Y.D.,and R.L.Tung.International Expansion of Emerging Market Enterprises:A Springboard Perspective[J].Journal of International Business Studies,2007,38(4):481-498.
[32]Malhotra,S.,K.Sivakumar,and P.C.Zhu.Curvilinear Relationship between Cultural Distance and Equity Participation:An Empirical Analysis of Cross-Border Acquisitions[J].Journal of International Management,2011,17(4):316-332.
[33]Oguji,N.,and R.A.Owusu.Acquisitions Entry Strategies in Africa:The Role of Institutions,Target-Specific Experience,and Host-Country Capabilities-the Case Acquisitions of Finnish Multinationals in Africa[J].Thunderbird International Business Review,2017,59(2):209-225.
[34]Piaskowska,D.,and G.Trojanowski.Twice as Smart?The Importance of Managers’Formative-Years’International Experience for Their International Orientation and Foreign Acquisition Decisions[J].British Journal of Management,2014,25(1):40-57.
[35]Ragin,C.C.Redesigning Social Inquiry:Fuzzy Sets and Beyond[M].Chicago:University of Chicago Press,2008.
[36]Ragin,C.C.,and P.C.Fiss.Net Effects Analysis Versus Configurational Analysis:An Empirical Demonstration[A].C.C.Ragin.Redesigning Social Inquiry:Fuzzy Sets and Beyond[C].Chicago:University of Chicago Press,2008.
[37]Rihoux,D.B.,and C.C.Ragin.Configurational Comparative Methods:Qualitative Comparative Analysis(QCA)and Related Techniques[M].Thousand Oaks,CA:Sage,2009.
[38]Rugman,A.M.,and A.Verbeke.Extending the Theory of the Multinational Enterprise:Internalization and Strategic Management Perspectives[J].Journal of International Business Studies,2003,34(2):125-137.
[39]Rumelt,R.P.Diversification Strategy and Profitability[J].Strategic Management Journal,1982,3(4):359-369.
[40]Schneider,C.Q.,and C.Wagemann.Set-Theoretic Methods for the Social Sciences:A Guide to Qualitative Comparative Analysis[M].Cambridge:Cambridge University Press,2012.
[41]UNCTAD.World Investment Report 2018:Investment and New Industrial Policies[M].New York and Geneva:United Nations Publications,2018.
[42]Yang,M.Ownership Participation of Cross-Border Mergers and Acquisitions by Emerging Market Firms:Antecedents and Performance[J].Management Decision,2015,53(1):221-246.
(1)同Elango et al.(2013)一致,目标企业SIC(Standard Industrial Classification)代码前三位属于如下15个则为高新技术行业企业:283(医药)、351(发动机和发电机)、357(计算机和办公设备)、366(通讯设备)、367(电子元件和配件)、372(飞机和零部件)、381(搜索和导航设备)、382(测量和控制设备)、384(医疗器械和用品)、385(眼科用具)、386(摄影设备和用品)、387(手表,钟表,手表套件及部件)、481(通信设备)、737(计算机和数据处理服务)、873(研究和测试服务)。
(1)由于本文的研究问题聚焦于完全并购,而非部分并购,故而在必要条件分析中仅针对完全并购。下文的组态分析也是如此,后文不再赘述。事实上,对部分并购的组态分析并未发现明确的因果路径。
(1)稳健性检验结果及评判方法详见中国工业经济网站(http://www.ciejournal.org/)公开附件。