Anticipating converging industries using publicly available data

Industry convergence, described as the blurring of boundaries between industries, plays an increasingly pivotal role in shaping markets and industries. Traditionally, this phenomenon has been discussed in respect to telecommunications, information technologies and electronics, but more recently also the chemical and its related industries find themselves affected by a larger convergence process. With the primary example of phytosterols in the two converging industries of Cosmeceuticals and of Nutraceuticals and Functional Foods, we analyze 7455 scientific and patent references in respect to first indicators for signs of convergence. Furthermore, we present and discuss a multiple indicator concept for monitoring convergence in an R&D-intensive field on the basis of publicly available data.     

股权并购与目标企业创新产出关系研究——以科技类上市企业为例

将股权并购分为股权转让和增资扩股两种形式，据此分析股权并购对目标企业创新活动的融资作用。基于我国中小板与创业板科技类上市企业并购数据，以专利申请数作为创新产出的代理变量，实证发现增资扩股形式的股权并购能够通过现金转移为目标企业创新活动提供融资渠道从而提高其创新产出。在内生性问题检验中，通过采用倾向性评分匹配技术验证了该结果的稳健性。     

Technology clustering based on evolutionary patterns: The case of information and communications technologies

Technology trend analysis anticipates the direction and rate of technology changes, and thus supports strategic decision-making for innovation. As technological convergence and diversification are regarded as emerging trends, it is important to compare the growth patterns of various technologies in a particular industry to help understand the industry characteristics and analyse the technology innovation process. However, despite the potential value of this approach, conventional approaches have focused on individual technologies and paid little attention to synthesising and comparing multiple technologies. We therefore propose a new approach for clustering technologies based on their growth patterns. After technologies with similar patterns are identified, the underlying factors that lead to the patterns can be analysed. For that purpose, we analysed patent data using a Hidden Markov model, followed by clustering analysis, and tested the validity of the proposed approach by applying it to the ICT industry. Our approach provides insights into the basic nature of technologies in an industry, and facilitates the analysis and forecasting of their evolution.     

Pre-empting technology competition through firm acquisitions

This paper shows that firms engage in horizontal mergers and acquisitions to pre-empt competition in technology markets. Making use of the patent application procedure at the European Patent Office we introduce a measure for potential entry barriers in technology markets.     

和而不同：高管团队职能背景异质性对企业跨界技术并购绩效的影响

跨界技术并购能够为企业提供全新的创新思路,在技术融合与创新背景下,其优势易于发挥。在并购发生后,高管团队职能背景异质性在很大程度上作用于企业战略和创新决策,对企业发展具有至关重要的作用。因此,选取首次并购公告日在2007年1月1日到2016年12月31日间的73个跨界技术并购案例为样本,运用多元回归方法对高管团队职能背景异质性与企业跨界技术并购绩效的关系进行实证分析。结果显示,高管团队职能背景异质性对企业跨界技术并购绩效具有正向影响;市场化程度和可用冗余均正向调节上述作用。探索高管职能背景异质性对跨界技术并购绩效的作用机理,拓展信息决策理论应用情境,并为企业在跨界技术并购时进行高管团队配置和资源布局提供决策依据。     

并购对创新投入的影响及持续性研究

基于2013-2017年中国A股上市公司数据,从创新资金投入和人员投入两个方面出发,通过比较研究和回归分析,探讨并购行为和并购类型分别与创新投入间的关系,以及主并企业性质和行业性质对并购创新效应的调节作用。结果显示：并购行为有助于企业创新投入水平提高,且这种积极作用具有持续性。其中,横向并购与创新投入显著正相关,而纵向并购和多元化并购与创新投入的关系不显著。进一步研究发现,主并企业性质和行业性质对并购创新效应具有显著调节作用,具体表现为：非国有企业横向并购能够显著促进企业创新投入,而国有企业并购创新效应不显著;高新技术企业横向并购能够显著提高创新投入水平,而非高新技术企业并购创新效应不显著。研究结论丰富了并购创新效应相关研究,可为国内企业并购行为提供实践依据。     

人力资源整合与并购企业核心竞争力培育

人力资源整合是企业并购整合的关键,关系到企业并购的成败。因此,在并购中,企业应把战略目标定位于尽快获取对核心竞争力的培育和获取最关键的技术和人才上,而不要被短期的财务利益所诱惑。     

Capitalism, profits and innovation in the new techno-economic paradigm

Innovative profits (of the kind conceptualized by Schumpeter) are today being increasingly created through international corporate networks for technological development. Such profits through innovation are encouraged by newer more flexible organizational forms, and further encouraged (unlike in the conventional perspective on profits and on the incentive to innovate) by knowledge flows between firms. Our empirical evidence, based on US patent data, shows that multinational companies are currently more likely to develop abroad technologies which are less science-based, and less dependent upon tacit knowledge. However, within the science-based industries firms may generate abroad some technologies which are heavily dependent on tacit knowledge, but normally in fields that lie outside their own core technological competencies. We find some evidence of a convergence in corporate technological diversification across large firms, facilitated by the now common spread in the use of information and communication technologies (ICT) as an integrator of formerly separate technological systems. This has led smaller firms to diversify, but giant firms to consolidate activity around those technologies that have become most interrelated.     

Life Science Innovation and the Restructuring of the Pharmaceutical Industry: Merger, Acquisition and Strategic Alliance Behaviour of Large Firms

This article explores the transformative nature of the life sciences in the context of pharmaceutical mergers, acquisitions and strategic alliances. Drawing on interviews with senior scientists and managers from large pharmaceutical firms, and secondary data on general industry trends, it identifies diverse company strategies for capturing and exploiting new technologies/knowledge and explores their implications for innovation. The article suggests that mergers, acquisitions and strategic alliances represent a cluster of related activities that provide various strategic options for managing innovation and productivity deficit. However, because the preferred balance between in-house R&D and externally sourced knowledge depends on a number of firm-specific factors, as well as challenges posed by the external operating environment, there is increasing variation between large companies in how these activities are exploited and strategically managed.     

Coevolutionary cycles of convergence: An extrapolation from the ICT industry

Convergence between technologies can be regarded as an increasingly emerging trend, and has received particular attention in the coming-together of previously distinct products and solutions within the information and communication technologies (ICT) industry. In previous research, the overall impact of the convergence phenomenon remains ambiguous. Whereas some scholars suggest convergence to be associated with disintegration, entry and growth, others relate the phenomenon to opposite effects, such as consolidation and shakeouts. This inconsistency in managerial conceptions on convergence formulates a need for an integrated understanding. Within a multi-case study approach, the convergence within ICT has been observed through examining the coevolution of actors in a converging environment, and patterns in innovation dynamics and managerial responses have been identified. In reflection with existing models of innovation cycles, a model for convergence innovation processes is elaborated and discussed. In particular, the reasoning within the ICT case set is transferred onto the currently emerging entrepreneurial activities in the intersection between nano- and bio-technologies (NBT), resulting in a comparison between ICT and NBT convergences, and deriving recommendations from a retrospective to a predictive context.     

我国大型企业海外并购的困境和出路探索

随着我国综合国力的增强,大型企业逐步走出国门实施海外并购。但由于多种原因,我国不少大型企业海外并购陷入困境并屡屡遭受重大损失。深入剖析我国大型企业海外并购陷入困境或遭受重大损失的原因,探索并尽快找到行之有效的解决办法,提高海外并购的绩效和成功率,尽快摆脱困境并走上健康发展轨道,已刻不容缓。     

The take-over market for privately held companies: the US experience

The volume of acquisitions involving privately held firms hasfar surpassed that of publicly traded firms in recent years;yet this segment of the take-over market remains largely unexplored.In analysing the unique features of private target take-overs,we compare the mergers and acquisitions markets for unquotedand quoted firms on several dimensions including methods ofpayment, offer premiums and bidder wealth effects. Our resultsshow that these mergers provide positive shareholder wealthbenefits for bidders and relatively high premiums for privatelyheld targets. Also, the market's reaction depends on whetherit perceives the price paid for the target as too high or toolow, a rational response given the sentiment at the time ofthe announcement.     

人工智能后发企业如何实现颠覆性创新？

后发企业作为颠覆性创新的主要参与者,不仅致力于驱动颠覆性技术、产品在市场的推广和扩散,而且对颠覆性创新的进程能够产生重要影响。运用扎根理论识别我国人工智能后发企业实现颠覆性创新的关键因素,采用两步模糊集定性比较分析方法（Two-step Fuzzy-Set Qualitative Comparative Analysis,Two-step fsQCA）提炼“十二五规划”“十三五规划”时期我国人工智能后发企业实现颠覆性创新的组态路径。研究发现：(1)“知识搜索”“跨界并购”“开放市场”“协同融合”“结构适应”“生态网络”是人工智能后发企业实现颠覆性创新的六大关键因素;(2)人工智能后发企业实现颠覆性创新的四条组态路径分别是：“十二五规划”时期的“知识搜索-跨界并购-生态网络”的“技术跃迁”和“知识搜索-跨界并购-结构适应”的“范式转变”;“十三五规划”时期的“知识搜索-结构适应-生态网络”的“组织变革”和“跨界并购-结构适应-生态网络”的“价值创造”。基于研究结论,得到相关研究启示。     

THE REVOLUTION WITHIN: ICT AND THE SHIFTING KNOWLEDGE BASE OF THE WORLD'S LARGEST COMPANIES

This empirical article analyses the importance of information and communications technologies (ICT) in the technological diversification trend among the world's largest manufacturing firms during the 1980s and 1990s. The objective of the research is twofold: first, to emphasise the emerging differences among technologies when companies from different industries patent outside their traditional technological capabilities; secondly, to investigate whether the tendency among large companies from all industries to patent in ICT is distinctive when compared with the tendency to patent in other technologies. We find that technological diversification in large companies has clearly occurred in ICTs. Non-ICT specialist industries increasingly develop, rather than just utilise, the cluster of ICT-related technologies. We conclude that the development of corporate capabilities in the key technologies of the emerging ICT paradigm is more widespread than previously emphasised in the literature. One implication of this observation is that technological diversification and the information revolution may be related phenomena.     

“一带一路”背景下我国跨境并购现状、问题及对策建议

从国际上来看,跨国并购是对外直接投资的主流。随着我国企业"走出去"步伐不断加快,中国跨国企业对发达国家企业发起的跨国并购逐渐增多,已有不少成功案例,但总体来说成功率并不高。与发达国家企业发起的并购相比,新兴国家企业对发达国家企业发起的跨国并购有其独特的特点。基于此,分析我国跨国并购的现状及存在的问题,并提出对策建议。     

外资并购与目标企业效率研究:基于啤酒行业的实证分析

外资并购是外国直接投资进入中国市场的一种主要手段.随着加入WTO后,外资在中国啤酒行业掀起一波接一波的并购浪潮.以中国啤酒行业2002-2006年间28起并购为研究对象,选取124家啤酒企业的财务数据,采用DEA-Tobit两阶段回归模型,实证分析外资并购相对于国内并购对目标企业的效率的影响.结果显示:外资并购既没有提升目标企业的纯技术效率,也没有对目标企业的规模效率产生影响,而与之形成对照的是内资并购对目标企业的纯技术效率有显著的提升.     

同行业企业并购决策的同伴效应及内在机制

并购是当前国内外企业常用的发展战略之一,是提升企业竞争力、增加经济效益的重要手段。本文从非理性行为视角出发,采集2010—2018年间A股市场中重大资产并购重组数据作为研究样本进行实证分析。研究发现,上市企业并购决策存在同伴效应;信息传输、软件和信息技术服务等新兴行业的企业同行并购频率对企业并购概率产生的影响小于制造业等传统行业;民营企业之间的并购同伴效应强于国有企业,但同伴效应在不同权属企业之间不具有传递性;高管联结程度高的企业并购同伴效应大于低联结程度企业。因此,建议加强对民营企业、传统行业、高管高联结企业并购非理性行为的监管,避免由于企业盲目跟风给企业绩效带来损失。     

Does the digital divide across countries lead to convergence? New international evidence

We examine the convergence of information and communication technologies (ICT) among 47 developed and emerging countries using annual data from 2000 to 2012. We construct an ICT development index using a principal component analysis. The results, based on a dynamic panel data model, reveal a divergence in ICT development. This study identifies two factors that drive a country's digitalization divergence level: the growth of per capita income and the ratio of urban to rural population. In addition, ICT divergence is higher in emerging countries than in developed countries.     

跨国并购、人民币汇率波动与企业经营风险

本文基于新冠疫情爆发后跨国并购规模不断扩大的背景下，利用全球并购数据以及国泰安数据库中的上市公司财务数据，将每家企业的跨国并购事件作为准自然实验，采用多期双重差分模型研究企业跨国并购对经营风险的影响，研究发现：跨国并购显著降低了企业经营风险，为了解决偏误性问题，本文还对其进行了双重差分倾向得分匹配检验。进一步影响机制表明，跨国并购通过“人力资本效应”提高了企业管理效率以及通过“技术进步效应”解决了企业在核心技术方面“卡脖子”的问题，进而降低经营风险。从异质性上看，跨国并购对降低技术密集型企业和大规模企业的经营风险效果更强。同时，本文还发现人民币汇率大幅度波动会加大跨国企业经营风险。因此，研究跨国并购对企业经营风险的影响，对企业长期高质量发展与提高国际竞争力具有现实意义。     

多元化并购、资源基础与制造企业服务化转型——基于fsQCA的多案例分析

为探究制造业企业通过并购实现服务化的转型路径,以2014至2018年制造企业并购服务企业并购事件为研究对象,运用组态思维和fsQCA方法整合服务型资源质量维度与服务型资源整合维度的5个前因条件,讨论前因变量组合与制造业服务化转型之间的复杂因果机制。结果表明,制造业服务化转型存在3条转型路径,即研发能力驱动型、财务能力驱动型和服务化经验驱动型。通过分析路径和典型案例发现：在评估服务型资源质量时,标的方的盈利能力、研发能力存在替代效应;并购方财务柔性在基于并购的服务化转型中具有重要作用;并购方服务化经验有助于并购整合。