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。     

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。     

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。     

跨国并购的技术创新机理研究——海尔集团并购FPA案例研究

跨国技术并购中的知识转移能够提升企业创新绩效,但作为并购方的中国企业在技术上并没有并购对象先进,这就导致并购企业不能有效地管理知识转移过程。为明确在跨国技术并购中知识转移促进技术创新的内在机制,并解释知识一致性、战略互补性、组织匹配性等因素对于知识转移效率的影响机制,本文采用案例研究的方法,以海尔集团并购FPA为研究对象,研究中国企业通过跨国并购实现技术创新机理。结果表明,跨国技术并购过程中知识一致性、资源互补性、组织匹配性等因素,有助于并购企业间的知识转移,并最终提升了并购企业的创新绩效。知识一致性、战略互补性和组织匹配性增强了知识转移对于企业创新绩效的影响。从知识转移研究的角度看,知识一致性能够提升吸收能力,并降低知识转移的成本。从并购研究的视角看,战略互补性、组织匹配性则为知识转移提供了保障机制。最后,本文提出我国企业通过跨国并购战略获取关键技术的过程中,应该评估与并购对象的知识一致性、战略互补性和组织匹配性,能够提升并购企业的吸收能力,增强并购双方的跨组织创新网络与联系,使得知识转移更加容易在并购企业双方之间发生,最终提升并购企业的创新绩效。     

技术并购能够带来技术创新效应吗 ——收购公司成长潜力视角

选择2009—2017年我国A股高科技产业上市公司并购事件作为研究对象，考察技术并购能否给收购公司带来技术创新效应，以及收购公司成长潜力水平对技术并购与技术创新效应的调节作用，并进一步从两维度区分不同类型技术并购以检验其技术创新效应差异。结果发现：技术并购能够显著带来技术创新产出效应和技术创新促进效应；收购公司成长潜力越大，技术并购带来的技术创新效应越显著。此外，相对技术进入型并购，技术巩固型并购更能给收购公司带来显著技术创新效应，而国内技术并购与跨境技术并购带来的技术创新效应不存在显著差异。     

Knowledge diversity as a moderator: inter-firm relationships,R&D investment and absorptive capacity

The study examines how knowledge diversity moderates the effects of R&;D investment, strategic alliances, and acquisitions on firm performance using a sample of 2404 firm-year data from US technology firms. Results confirm that the main effect of knowledge diversity on firm growth is not significant and it indeed plays a role of a moderator. The theory of absorptive capacity provides a good explanation that for firms with high knowledge diversity, strategic alliances and acquisitions are more effective while for firms with low knowledge diversity, internal R&;D investment is more effective. These findings point to an important research direct that the characteristics of a firm's knowledge portfolio play a critical role in determining the effectiveness of knowledge sourcing as well as interfirm partnership strategies.     

Patent indicators for monitoring convergence - examples from NFF and ICT

The blurring of boundaries between hitherto distinct scientific disciplines, technologies or markets is a common and powerful phenomenon. Concentrating on monitoring convergence through patent indicators, we discuss convergence with examples from the area of Nutraceuticals and Functional Foods (NFF)/Cosmeceuticals as well as information technologies, consumer electronics, and telecommunications (ICT). We analyze 7455 scientific and patent references on phytosterols with the aid of SciFinder Scholar and 3836 documents employing STN AnaVist. Furthermore, we test an IPC co-classification based approach on 859,469 ICT-related and 341,846 NFF-related patents. Our results show clear indications for convergence and a proof of principle for our monitoring concept. Academics may better evaluate environmental parameters, like cases of convergence, influencing companies' actions. Implications for practitioners are based on a more reliable assessment prior to the forming of strategic alliances or mergers and acquisitions. This could help avoid costly adventures such as the mergers and acquisitions seen in ICT.     

基于核心能力的企业并购研究综述

本文对基于核心能力的企业并购及并后企业能力变化的研究进行了梳理,试探性地提出了影响基于核心能力的企业并购的关键成功因素。基于核心能力的企业并购要获得成功,必须做到以下几点:以战略思想为导航,做足准备;立足并购企业核心能力,合理出价;协调并购企业间的文化,注重快速、全面的并后企业整合;合理运用动态指挥系统。     

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。     

技术并购企业创新绩效影响因素研究——以中国高端装备制造业为例

以2013—2017年中国高端制造业发生的技术并购事件为对象，展开技术并购企业创新绩效影响因素研究。结果表明，企业间关联关系、技术吸收能力和目标企业绝对知识规模对技术并购企业创新绩效有正向影响；并购双方相对知识规模和上市时长对技术并购企业创新绩效有负向影响；企业间关联关系、技术吸收能力会弱化并购双方相对知识规模对企业创新绩效的负向影响。基于此，建议我国高端装备制造企业发展到成熟阶段后，可以通过技术并购开展创新活动；在并购中，并购企业要根据自身技术吸收能力选择绝对知识规模合适的目标企业；继续提高研发投入强度，增强并购后的技术整合能力。     

Cross-border mergers and strategic alliances

This paper develops a model with distribution costs to study firm cooperation in forming strategic alliances and mergers, under different types of foreign market entry modes, that is, export or foreign direct investment (FDI). Under both export and FDI, we find that cross-border alliances (mergers) dominate domestic alliances (mergers); and cross-border alliances and mergers are preferred to independence if and only if distribution cost is high. Under export, cross-border alliances are chosen in equilibrium if distribution cost is high. Under FDI and with high distribution cost, cross-border alliances (mergers) are chosen in equilibrium if plant setup cost is low (high).     

数字经济时代下联盟管理能力对企业颠覆性技术创新的影响——知识流动的中介作用与知识重构能力的调节作用

随着5G网络、人工智能等新科技的推广，数字经济时代已经到来。然而，在数字经济时代下，工业企业要在新一轮科技革命中抢占先机，必须组建联盟关系推动颠覆性技术创新。基于创新联盟理论，构建联盟管理能力与企业颠覆性技术创新研究框架，通过对451份有效问卷数据的实证研究发现：①联盟管理能力对企业颠覆性技术创新有显著正向影响；②知识流动在联盟管理能力与企业颠覆性技术创新的关系中起部分中介作用；③知识重构能力调节联盟管理能力与知识流动和颠覆性技术创新之间的正相关关系。     

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。     

External knowledge sourcing for R&D activities: antecedents and implications of governance mode choice

This paper investigates how internal and external factors affect the choice between alliances and joint ventures (A&;JVs) and mergers and acquisitions (M&;As) for the external sourcing of research and development (R&;D) activities, and whether or not such a choice is really contingent, that is, is it the best choice in terms of its impact on firms' innovative performance under those circumstances? We build a set of hypotheses based on both the transaction-cost theory and the resource-based view, and test them through a secondary data source analysis. We found that companies adopt either R&;D M&;A or A&;JV depending on internal (e.g. resources and capabilities, innovation experience) and external (e.g. degree of industry specialisation) factors. Surprisingly, this contingent choice turns to be effective on innovative performance only for the internal factors, rather than the external. This paper contributes to inter-firm relationships literature by presenting the real advantages of using integrated and contingency theoretical models to understand contingent decisions.     

Determining the going market value of a business in an emerging information technology industry: The case of the cellular communications industry

Given the phenomenal growth or the anticipation of growth in certain information technology industries, concerns for economy of scale, market access and expansion, and the need for ongoing research and development are resulting in mergers, acquisitions, and strategic alliances. A key question in such industries is what is, or should be the going market value of a business? This paper suggests an approach to imbed market penetration models in the popular value-based planning approach suggested by Rappaport [36] to obtain the going market value of a business. The model developed in implementing the approach is tailored for the cellular communications industry. Limitations and adaptations of the approach to other industries are discussed.     

元素—架构双元知识搜寻对企业创新绩效的影响：创新战略的调节作用

基于组织搜寻理论和战略协同理论,探讨元素—架构双元知识搜寻对企业创新绩效的影响,以及创新战略在二者关系间的调节作用。结果显示：元素知识搜寻对创新绩效具有倒U型影响,架构知识搜寻对创新绩效具有线性正向影响,双元知识搜寻平衡对创新绩效具有正向影响。知识搜寻策略与创新战略存在适配性：探索式创新正向调节元素知识搜寻与创新绩效间的关系,对架构知识搜寻与创新绩效关系的调节应用不显著;利用式创新正向调节架构知识搜寻与创新绩效间的关系,对元素知识搜寻与创新绩效关系的调节效应不显著。结论拓展了外部知识搜寻研究视角,可为企业合理选择知识搜寻策略和创新战略提供理论支持。     

Protecting Strategic Knowledge: Insights from Collaborative Agreements in the Aerospace Sector

This paper explores the dilemma that firms face with respect to knowledge sharing in strategic alliances. On the one hand, alliance success is associated with high levels of interaction and co-operation between partners. On the other hand, full and open co-operation exposes a firm's distinctive knowledge and skills and makes it vulnerable to opportunistic moves by alliance partners. Hence firms experience a fundamental paradox: to gain the greatest benefits they must exchange information and knowledge with external parties yet, at the same time, they must protect themselves against knowledge appropriation. This dilemma is particularly acute in the aerospace sector where political imperatives strongly influence partner choice and collaborators are often strong rivals in other contexts. In this paper we use data drawn from four collaborative agreements in the aerospace sector to explore the ways in which a focal firm has sought to protect its strategic knowledge and manage knowledge flows in alliance relationships. We find that existing theoretical lenses provide valuable but partial insights into the question of knowledge appropriation in alliances and offer limited guidance to managers charged with making alliances work. We suggest that some rich insights can be gained by focusing on the overlaps and interstices between existing theories and that greater exploration of the everyday working practices in alliances may offer a useful starting point for improved theorising.     

创新驱动战略下省域协同创新合作水平比较研究

鉴于创新要素流动受到省域户籍、财政等政策的影响,以省域为研究载体,研究省域协同创新主体间互动可以动态反映在同一基础条件下创新驱动经济的协同过程。以复合系统理论为基础,构建了包含科技服务子系统的协同创新联盟复合系统理论模型,基于湖北、湖南和江西三省2009-2014年面板数据,运用复合系统协同度模型对协同创新联盟复合系统进行实证分析。通过比较各省复合系统中子系统有序度、协同度以及各个协同创新子系统有序度,发现不同地区创新优势不同,各地协同创新联盟核心创新主体应有差异;政府是否参与协同创新应有所选择;湖北省复合系统应深化科技服务子系统下层子系统与高校子系统、科研机构子系统间联系;江西省复合系统应以产业子系统为突破口,形成多向发展的可能。     

Cooperation in R&D through a network,an ‘organizational gamble’? an empirical analysis of rhône poulenc rorer-gencell

This paper is based on the empirical analysis of innovation challenges to Rhône Poulenc Rorer-Gencell (RPR-Gencell) resulting from development of biotechnology in the pharmaceutical industy. These we identify as an organizational innovation involving the development of a network of partners following and/or inducing a technological innovation. RPR-Gencell represents a ‘style of innovation’ since it is based on various factors specific to the firm and corresponds to a new organizational form, the ‘tight network’ of partners. We argue that this organizational from, in the context of the development of biotechnology in the pharmaceutical industry, can be likened to an ‘organizational gamble’ associated with a ‘technological gamble’ Altogether, this ‘gamble’ dimension means that the network of partners in R&D is still a marginal organizational form. After an introduction we show that the specficities of the pharmaceutical industry especialy since the emergence of biotechnohgy have led to the emergence of a multiplicity of institutional arrangements governing cooperation in R&D. We take as a specific example that of gene therapy. Later on, we present some stylized facts to emphasize the diversity among the network organizational forms. The network of partners is an alternative to the other complex but ‘clarsical’ forms of cooperation (R&D agreements, cross-licensing, joint-ventures, mergers/acquisilions). We propose a new definition of the network based on the case of RPR-Gencell: the ‘tight network’. We distinguish between the ‘tight network’ and all the other approaches, focusing in particular on the ‘loose network’ of cooperative relationship (mostly multifirm alliances implemented with several bilateral contracts). Only two pharmaceutical companies have adopted the ‘tight network’ to govern their cooperation in R&D. We present the network ofpartners as an organizational innovation governing a technological innovation. We argue that this organizational innovation could be likened to an ‘organizational gamble’ in the case of the pharmaceutical industry. Finally, we show that the network raises several organizational issues since it short-circuits traditional strategic operations in the pharamaceutical industry. We argue that among many different reasons, RPR's technological choices (especially the priorig given to gene therapy) have influenced the creation of its network of partners. As a conclusion, we discuss the link between the organizational innovation and the technological innovation focusing on the ‘gamble’ dimension of such an innovation.     

组态视角下考虑伙伴重复性的联盟组合创新绩效提升路径研究

创新绩效是衡量联盟组合效果的重要指标,也是企业组建联盟的首选目标之一。基于2014—2020年我国15家医药制造企业数据,运用模糊集定性比较分析法和二维复合变量对联盟组合规模进行测度,从组态视角分析联盟数量、伙伴重复性、联盟组合管理能力对联盟组合创新绩效的作用机理,获取多条高创新绩效提升路径。结果发现,实现高创新绩效有两条路径,分别为中等联盟数量和中等伙伴重复性组态路径、中等联盟数量和高联盟组合管理能力组态路径。因此,企业在构建联盟组合过程中应根据适度原则,控制联盟数量和伙伴重复性;同时,从前瞻规划、组合构建、关系优化和组合协调4个方面提高联盟组合管理能力,这为企业联盟组合管理实践提供了重要启示。