渐进式跨国并购与知识转移效果的关系研究——以鸣志电器为例
陈凌云1,罗倩1,钱海荣2,王楠3
（1.东华大学旭日工商管理学院，上海200051；
2.上海鸣志电工股份有限公司，上海201107；
3.北京工商大学商学院，北京100037）
摘要：中国企业通过跨国并购获取优势技术的知识转移过程中，可能遇到诸多阻碍因素，不同的并购方式可能降低这些阻碍因素对并购的负向作用。本文选取鸣志电器收购AMP进行案例研究，采用半结构访谈法分析其并购模式并总结，借鉴渐进式制度变迁理论，提出渐进式跨国并购的概念，对影响知识转移的前置因素进行梳理，逐层介绍各因素之间的影响关系，揭示了渐进式跨国并购对知识转移效果的影响路径。研究发现：基于原有合作基础的渐进式跨国并购通过某种强关系的建立，弱化了制度距离、知识距离对知识转移效果的负面影响，从而增强了双方的人际信任，通过情感信任和认知信任，构筑稳健的信任关系，而稳健的信任关系使得并购双方知识转让意愿和知识接受意愿更为强烈，减少阻碍因素的不利影响，知识吸收能力得以提高，进而提升知识转移效果。
关键词：渐进式跨国并购；知识转移；人际信任；知识吸收能力
主要研究结论：通过对鸣志电器收购AMP的案例研究，本文得到了如下结论：（1）渐进式跨国并购建立在并购双方交易前存续的合作基础之上，通过长期紧密的合作建立起稳健的强关系。（2）这种关系的嵌入为双方搭建起有效沟通的桥梁，弱化制度距离、知识距离障碍因素的负面影响，促进人际信任的深化。（3）信任通过促进双方的转移意愿和提升知识吸收能力增加知识转移便利性，相互沟通的频次增加以及人际交往的空间扩大，形成良性互动和高效协作，使得并购双方知识转移意愿和知识接受意愿更为强烈，保障知识转移的有效性。总体而言，企业对被并购方的知识存在适应过程，在渐进式并购中，之前的合作基础通过强关系，形成人际信任，为并购后的知识转移创造有利环境，从而提高知识转移效果。
Research on the relationship between gradual multinational M&As and knowledge transfer effectiveness: A case study by taking MOONS′ merges of AMP as an example
Chen Lingyun1, Luo Qian1, Qian Hairong2, Wang Nan3
(1. Glorious Sun School of Business and Management, Donghua University,Shanghai 200051, China;
2. Shanghai Moons′ Industries Company LTD., Shanghai 201107, China;
3. School of Business, Beijing Technology and Business University, Beijing 100037, China)
Abstract:Chinese enterprises in the process of knowledge transfer in multinational merger and acquisitions (M&As) may encounter countless tears and thorns when pursuing advanced technologies. For example, institutional distance and knowledge distance will hinder the process, while interpersonal trust between both sideswill promote it. Furthermore, willingness to transfer knowledge, willingness to receive knowledge and knowledge absorptive capacity also play a key role. In spite of all the twists and turns, some M&A modes may unexpectedly mitigate the negative effects, whilst others have no explicit merits.
Based on the M&A between MOONS′ and AMP, several semi-structural interviews are conducted in this paper to analyze its M&A mode. Using the gradual institutional evolution theory for reference, we propose the conceptual framework of Gradual Multinational M&A Mode. In order to shed light on mechanisms through which multinational M&A can influence knowledge transfer, we will account for the ex-ante factors affecting knowledge transfer in detail, meanwhile exploring interconnection between them layer by layer.
Gradual multinational M&A refers to the multinational merger and acquisition based on early beneficial cooperation, which includes strategic cooperation (such as having established a joint venture together), production cooperation (suppose one party before M&A is the customer, and the other is the supplier of goods and services), technical cooperation and marketing cooperation, etc. Prior to the M&A, MOONS′ and AMP have already conducted business with each other for decades. By establishing a joint venture previously, they have deliberately paved the way for the final step.
By analyzing the M&A mode between MOONS′ and AMP, we can draw these following conclusions. First and foremost, gradual multinational M&A built on previous long-term cooperation can establish a strong and stable post-M&A relationship. In addition, the channel for communication inserted by the relationship can mitigate the negative impact arising from institutional and knowledge distance. To be specific, institutional distance is made up of distance restrained by authority(for example, the intellectual property law, financial regulations and internal controls can restrain both parties in an M&A), normative distance (such as distance deriving from social norm, code of conduct and value) and cognitive distance, while knowledge distance consists of knowledge-depth distance and knowledge-width distance, both of which can give an impetus to interpersonal trust. Thirdly, by cultivating a trustworthy connection through emotional trust and cognitive trust can both sides promote the willingness to transfer knowledge and the capability to absorb knowledge. With the convenience of knowledge transfer process increasing, with the frequency and scope of communication expanding, with benign interaction and efficient collaboration arising, both sides in the merger and acquisition will have an even stronger will to transfer and absorb knowledge, which undoubtedly guarantees the efficiency of knowledge transfer process. All in all, the acquirer must adapt to the acquired company′s knowledge step by step. In a gradual M&A, strong relationship and interpersonal trust, cultivated during previous cooperation, can provide a platform for post-M&A knowledge transfer process on which efficiency is assured.
Key words:gradual multinational M&A; knowledge transfer; interpersonal trust; knowledge absorption capability
：陈凌云,罗倩,钱海荣等.渐进式跨国并购与知识转移效果的关系研究——以鸣志电器为例[J].科研管理,2023,44(5):105-112.
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