【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。更多还原

【Abstract】 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.更多还原