跨国技术并购的协同机制构建：基于资源和制度视角

Building Synergistic Mechanisms of Cross-border Technological M A: On the Resource and Institution Perspective

摘要:

跨国技术并购的成败日益成为关系企业发展的战略关键。基于并购协同理论，本文运用案例分析方法和扎根理论的编码方式，以英特尔基于技术驱动的跨国并购事件为例，归纳出并购双方不同类型的协同关系与协同机制，及其对并购双方绩效的影响。研究结果表明：跨国技术并购之前，并购双方建构3种类型的协同关系，即战略目标趋同、行业地位适中和经营绩效趋异，有助于并购双方绩效的共同提升；在跨国技术并购过程中，技术共享机制、资源互补机制和制度规避机制在跨国技术并购过程中起着关键协同作用。由此，跨国企业在实施并购前应审慎选择被并购方，注重双方在行业地位与业绩上的适度差距，优先考虑竞争力被低估或因短期因素导致业绩下滑但具备领先优势的目标企业，以此夯实并购绩效协同的实现基础。此外，跨国技术并购策略需因行业而异，尤其在科技行业跨国并购中，应重点关注东道国政策对技术转让的限制及股东顾虑，通过建立互利的技术共享机制化解制度与技术壁垒，保障跨国技术并购的协同实现。

Abstract:

The success or failure of cross-border technology M&A is increasingly becoming a strategic determinant of corporate development. Based on the theory of merger synergy and using a grounded theory case analysis approach, this paper selects Intel’s technology-driven cross-border M&A case to summarize different types of synergy relationships and mechanisms between the acquiring and acquired companies, and their impact on both parties’ performance. The results indicate that, prior to a cross-border technology merger, establishing three types of synergy relationships—alignment of strategic objectives, moderate industry positioning, and divergence in operational performance—contributes to a mutual enhancement in the performance of both parties. During the process of a cross-border technology merger, mechanisms of technology sharing, resource complementarity, and regulatory circumvention play synergistic roles. Accordingly, multinational enterprises should exercise prudence in selecting M&A targets prior to initiating cross-border technology M&A. They should pay particular attention to maintaining an appropriate gap between the acquirer and target in terms of industry position and performance, prioritizing firms whose competitive strengths are undervalued or whose recent performance has temporarily declined due to short-term operational or environmental factors, yet which retain a leading position within their industry. Such selection criteria help establish a solid foundation for achieving post-acquisition performance synergy. Furthermore, strategies for cross-border technology acquisitions should be tailored to the specific characteristics of the industry involved. In particular, within the technology sector, firms must closely monitor host-country regulations concerning technology transfer restrictions and address shareholders’ concerns regarding intellectual property protection. By establishing mutually beneficial technology-sharing mechanisms, acquirers can effectively mitigate institutional and technological barriers, thereby safeguarding the realization of synergy in cross-border technology acquisitions.