中国企业的跨国并购策略已经从资源寻求型转变为技术寻求型,但跨国技术并购实践面临着重大挑战。考虑到现有单因素净效应研究无法揭示跨国技术并购高价值创造的复杂因果机制,本文基于理论视角法和文献归纳法,以22家中国上市企业跨国技术并购为例,采用fsQCA研究方法对跨国技术并购高价值创造对应的组态路径及典型案例进行分析。研究发现:(1)制度距离、企业特征、吸收能力和交易特征都不是跨国技术并购高价值创造的必要条件。(2)跨国技术并购高价值创造存在四类路径,即经验实际吸收能力双弱企业对高制度距离企业的技术关联完全并购、经验实力双强企业对低制度距离企业的技术多元并购、经验吸收能力双强企业对低正式制度距离企业的技术并购、实际吸收能力强企业对高制度距离企业的技术互补并购,在此基础上归纳出与5种并购背景相匹配的6种并购策略。研究结论有助于加深理论界对跨国技术并购高价值创造的理解,为实践中关注的“如何实现跨国技术并购高价值创造”这一现实问题做出关键解答。

The cross-border merger and acquisition(M&A) strategies of Chinese enterprises have shifted from resource seeking to technology seeking, but the practice of cross-border technology M&As faces significant challenges. Considering that the existing studies on the net effect of single factors fail to reveal the complex causal mechanism of high value creation in cross-border technology M&As, this paper, based on the theoretical perspective method and the literature induction method, took the cross-border technology M&As of 22 Chinese listed enterprises as examples, and employed the fsQCA research method to analyze the corresponding configurational paths for high value creation in cross-border technology M&As and the corresponding typical cases. The study found that: (1) Institutional distance, enterprise characteristics, absorptive capacity, and transaction characteristics are not necessary conditions for high value creation in cross-border technology M&As. (2) There are four types of paths that promote high value creation in cross-border technology M&As, namely, enterprises with weak experience and low actual absorptive capacity conduct complete technology-related M&A on targets with high institutional distance, enterprises with both strong experience and strong strength conduct technology-diversified M&A on targets with low institutional distance, enterprises with both strong experience and strong absorptive capacity conduct technology M&A on targets with low formal institutional distance, enterprises with strong actual absorptive capacity conduct technology-complementary M&A on targets with high institutional distance. On this basis, we summarized six M&A strategies that match the five M&A backgrounds. The research conclusions help to deepen the theoretical understanding of high value creation in cross-border technology M&As, and will provide a key answer to the practical problem of “how to achieve high value creation in cross-border technology M&As”.