关键词: 渐进式跨国并购, 知识转移, 人际信任, 知识吸收能力

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 sides will 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