Abstract：How to promote firm innovation through the post cross-border M&A integration process is still an unsolved theoretical puzzle. The innovation school believes that the key to cross-border M&A integration decision-making lies in the degree of integration, ignoring the inevitable institutional logic conflict in the integration process and the fact that the explanation based on the resource view does not fully reveal the mediation process from M&A integration to innovation performance. Although researches on M&A synergy in the strategic school provide an opportunity for the explanation of the above-mentioned intermediary mechanism, it also ignores the research on the relationship between integration decision-making and M&A synergy, and fails to reveal the transmission path from cross-border M&A integration decision, M&A synergy to performance.Basing on the perspective of institutional logic and the literature on cross-border M&A integration, we define the integration decision of cross-border M&A as a strategic response to institutional complexity, including two response methods of institutional adaptation and institutional co-creation. Then, we explore the influencing mechanism of two strategic responses on innovation performance basing on the M&A synergy theory. The results show that operational synergy partly mediates the relationship between institutional co-creation and innovation performance, and financial synergy partly mediates the relationship between institutional adaptation and innovation performance. In the process of operational integration, multinational companies tend to co-create new institutions to achieve operational synergy to promote innovation performance, while in the process of financial integration multinational companies tend to achieve financial synergy through institutional adaptation to promote innovation performance.This research directly contributes to the research of innovation school on the innovation mechanism of cross-border M&A. On the one hand, basing on the perspective of institutional logic, this study uses the variable of strategic response of institutional complexity to describe the integration decision of cross-border M&A, which further reveals the complex core of the cross-border M&A integration decision-making. On the other hand, from the perspective of M&A synergy, this study reveals the relationship between strategic response of institutional complexity, M&A synergy and innovation performance, opening up the internal black box that cross-border M&A integration decision influences innovation performance. This research contributes to the research on M&A synergy from the perspective of strategic management. It explores the corresponding relationship between strategic decision-making and M&A synergy from the perspective of post M&A’s strategic response of institutional complexity, and finds that multinational companies need to make differentiated integration decisions in the process of achieving operational and financial synergies. Therefore, the research has built up a theoretical bridge between integration decision-making and M&A synergy, and contribute to enriching the antecedents of M&A synergy.The research results also have practical guiding values. Firstly, managers of multinational companies should realize that the key to promoting innovation performance through M&A integration is to promote the realization of synergy effects, so they should be targeted in the integration process and strive to identify and realize synergy effects. Secondly, in the process of M&A integration, managers of multinational companies should realize that they will suffer from institutional complexity caused by institutional logic conflicts, and should understand that the starting point for M&A integration decisions is to make strategic responses to these institutional conflicts. There are two types of response methods including institutional adaptation and institutional co-creation. Thirdly, in the process of operation integration, firms should adopt institutional co-creation responding to institutional conflicts, so as to obtain operational coordination and finally to improve innovation performance. While in the process of financial integration, firms should adopt institutional adaptation responding to institutional conflicts, so as to obtain financial coordination and finally to improve innovation performances.
吴航, 陈劲. 制度逻辑视角下跨国并购整合的创新机理：以并购协同为中介[J]. 浙江大学学报(人文社会科学版), 2021, 51(6): 134-148.
Wu Hang, Chen Jin. The Innovation Mechanism of Cross-border M&A Integration from the Perspective of Institutional Logic: Mediated by M&A Synergy. JOURNAL OF ZHEJIANG UNIVERSITY, 2021, 51(6): 134-148.
范建亭、刘勇： 《国际化程度与绩效关系的中外企业差异——来自500强企业的经验证据》，《管理科学学报》2018年第6期，第110-126页。2 Ahuja G. & Katila R.， “Technological acquisitions and the innovation performance of acquiring firms： a longitudinal study，” Strategic Management Journal， Vol. 22， No. 3 （2001）， pp. 197-220.3 Makri M.， Hitt M. A. & Lane P. J.， “Complementary technologies， knowledge relatedness， and innovation outcomes in high technology mergers and acquisitions，” Strategic Management Journal， Vol. 31， No. 6 （2010）， pp. 602-628.4 张文菲、金祥义、张诚： 《跨国并购、市场化进程与企业创新——来自上市企业的经验证据》，《南开经济研究》2020年第2期，第203-225页。5 黄苹、蔡火娣： 《跨国并购对企业技术创新质变的影响研究——基于技术互补性调节分析》，《科研管理》2020年第6期，第80-89页。6 Prabhu J. C.， Chandy R. K. & Ellis M. E.， “The impact of acquisitions on innovation： poison pill， placebo， or tonic？” Journal of Marketing， Vol. 69， No. 1 （2005）， pp. 114-130.7 Desyllas P. & Hughes A.， “Do high technology acquirers become more innovative？” Research Policy， Vol. 39， No. 8 （2010）， pp. 1105-1121.8 王艳： 《混合所有制并购与创新驱动发展——广东省地方国企“瀚蓝环境”2001—2015年纵向案例研究》，《管理世界》2016年第8期，第150-163页。9 Puranam P.， Singh H. & Zollo M.， “Organizing for innovation： managing the coordination-autonomy dilemma in technology acquisitions，” The Academy of Management Journal， Vol. 49， No. 2 （2006）， pp. 263-280.10 Puranam P. & Srikanth K.， “What they know vs. what they do： how acquirers leverage technology acquisitions，” Strategic Management Journal， Vol. 28， No. 8 （2007）， pp. 805-825.11 Bauer F.， Matzler K. & Wolf S.， “M&A and innovation： the role of integration and cultural differences—a central European targets perspective，” International Business Review， Vol. 25， No. 1 （2016）， pp. 76-86.12 黄嫚丽、张明、皮圣雷等： 《中国企业逆向跨国并购整合组态与并购整合绩效关系研究》，《管理评论》2019年第5期，第656-664页。13 Rouzies A.， Colman H. L. & Angwin D.， “Recasting the dynamics of post-acquisition integration： an embeddedness perspective，” Long Range Planning， Vol. 52， No. 2 （2019）， pp. 271-282.14 North D. C.， Institutions， Institutional Change and Economic Performance， Cambridge： Cambridge University Press， 1990.15 吴航、陈劲： 《企业实施国际化双元战略的创新效应：以竞争强度为调节》，《科学学研究》2018年第2期，第334-341页。16 Choi S. & McNamara G.， “Repeating a familiar pattern in a new way： the effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions，” Strategic Management Journal， Vol. 39， No. 2 （2018）， pp. 356-378.17 Chatterjee S.， “Types of synergy and economic value： the impact of acquisitions on merging and rival firms，” Strategic Management Journal， Vol. 7， No. 2 （1986）， pp. 119-139.18 唐建新、陈冬： 《地区投资者保护、企业性质与异地并购的协同效应》，《管理世界》2010年第8期，第102-116页。19 Larsson R. & Finkelstein S.， “Integrating strategic， organizational， and human resource perspectives on mergers and acquisitions： a case study of synergy realization，” Organization Science， Vol. 10， No. 1 （1999）， pp. 1-26.20 Capron L.， “The long-term performance of horizontal acquisitions，” Strategic Management Journal， Vol. 20， No. 11 （1999）， pp. 987-1018.21 Rabier M. R.， “Acquisition motives and the distribution of acquisition performance，” Strategic Management Journal， Vol. 38， No. 13 （2017）， pp. 2666-2681.22 Chondrakis G.， “Unique synergies in technology acquisitions，” Research Policy， Vol. 45， No. 9 （2016）， pp. 1873-1889.23 Thornton P. H. & Ocasio W.， “Institutional logics and the historical contingency of power in organizations： executive succession in the higher education publishing industry， 1958-1990，” American Journal of Sociology， Vol. 105， No. 3 （1999）， pp. 801-843.24 Greenwood R.， Raynard M. & Kodeih F. et al.， “Institutional complexity and organizational responses，” The Academy of Management Annals， Vol. 5， No. 1 （2011）， pp. 317-371.25 程宣梅、谢洪明、陈侃翔等： 《集体行动视角下的制度逻辑演化机制研究——基于专车服务行业的案例分析》，《管理科学学报》2018年第2期，第16-36页。26 Newenham-Kahindi A. & Stevens C. E.， “An institutional logics approach to liability of foreignness： the case of mining MNEs in Sub-Saharan Africa，” Journal of International Business Studies， Vol. 49， No. 7 （2018）， pp. 881-901.27 魏江、王诗翔、杨洋： 《向谁同构？中国跨国企业海外子公司对制度双元的响应》，《管理世界》2016年第10期，第134-149、188页。28 Greenwood R.， Oliver C. & Suddaby R. et al.， “Introduction，” in Greenwood R.， Oliver C. & Sahlin K. et al. （eds.）， The Sage Handbook of Organizational Institutionalism， London： Sage， 2008， pp. 1-46.29 Thornton P. H.， Ocasio W. & Lounsbury M.， The Institutional Logics Perspective： A New Approach to Culture， Structure and Process， Oxford： Oxford University Press， 2012.30 Cantwell J.， Dunning J. H. & Lundan S. M.， “An evolutionary approach to understanding international business activity： the co-evolution of MNEs and the institutional environment，” Journal of International Business Studies， Vol. 41， No. 4 （2010）， pp. 567-586.31 Regnér P. & Edman J.， “MNE institutional advantage： how subunits shape， transpose and evade host country institutions，” Journal of International Business Studies， Vol. 45， No. 3 （2014）， pp. 275-302.32 李善民、刘永新： 《并购整合对并购公司绩效的影响——基于中国液化气行业的研究》，《南开管理评论》2010年第4期，第154-160页。33 Capron L. & Hulland J.， “Redeployment of brands， sales forces， and general marketing management expertise following horizontal acquisitions： a resource-based view，” Journal of Marketing， Vol. 63， No. 2 （1999）， pp. 41-54.34 Sarala R. M. & Vaara E.， “Cultural differences， convergence， and crossvergence as explanations of knowledge transfer in international acquisitions，” Journal of International Business Studies， Vol. 41， No. 8 （2010）， pp. 1365-1390.35 陈菲琼、黄义良： 《组织文化整合视角下海外并购风险生成与演化》，《科研管理》2011年第11期，第100-106页。36 Ahmadjian C. L.， “Comparative institutional analysis and institutional complexity，” Journal of Management Studies， Vol. 53， No. 1 （2016）， pp. 12-27.37 吴航、陈劲： 《跨国并购动机与整合过程中的制度复杂性战略响应》，《科学学研究》2020年第9期，第 1570-1578页。38 乔建伟： 《创业板企业融资决策对企业创新绩效的影响》，《科技进步与对策》2020年第12期，第90-98页。39 姜硕、刘琳、宋磊： 《企业并购后的财务整合》，《经济管理》2003年第15期，第32-34页。40 Reus T. H. & Lamont B. T.， “The double-edged sword of cultural distance in international acquisitions，” Journal of International Business Studies， Vol. 40， No. 8 （2009）， pp. 1298-1316.41 Anderson J. C. & Gerbing D. W.， “Structural equation modeling in practice： a review and recommended two-step approach，” Psychological Bulletin， Vol. 103， No. 3 （1988）， pp. 411-423.42 Fornell C. & Larcker D. F.， “Evaluating structural equation models with unobservable variables and measurement error，” Journal of Marketing Research， Vol. 18， No. 1 （1981）， pp. 39-50.43 Cording M.， Christmann P. & King D. R.， “Reducing causal ambiguity in acquisition integration： intermediate goals as mediators of integration decisions and acquisition performance，” The Academy of Management Journal， Vol. 51， No. 4 （2008）， pp. 744-767.
1
范建亭、刘勇： 《国际化程度与绩效关系的中外企业差异——来自500强企业的经验证据》，《管理科学学报》2018年第6期，第110-126页。2 Ahuja G. & Katila R.， “Technological acquisitions and the innovation performance of acquiring firms： a longitudinal study，” Strategic Management Journal， Vol. 22， No. 3 （2001）， pp. 197-220.3 Makri M.， Hitt M. A. & Lane P. J.， “Complementary technologies， knowledge relatedness， and innovation outcomes in high technology mergers and acquisitions，” Strategic Management Journal， Vol. 31， No. 6 （2010）， pp. 602-628.4 张文菲、金祥义、张诚： 《跨国并购、市场化进程与企业创新——来自上市企业的经验证据》，《南开经济研究》2020年第2期，第203-225页。5 黄苹、蔡火娣： 《跨国并购对企业技术创新质变的影响研究——基于技术互补性调节分析》，《科研管理》2020年第6期，第80-89页。6 Prabhu J. C.， Chandy R. K. & Ellis M. E.， “The impact of acquisitions on innovation： poison pill， placebo， or tonic？” Journal of Marketing， Vol. 69， No. 1 （2005）， pp. 114-130.7 Desyllas P. & Hughes A.， “Do high technology acquirers become more innovative？” Research Policy， Vol. 39， No. 8 （2010）， pp. 1105-1121.8 王艳： 《混合所有制并购与创新驱动发展——广东省地方国企“瀚蓝环境”2001—2015年纵向案例研究》，《管理世界》2016年第8期，第150-163页。9 Puranam P.， Singh H. & Zollo M.， “Organizing for innovation： managing the coordination-autonomy dilemma in technology acquisitions，” The Academy of Management Journal， Vol. 49， No. 2 （2006）， pp. 263-280.10 Puranam P. & Srikanth K.， “What they know vs. what they do： how acquirers leverage technology acquisitions，” Strategic Management Journal， Vol. 28， No. 8 （2007）， pp. 805-825.11 Bauer F.， Matzler K. & Wolf S.， “M&A and innovation： the role of integration and cultural differences—a central European targets perspective，” International Business Review， Vol. 25， No. 1 （2016）， pp. 76-86.12 黄嫚丽、张明、皮圣雷等： 《中国企业逆向跨国并购整合组态与并购整合绩效关系研究》，《管理评论》2019年第5期，第656-664页。13 Rouzies A.， Colman H. L. & Angwin D.， “Recasting the dynamics of post-acquisition integration： an embeddedness perspective，” Long Range Planning， Vol. 52， No. 2 （2019）， pp. 271-282.14 North D. C.， Institutions， Institutional Change and Economic Performance， Cambridge： Cambridge University Press， 1990.15 吴航、陈劲： 《企业实施国际化双元战略的创新效应：以竞争强度为调节》，《科学学研究》2018年第2期，第334-341页。16 Choi S. & McNamara G.， “Repeating a familiar pattern in a new way： the effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions，” Strategic Management Journal， Vol. 39， No. 2 （2018）， pp. 356-378.17 Chatterjee S.， “Types of synergy and economic value： the impact of acquisitions on merging and rival firms，” Strategic Management Journal， Vol. 7， No. 2 （1986）， pp. 119-139.18 唐建新、陈冬： 《地区投资者保护、企业性质与异地并购的协同效应》，《管理世界》2010年第8期，第102-116页。19 Larsson R. & Finkelstein S.， “Integrating strategic， organizational， and human resource perspectives on mergers and acquisitions： a case study of synergy realization，” Organization Science， Vol. 10， No. 1 （1999）， pp. 1-26.20 Capron L.， “The long-term performance of horizontal acquisitions，” Strategic Management Journal， Vol. 20， No. 11 （1999）， pp. 987-1018.21 Rabier M. R.， “Acquisition motives and the distribution of acquisition performance，” Strategic Management Journal， Vol. 38， No. 13 （2017）， pp. 2666-2681.22 Chondrakis G.， “Unique synergies in technology acquisitions，” Research Policy， Vol. 45， No. 9 （2016）， pp. 1873-1889.23 Thornton P. H. & Ocasio W.， “Institutional logics and the historical contingency of power in organizations： executive succession in the higher education publishing industry， 1958-1990，” American Journal of Sociology， Vol. 105， No. 3 （1999）， pp. 801-843.24 Greenwood R.， Raynard M. & Kodeih F. et al.， “Institutional complexity and organizational responses，” The Academy of Management Annals， Vol. 5， No. 1 （2011）， pp. 317-371.25 程宣梅、谢洪明、陈侃翔等： 《集体行动视角下的制度逻辑演化机制研究——基于专车服务行业的案例分析》，《管理科学学报》2018年第2期，第16-36页。26 Newenham-Kahindi A. & Stevens C. E.， “An institutional logics approach to liability of foreignness： the case of mining MNEs in Sub-Saharan Africa，” Journal of International Business Studies， Vol. 49， No. 7 （2018）， pp. 881-901.27 魏江、王诗翔、杨洋： 《向谁同构？中国跨国企业海外子公司对制度双元的响应》，《管理世界》2016年第10期，第134-149、188页。28 Greenwood R.， Oliver C. & Suddaby R. et al.， “Introduction，” in Greenwood R.， Oliver C. & Sahlin K. et al. （eds.）， The Sage Handbook of Organizational Institutionalism， London： Sage， 2008， pp. 1-46.29 Thornton P. H.， Ocasio W. & Lounsbury M.， The Institutional Logics Perspective： A New Approach to Culture， Structure and Process， Oxford： Oxford University Press， 2012.30 Cantwell J.， Dunning J. H. & Lundan S. M.， “An evolutionary approach to understanding international business activity： the co-evolution of MNEs and the institutional environment，” Journal of International Business Studies， Vol. 41， No. 4 （2010）， pp. 567-586.31 Regnér P. & Edman J.， “MNE institutional advantage： how subunits shape， transpose and evade host country institutions，” Journal of International Business Studies， Vol. 45， No. 3 （2014）， pp. 275-302.32 李善民、刘永新： 《并购整合对并购公司绩效的影响——基于中国液化气行业的研究》，《南开管理评论》2010年第4期，第154-160页。33 Capron L. & Hulland J.， “Redeployment of brands， sales forces， and general marketing management expertise following horizontal acquisitions： a resource-based view，” Journal of Marketing， Vol. 63， No. 2 （1999）， pp. 41-54.34 Sarala R. M. & Vaara E.， “Cultural differences， convergence， and crossvergence as explanations of knowledge transfer in international acquisitions，” Journal of International Business Studies， Vol. 41， No. 8 （2010）， pp. 1365-1390.35 陈菲琼、黄义良： 《组织文化整合视角下海外并购风险生成与演化》，《科研管理》2011年第11期，第100-106页。36 Ahmadjian C. L.， “Comparative institutional analysis and institutional complexity，” Journal of Management Studies， Vol. 53， No. 1 （2016）， pp. 12-27.37 吴航、陈劲： 《跨国并购动机与整合过程中的制度复杂性战略响应》，《科学学研究》2020年第9期，第 1570-1578页。38 乔建伟： 《创业板企业融资决策对企业创新绩效的影响》，《科技进步与对策》2020年第12期，第90-98页。39 姜硕、刘琳、宋磊： 《企业并购后的财务整合》，《经济管理》2003年第15期，第32-34页。40 Reus T. H. & Lamont B. T.， “The double-edged sword of cultural distance in international acquisitions，” Journal of International Business Studies， Vol. 40， No. 8 （2009）， pp. 1298-1316.41 Anderson J. C. & Gerbing D. W.， “Structural equation modeling in practice： a review and recommended two-step approach，” Psychological Bulletin， Vol. 103， No. 3 （1988）， pp. 411-423.42 Fornell C. & Larcker D. F.， “Evaluating structural equation models with unobservable variables and measurement error，” Journal of Marketing Research， Vol. 18， No. 1 （1981）， pp. 39-50.43 Cording M.， Christmann P. & King D. R.， “Reducing causal ambiguity in acquisition integration： intermediate goals as mediators of integration decisions and acquisition performance，” The Academy of Management Journal， Vol. 51， No. 4 （2008）， pp. 744-767.
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