| 数字经济下内外网络均衡对中国海外并购质量的影响——复杂知识缺口弥合效果的视角 |
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| 引用本文： | 李飞,陈岩,金红.数字经济下内外网络均衡对中国海外并购质量的影响——复杂知识缺口弥合效果的视角[J].科研管理,2006,40(12):73-84. |
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| 作者姓名： | 李飞 陈岩 金红 |
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| 作者单位： | 1.北京邮电大学经济管理学院，北京100876;
2.中国建设银行股份有限公司吉林省分行，吉林 长春130061; |
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| 摘 要： | 本文基于2001-2016年的146起中国制造业上市公司海外并购样本的事件研究与大数据Bootstrap重复抽样检验，得出结论，内外网络均衡对中国企业海外并购后国内创新质量和国际创新质量均产生正向影响，且对国内创新质量的促进作用高于国际创新质量；母国和东道国的数字化水平对网络均衡与中国企业海外并购后国内和国际创新质量的关系也均具有显著的正向调节作用；按照母国与东道国数字鸿沟分组检验结果发现，数字鸿沟小时，并购方网络均衡与东道国数字化水平的交互作用更能提升中国企业海外并购后创新质量；进一步按照目标方知识复杂度高低进行分组检验，发现目标方知识复杂度高时，网络均衡与数字化的交互作用对提升中国企业海外并购后国内创新质量与国际创新质量的作用都高于知识复杂度低时。本文阐释数字经济中新兴市场跨国企业构建内外均衡网络兑现全球性创新优势的全新机制，在数字化加剧服务与制造分离的情景下，对中国制造业企业运用内外均衡网络，海外寻求复杂性强的隐性知识，加速中国消费端数字化向工业互联网资源的配置转移，利用数字化强外部性整合工业产业创新资源走向世界创新中心，具有重要价值。
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| 收稿时间： | 2019-03-07 |
Impact of the domestic and foreign network balance on the quality of Chinese overseas M&A under digital economy —A perspective on the bridging effect of complex knowledge gap |
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| Li Fei,Chen Yan,Jin Hong.Impact of the domestic and foreign network balance on the quality of Chinese overseas M&A under digital economy —A perspective on the bridging effect of complex knowledge gap[J].Science Research Management,2006,40(12):73-84. |
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| Authors: | Li Fei Chen Yan Jin Hong |
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| Institution: | 1. School of Economics and Management，Beijing University of Posts and Telecommunications，Beijing 100876，China;
2. Jilin Branch, China Construction Bank Co., Ltd., Changchun 130061, Jilin, China |
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| Abstract: | According to Thomson One database, China’s overseas M&As amounted to US$108 billion in 2018, which declines 2.9% compared with the same period in the last year. Overseas M&A of Chinese enterprises has entered a new stage of improving quality and efficiency and fostering international competitive advantage. Meanwhile, in recent years, digitalization has progressed rapidly in emerging-market countries. Taking China as an example, its digital economy grew by 17.24% in 2017, with that sector’s share of GDP rising to 32.28%. The integration of highly complex and strongly non-transferable tacit knowledge is the core of enterprise strategies aimed at increasing innovation and competitiveness. In essence, digitalization can improve the standardization, simplification, openness, and transferability of tacit knowledge. Therefore, researchers should study whether and how digital development can help Chinese enterprise to acquire highly complex overseas innovation resources in order to improve their innovation quality.In this paper, we integrate insights from network theory to broaden internalization theory for the digital age. We have constructed the research framework of network balance, digitalization, and innovation quality of enterprises in the context of Chinese cross-border M&As. The balanced network contributes to the development of new products; it does so mainly because it increases the diversity and efficiency of a company’s knowledge-search process. The balance of local partners and foreign partners is a vital network advantage. Per network theory, a balanced network configuration integrates all kinds of essential knowledge and thus minimizes both coordination costs and knowledge-transfer difficulty; this improves the quality of innovation. Focusing only either on local or foreign sources of innovation may lead to incomplete innovation knowledge or, even worse, to an imperfect understanding of a host country’s culture and institutions, which is not conducive to improved innovation quality. Thus, we propose the first hypotheses: Hypothesis 1: The balance of network is positively correlated to the innovation quality of Chinese enterprises that have engaged in overseas M&As.Digitalization is the process by which complex information is transformed into standard, measurable data by means of information and communication technologies. Digitalization transforms firm-specific advantages; instead of retaining sophisticated knowledge embedded in physical assets, digitalization enables firms to simplify, standardize, service, and share the knowledge that is embedded in digital platforms. Instead of being owned by a single enterprise, the advantage is dispersed throughout a network and can be accessed by each enterprise within it. Thus, digitalization increases the cross-border transferability of a firm’s technology FSAs by enhancing the firm’s ability to bundle it with other firms’ FSAs through a network, which help the EMNEs improve network advantage for innovation. In this paper, we argue that, in the wake of overseas M&As, digitalization positively moderates the correlation between network-embedding equilibrium and innovation quality. Thus, we propose hypotheses 2a, 2b, and 2c.Hypothesis 2a: the digitalization degree of the home country has a positive moderating effect on the correlation between network balance and innovation quality for Chinese enterprises that have engaged in overseas M&As. Hypothesis 2b: the digitalization degree of the host country has a positive moderating effect on the correlation between network balance and innovation quality for Chinese enterprises that have engaged in overseas M&As. Hypothesis 2c: When the digital gap is small, the interaction between the network balance and the digitalization degree of the host country can improve more of the innovation quality of Chinese enterprises after overseas M&A.Knowledge complexity is the degree of diversity in the disciplines that are required for knowledge development. Highly sophisticated and non-transferable tacit knowledge is the source of enterprises’ core competitive advantages, but the advantages of the Chinese manufacturing industry are concentrated in ease of coding, simple standardization, and scale. There are also gaps in high-complexity knowledge acquisition. However, digitalization improves the standardization, simplification, openness, and transferability of tacit knowledge; thus, it can help Chinese enterprises to acquire high-complexity tacit knowledge. Hypothesis 3: When the knowledge complexity of the target is high, the interaction between network balance and digitalization is more prominent in improving the quality of innovation of Chinese enterprises after overseas M&A.This paper uses an empirical study to test these hypotheses. Based on a sample of 146 Overseas M&As of Chinese listed manufacturing companies from 2001 to 2016, this paper conducts an event study and bootstrap repeated sampling analysis. We find that network-embedding balance has a positive impact on the quality of domestic and international innovation after M&A，while the effect on domestic innovation is stronger than that on international innovation. The digital level of the home and host countries also have a significant positive moderating effect on the relationship between network balance and domestic innovation quality and international innovation quality of Chinese enterprises after overseas M&A. After grouping subsamples according to digital gap, we find that when the digital gap is small, the interaction between the network balance and the digital level of the host country can better improve the quality of innovation; After further grouping subsamples according to the knowledge complexity of the target firm, we find that when the knowledge complexity of the target is high, the interaction between network balance and digital level has a stronger effect on improving the quality of innovation. In this study, we make several contributions. Firstly, instead of examining only the firm-specific advantages of emerging-market multinational enterprises in the digital economy, we use the interactions of digital gaps and network balance to explore a new mechanism in which such enterprises construct balanced networks to realize global innovation advantages in the digital economy. Secondly, instead of relying on overseas M&A theory (in which the relationship between isolated M&A parties is only thought of as binary), we start from global network embedding theory and focus on how the balance between the acquiring firm’s domestic and foreign networks enhances its global innovation advantage after it engages in an overseas M&A. Finally, this paper explains a new mechanism for multinational enterprises in emerging markets in the digital economy to construct a balance network to realize global innovation advantages. |
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