CAJ | 학술논문

本文采用基于PLS方法的结构方程模型，探究了技术获取型海外并购双方资源相似性、互补性及其交互作用通过并购整合决策（整合程度及目标方自主性）对并购创新表现产生影响的内在机制及传递路径。研究结果表明，资源互补性与整合程度及目标方自主性正相关，进而促进范围经济和协同效应的产生，最终能够提高并购创新表现；资源相似性与整合程度正相关，有利于创新的实现，但同时与目标方自主性负相关，不利于保护目标公司人员的积极性和创新效率，这可能是相似性损害并购创新表现的一个重要原因；当资源互补性和资源相似性同时存在时。互补性能够调节相似性对于并购创新表现的负向影响。本文有助于深化对并购整合决策及创新价值产生机制的认识，对于并购领域管理者具有一定启示。
본문채용기우PLS방법적결구방정모형，탐구료기술획취형해외병구쌍방자원상사성、호보성급기교호작용통과병구정합결책（정합정도급목표방자주성）대병구창신표현산생영향적내재궤제급전체로경。연구결과표명，자원호보성여정합정도급목표방자주성정상관，진이촉진범위경제화협동효응적산생，최종능구제고병구창신표현；자원상사성여정합정도정상관，유리우창신적실현，단동시여목표방자주성부상관，불리우보호목표공사인원적적겁성화창신효솔，저가능시상사성손해병구창신표현적일개중요원인；당자원호보성화자원상사성동시존재시。호보성능구조절상사성대우병구창신표현적부향영향。본문유조우심화대병구정합결책급창신개치산생궤제적인식，대우병구영역관리자구유일정계시。
This paper uses PLS technique to analyze the inherent impact of resource similarity, resource complementarity, and their interaction effect on M＆A innovation performance mediated by integration degree and target autonomy in technology- sourcing overseas M＆A. The results show that compared with re- source similarity, resource complementarity can better generate innovation value, because it leads to high levels of both integration and target autonomy which contribute to economies of scope and synergy effects. However, resource similari- ty may work against M＆A innovation performance, because it leads to high lev- el of integration and low level of target autonomy, and the latter may impair the innovation efficiency of the target. In addition, when resource similarity and re- source complementarity coexist, resource complementarity can moderate the nega- tive impact of resource similarity on M＆A innovation performance. The findings of the paper may shed lights on the integration decisions and provide insights into the generating mechanism of innovation value and M＆A practices.