摘要：本文围绕"在资源依赖不对称的情况下,新兴市场企业(Emerging Multinational Enterprises,简称EMNEs)如何选择制度逻辑以实现整合绩效的提升"这一研究问题展开。通过深入剖析吉利并购沃尔沃的纵向案例,本文发现:(1)EMNEs并购发达国家企业以后,资源依赖从高度依赖不对称到轻度依赖不对称,再到高度联合依赖,是动态变化的。(2)EMNEs并购发达国家企业后,不同的资源依赖状态影响企业对不同制度逻辑(外资企业制度逻辑、民营企业制度逻辑和混合制度逻辑)的选择。(3)EMNEs可以充分利用不同制度逻辑的优势,实现跨国并购的战略目标。

关键词：新兴市场企业; 跨国并购; 资源依赖; 制度逻辑; 整合绩效

Abstract：This study tends to answer the question “How do merging multinational enterprises(EMNEs) choose appropriate institutional logics to achieve the improvement of integration under the situation of dependence asymmetry” Based on the longitudinal, qualitative analysis of Geely-Volvo deal, we find that the state of resource dependence is continuously changing, from high dependence asymmetry to low dependence asymmetry, and to high joint dependence. Our study sheds light on how resource dependence influence the choice of institutional logics among foreign logic, private logic and hybrid logics. We also find that EMNEs can make good use of different institutional logics to achieve strategic goals.

Key words：emerging multinational enterprises; cross-border M&As; resource dependence; institutional logics; post-acquisition integration performance

文章作者：杜健，郑秋霞，丁飒飒，郭斌

作者单位：浙江大学管理学院

西南财经大学国际商学院

全文已刊发在《科学学研究》2021年第3期