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中国制造业企业在通过海外并购方式获取先进技术时,面临着两对矛盾,即外部技术获取与内部技术获取之间的矛盾;新技术开发与现有技术利用的矛盾。中国企业在面临复杂的全球竞争环境且自身能力不足的情况下,“通过海外并购获取技术”时权衡两对矛盾、匹配战略路径的逻辑黑箱仍未被完全打开。本文通过对京城重工并购日本长野和意大利TGF的案例进行深入研究,从技术型并购企业核心知识库向基础知识库衍化以及技术内化能力向技术再造跃迁的两个不同维度,从动态能力视角对两次并购进行横向对比和深度挖掘,提出了技术型海外并购的双元并进战略选择模型,归纳分析出海外并购过程中不同阶段采取不同战略或进行战略权衡的行为逻辑和路径。本文为中国背景下技术型并购企业推进双元并进战略的后续研究及实务界提供了一定启示。
Chinese manufacturing companies face two contradictions when they acquire advanced technologies through overseas mergers and acquisitions, that is, the contradiction between the acquisition of external technologies and the acquisition of internal technologies; and the contradiction between the development of new technologies and the utilization of existing technologies. In the face of a complex global competitive environment and inadequate capabilities, Chinese enterprises have not yet fully opened the logical black box that weighed two pairs of contradictions and matched strategic paths when obtaining technology through overseas mergers and acquisitions. In this paper, through the in-depth study of Jingcheng Heavy Industries’ merger of Japan’s Nagano and Italy’s TGF, from the perspective of dynamic capabilities, from the core knowledge base of technology-based M&A firms to the knowledge base derivation and technology internalization capabilities to technological reengineering transitions in two different dimensions. The two mergers and acquisitions conducted horizontal comparison and in-depth mining, and put forward a technology-based overseas merger and acquisition dual strategy selection model, summed up and analyzed the different stages of overseas mergers and acquisitions to take different strategies or strategic balance of the behavior of the logic and path. This paper provides some inspiration for the follow-up research and practical circles of the technology-based M&A companies in the context of China’s dual promotion strategy.