摘要
进入21世纪以来,全球经济一体化的步伐加快,金融危机之后,我国企业海外并购尤其是收购发达国家企业的案例大幅增加。特别是,一些最初从事OEM的企业通过海外收购实现了向OBM的升级。本文将国际化视角和企业升级视角相结合,在对企业国际化理论、企业升级理论、全球价值链理论、资源基础理论、动态能力理论进行梳理的基础上,采用嵌套式比较案例研究方法,对OEM企业逆向并购这条跨越式升级路径的前因、过程和绩效进行了系统分析和归纳。选择台升集团和万向集团两家企业的多个具有代表性的逆向并购案例作为研究对象,运用案例研究中规范的编码程序对案例进行剖析,构建了基于升级的"OEM企业逆向并购"的分析框架。研究发现,战略性资产缺口、国际化经验、环境因素及变动、企业家精神是基于升级的"OEM企业逆向并购"战略选择的主要影响因素。在逆向并购的过程中,OEM企业围绕战略性资产这一核心要素进行一系列的活动,分为战略性资产识别与获取、战略性资产转移与重构两个阶段。OEM企业逆向并购使企业从外部获取了新的战略性资产,并以此为基础实现了能力的更新。随着资源的补充和能力的更新,企业利润率、产品附加值、市场份额、技术含量得到了提高,企业实现了产品升级、功能升级、流程升级乃至跨产业升级。本文的结论进一步丰富了企业升级和新兴经济体国际化的相关理论。
With the development of global economic integration in the new century especially after the financial crisis, Chinese enterprises have accelerated overseas mergers and acquisitions,with a substantial increase in cases of acquired businesses from developed countries. In particular, some of the early groups of OEM firms have achieved OBM upgrade through overseas acquisitions. OEM business is a special product of China＇s opening up into the global manufacturing system, taking up a large proportion of China＇s total economy. However, its operational activities are at the lower end of the global value chain. In recent years, it is obvious that a lot of things are on the rise ： raw material prices and labor costs, energy supply, RMB appreciation, export tax rebates, environmental costs and many other factors. With the lack of independent branding and core technology, OEM companies face increasingly competitive pressure, urgently in need of upgrades to change their competitive position in the global value chain. However,there is a lack of attention and even a gap in the research of the OEM companies in the emerging economies, who have obtained strategic assets through reverse acquisition and achieved upgrading by enhancing their abilities. Existing researches on OEM business mostly focus on the path of OEM to ODM and further to OBM, and bear the endogenous perspective of their incremental upgrade by enhancing independent innovation capability or the creating their own brands. It is still an untouched research subject that OEM firms,while facing the foreign markets,acquire overseas strategic assets through the acquisition, and thus achieve a leapfrog upgyade. Most existing research in the theory of foreign direct investment only focuses on enterprises, especially brand enterprises in developed countries and developing countries. The theoretical analysis is insufficient in the study of OEM firms situated in emerging economies. In practice, many OEM firms in Asia＇ s emerging economies, as the products of industria
作者
李田
刘阳春
毛蕴诗
LI Tian LIU Yang-ehun MAO Yun-shi(Business School, Sun Yat-sen University, Guangzhou, Guangdong, 510275, China)
出处
《经济管理》
CSSCI
北大核心
2017年第7期67-84,共18页
Business and Management Journal ( BMJ )
基金
国家社会科学基金重点项目"我国传统产业向中高端转型升级的动因
路径与对策研究"(15AZD003)
