摘要
本文探究了互联网创新生态系统如何通过并购进行扩张.根据文献研究和梳理,将互联网创新生态系统分为价值网络、社交网络和信息网络,结合传统并购理论和互联网经济跨产业的特点修正传统并购理论,定义垄断型并购、范围经济型并购和协调型并购,并根据清科私募通2017中国互联网企业100强中的56家公司、559起并购事件数据,通过回归分析与方差分析考察3种行业的并购策略,研究发现:在生态通过并购从大到更大的过程中,从行业来看,社交网络注重生态建设,信息网络与价值网络更注重成本节约;从规模来看,规模越大的公司更追求成本节约,而随着并购规模扩大,公司会更追求生态建设;从不同行业的并购特征考察价值创造和价值获取,发现社交网络和信息网络更注重价值创造,而价值网络更注重价值获取.
It explored how internet companies expanded their innovation ecosystems through merger acquisition（ MA）. It classified internet innovation ecosystems into three patterns： value networks,social networks and information networks. Based on the traditional MA theory and the cross-industry features of internet economy,three MA strategies were defined as monopoly type,economies of scope type and coordination type. It examined the MA strategies of internet ecosystems by using 559 MA cases of 56 internet companies among the top 100 companies in China,from the PEdata of Zero2 IPO Group. The following results are found using regression analysis and variance analysis.From the view of sector,the social networking patterns are more forcused on building ecosystems,while the value and information networks pay more attention to cost saving. From the view of scale,bigger internet companies tend to concentrate on cost savings. In terms of scale and growth,companies with larger MA scale are more likely to build up their ecosystem. Furthermore,it reveals how internet ecosystems differ in value creation and value appropriation during the process of expansion. The patterns of social networks and information networks are more forcused on value creation while value networks are more likely to conduct value appropriation as the main objective.
作者
戎珂
肖飞
王勇
康正瑶
RONG Ke;XIAO Fei;WANG Yong;KANG Zheng-yao(Institute of Economics,Tsinghua University,Beijing 100084,China)
出处
《研究与发展管理》
CSSCI
北大核心
2018年第4期14-23,共10页
R&D Management
基金
2017年北京市优秀人才培养资助青年骨干项目"北京市分享经济的研究:平台结构
平治理和生态培养"
国务院新闻办项目"中国智造:智能制造
移动互联和高铁的案例"
国家自然科学基金资助项目"在线市场运行机制与监管方式研究--分层匹配
声誉反馈与双重监管"(71773059)
关键词
互联网创新生态系统
生态扩张
并购策略
价值创造与价值获取
internet innovation ecosystem
ecosystem expansion
merger ＆ acquisition （M＆A） strategy
value crea-tion and value appropriation
