Study On The Relationship Between Organizational Ambidexterity、M&A Strategy And Cross-border M&A Performance

The cross-border mergers and acquisitions of Chinese enterprises have attracted worldwide attention,although the success rate of cross-border mergers and acquisitions is not very high,the “immediate merger and acquisition” is not common in the history of cross-border mergers and acquisitions.In the process of pursuing advanced technologies on a global scale,Chinese technology enterprises bear the brunt and repeated success.Through cross-border M&A,the enterprises not only obtain the technical knowledge required for their development,but also enhance the ability of international competition.How to choose the strategy of cross-border M&A to enhance the performance of cross-border M&A more effectively?" It is a problem to be solved not only by multinational M&A enterprises,but also by strategy and international business research scholars.According to the traditional theory of internationalization,the enterprise’s resources and capabilities are the prerequisite for successful cross-border M&A,but the majority of Chinese enterprises does not have obvious advantages of resources and capabilities in transnational mergers and acquisitions,In particular,the immediate merger and acquisition of Chinese technology enterprises has attracted the attention of the academia when they do not have the advantage of resources and capabilities.Some scholars insist on using the traditional internationalization theory to explain the phenomenon,while some scholars prefer develop the indigenous research,and create theories with China characteristics.Depending on the resource-based view and capability-based view,this study studies the relationship between the resource-using capability,strategy of cross-border mergers and acquisitions,experience of transnational mergers and acquisitions and the performance of Chinese technology enterprises,in order to answer how Chinese technology enterprises choose the M&A strategy to get better performance of M&A,meanwhile answer the mechanism of successful immediate merger and acquisition of Chinese technology enterprises.The specific research questions of this study are as follows: 1.what is the relationship between the capability of resource-using and the performance of cross-border M&A? 2.what is the impact of Chinese technology enterprises’ M&A experience on the relationship between the capability of resource-using and the performance of cross-border M&A? 3.what effect does the M&A strategy choosing by Chinese technology enterprises have on the relationship between the capability of resource-using and the performance of cross-border M & A?Based on literatures and theoretical research,this study advances the logic relationship between the capabilities,experiences of M&A,strategy of M&A,and performance of M&A in the light of the resource-based view and capability-based view,deduces conceptual model,and propose the 3 group of 8 corresponding hypotheses.SPSS statistical software was used to get the correlation and regression analysis of the samples of 115 Chinese enterprises during the period of 2005-2013.Through the regression analysis of the relevant data,the main conclusions of thisstudy are as follows: 1.the resource-exploiting capability has the characteristics of path dependence.2.there is a positive correlation between the resource-exploiting capability and the performance of cross-border M&A.3.cross-border M&A experience has a positive moderating effect on the relationship between the resource-exploiting capability and the performance of cross-border M&A;the experience of domestic acquisitions doesn’t have a positive moderating effect on the relationship between the resource-exploiting capability and the performance of cross-border M&A.4.The related M&A strategy has completely mediating role between the resource-exploiting capability and the performance of cross-border M&A,but unrelated M&A strategy doesn’t have mediating role between the resource-exploring capability and the performance of cross-border M&A.The main theoretical contributions of this study include: 1.this study enriches the research of enterprise capability through taking the supplier concentration as the capability of using external resources into cross-border M&A research,and expands the research into the relationship between the enterprise and external supplier instead of being limited within the enterprise.2.this study enriches the perspective of cross-border M&A that explains cross-border M&A through using path dependence.The capability of resource-exploring of the enterprise has the characteristics of path dependence,while the path dependence affects the behavior of the enterprise.3.this study expands the depth of the study of resource-based view.The traditional resource-based view mainly studies the competitive advantage that enterprises have the resources to produce,while this study proposes that enterprises can enhance the competitive advantage through the continuous acquisition of special resources.4.this study enriches the content of domestic M&A research using the empirical methodology to study the cross-border M&A of Chinese technology enterprises.In addition,the results of this study have some practical significance to the Chinese technology enterprise: at present,in order to achieve better performance of cross-border M&A,Chinese technology enterprises need to clear their resources-exploring advantage,select the suitable M&A strategy matching their capability of resource-exploring.At present,Chinese technology enterprises can base on the principle-“establish and cultivate enterprise capability first,cross-border merge and acquire later”,and enhance the international competitiveness of enterprise after making full use of huge domestic market.