Overseas Resource Stickiness,Servitization Of Manufacturing Industry And The Performance Of Acquirers

Overseas M&As are an important means for manufacturing companies to quickly acquire advanced resources,as well as an effective way for companies to fill in their own knowledge gaps and overcome the disadvantages of latecomers.Compared with the previous intensive overseas investment,China's overseas investment in recent years has shown a gradual decline.Unreasonable investment behaviors such as blind M&As have been curbed.The structure of foreign investment has been further optimized,and the following characteristics have gradually shown:One is that the high-end strategic resources have become important motives for overseas investment;the second is that the proportion of the service industry has increased,while the proportion of manufacturing has decreased.Since China's Reform and Opening-up,the proportion of China's tertiary industry has continued to rise,and economic restructuring has continued to advance.In 2020,the added value of China's tertiary industry as a proportion of GDP has risen to 54.5%,becoming the largest driving force for economic growth for 6 consecutive years,and it has become an irreversible trend that China will enter the Service Economy Age.Faced with the profoundly change of international landscape,China must make full use of the advantages of a global power,continuously improve the depth and the level of opening up,and expand the opening up of the service industry and high-end manufacturing.In accordance with the strategic deployment of the 19th National Congress of the Communist Party of China,we will unswervingly follow the path of new industrialization with Chinese characteristics,respond to the call of General Secretary Xi Jinping to be a "manufacturing power",and guide China's enterprises to integrate global resources through overseas M&As,improve their service level,cultivate and strengthen the core competitiveness,realize the transformation of the manufacturing industry and the upgrade of the value chain.At present,the low level of servicing is one of the important reasons that China's manufacturing industry is at the low end of the global value chain,and it is also a major strategic issue that Chinese manufacturing companies urgently need to solve.Relying on their first-mover advantages,developed countries have experienced a gradual service-oriented development process and firmly occupy the mid-to-high end of the global value chain.But the contradiction is that China and other emerging market companies generally lack sufficient time and opportunities to choose the development path of service outsourcing,service internalization and service of high-end.This article takes it as the basic practical background and the source of theoretical innovation that China's manufacturing industry regards skipping the gradual servicing stage of developed countries and adopting overseas M&As to internalize global high-end services as the leap-forward upgrade path.Resource-Based View and Resource Orchestration Theory has been integrated.This article starts from the three stages of resource identification,resource management and resource utilization,explores the mechanism of overseas resource quality,resource management,and resource stickiness in the path of the manufacturing servitization of China's manufacturing industry.The article analyzes the stickiness of overseas resources in detail,and subdivides resource stickiness into two dimensions:regional stickiness of resources and industry stickiness of resources,explores the adjustment mechanism of how resource stickiness works on the relationship between resource quality and manufacturing servitization,and the relationship between resource management and manufacturing servitization in overseas M&As.Further,this article explores the influence of overseas resource stickiness on the synergy of resources quality and resource management in the new context,and provides theoretical guidance and data support for the path of Chinese manufacturing industry to achieve the manufacturing servitization through overseas M&As.This article studies the following research questions:(1)Can Chinese manufacturing companies achieve their own manufacturing servitization through M&As of high-quality overseas service resources,thereby promoting corporate performance?(2)Does the management of overseas resources by Chinese manufacturing companies play a decisive role in achieving the manufacturing servitization,and then driving the improvement of corporate performance?(3)Overseas resource stickiness:Does the regional stickiness of resources and industry stickiness have any influence on the path of China's manufacturing industry to achieve servitization through overseas M&As?What is the impact mechanism?(4)In the new situation where Chinese manufacturing companies are realizing the manufacturing servitization through overseas M&As,is there always a synergy between resource quality and resource management?Is overseas resource stickiness a boundary condition for the synergy?In response to the above research questions,this article uses the global authoritative overseas database Bvd-Zephyr as the data source,uses the overseas investment of listed Chinese manufacturing companies as the research sample,forms a data database for 2001-2018,uses the Structural Equation Model to empirically test the questions in turn,and the following three aspects of research have been systematically carried out:(1)Based on the intermediary effect of the manufacturing servitization,empirically test the relationship between the quality of overseas service resources,resource management and the performance of the acquiring company.Starting from the quality of overseas service resources and the management of China's enterprises on overseas resources,this article explores the resource conditions and management conditions that promote the manufacturing servitization,explores the feasibility of China's manufacturing industry to achieve its own manufacturing servitization through overseas M&As,and examines the mediating effect of the manufacturing servitization on improving corporate performance.In addition,in order to expand the applicability and scientificity of the research,this article explores the role of resource quality and resource management based on industry heterogeneity-industry clock speed,and explores the mechanism and background conditions of the manufacturing servitization model of China's manufacturing industry.(2)Empirical analysis of the adjustment mechanism of overseas resource stickiness on the relationship between resource quality and the manufacturing servitization,the relationship of resource management and the manufacturing servitization.This article introduces the adjustment mechanism of resource stickiness,examines the influence of the regional stickiness and industry stickiness of target resources on the integration and internalization of service resources in China's manufacturing industry to achieve its own manufacturing servitization,and explores the mechanism of overseas resources stickiness on the transformation path of servitization of China's manufacturing industry with a more detailed research.(3)Empirically analyze the impact of the synergy between the quality of overseas resources and resource management on the manufacturing servitization of the acquirer,and explore the boundary conditions of synergy based on the stickiness of overseas resources.This article examines the synergy between resources quality and resource management,starting from the perspective of overseas resource stickiness,and exploring the boundary conditions of synergy in the two dimensions of resource stickiness and industry stickiness.Traditional theories generally believe that there is a synergy between resource quality and resource management,which have been questioned by recent scholars who found that there are certain boundary conditions for the synergy.Based on the background that China's manufacturing overseas M&A has achieved the manufacturing servitization,this article expands the theoretical connotation in the new data sample,further improves the related content of the Resource-Based View,and provides theoretical basis and empirical reference for the selection of resources before M&As.The main conclusions of this article are as follows:(1)The quality of resources and resource management have a significant positive impact on the servicing rise of the acquirer,and can actively promote corporate performance through the intermediary effect of the manufacturing servitization.(2)Industry heterogeneity-industry clock speed has a negative impact on the role of resource quality and resource management.Enterprises with faster industrial clock speeds can only directly improve their servicing level through the high-quality service resources of the targets,but the manufacturing servitization of such enterprises cannot promote the development of corporate performance.Enterprises with slower industrial clock speeds can not only improve their own servicing level by using the targets' high-quality service resources,but also promote the improvement of corporate performance through the intermediary effect of the manufacturing servitization of acquirers.At the same time,the resource management of acquirers also imposes positive effects on the manufacturing servitization of them.(3)The regional stickiness of resources has an impact on the path for Chinese manufacturing companies to achieve the manufacturing servitization through overseas M&As,which can positively adjust the relationship between the quality of resources and the servitization of the acquirer,and promote the performance of the acquirers.(4)The industry stickiness of resources has an impact on the path for Chinese manufacturing companies to achieve the manufacturing servitization through overseas M&As.When the industry stickiness is low,the Chinese manufacturing industry can promote its performance through M&As of high-quality service resources.When the industry stickiness is high,it fails the test that the path of the Chinese manufacturing industry through overseas M&As to achieve servitization and promote the performance.(5)Industry clock speed has an impact on the adjustment effect of resource regional stickiness.A slow industry clock speed is more conducive to the active role of resource regional stickiness.(6)There is not always a synergy between service resource quality and resource management,and resource industry stickiness is the boundary condition for synergy.The innovations of this article are mainly reflected in the following aspects:First,based on the Resource Orchestration Theory,with the three stages of resource identification,resource management,and resource utilization as the research perspective,this article explores the feasibility of Chinese manufacturing companies to achieve the transformation of servitization through overseas M&As,thereby enhances corporate competitiveness,and more objective and universal theoretical support for the leap-forward transformation and upgrading of China's manufacturing industry is provided.This article takes the overseas investment of listed Chinese manufacturing companies as a research sample,and explores universal laws from an empirical point of view.The specific performance of the three stages of resource identification before M&As,resource management and resource utilization after M&As of Chinese manufacturing companies are studied in this article,which provides a new perspective for companies' overseas M&As.Second,through an in-depth analysis of the target's resource stickiness,this article explores the specific paths by which the regional stickiness and industry stickiness of overseas resources affect the performance of the acquirer's company.It is of great significance for accurately identifying the target's resource attributes,utilizing the value of M&A resources and realizing the transformation of servitization for Chinese manufacturing companies.Policy ideas are provided for China's manufacturing industry to seize new opportunities and upgrade traditional factor price advantages to service-centric internal advantages.Meanwhile,the references of resource identification before M&As and the references of resource management and utilization after M&As are pro vided.Thirdly,this article attempts to clarify a common theoretical misunderstanding from the perspective of Chinese manufacturing companies achieving the manufacturing servitization through overseas M&As,which is,"there must be a synergy effect between corporate resources and management".In addition,the boundary conditions of synergistic effect are found from the perspective of resource stickiness to provide a theoretical basis for resource identification and strategic decision-making of enterprises before overseas M&As,which has a certain value for promoting the service-oriented manufacturing industry in China,and further expands the theoretical situation and connotation of Resource-Based View.This article takes the path of China's manufacturing industry skipping the gradual service development process,acquiring global high-end service resources through overseas mergers and acquisitions,and then realizing the manufacturing serviceization as a practical background.The feasibility of Chinese companies breaking through the traditional path dependence has been explored,and China's unique transformation models of the manufacturing servitization have been introduced.The research in this article is of great value for the new emerging economies,represented by China,to construct an international theoretical system of comprehensive competitive advantages.