“隐形整合”模式：构建基于中国企业“逆袭并购”的战略转型理论-实践体系

Chinese firms face new opportunities and challenges under current conditions, so their most urgent task is to solve the bottleneck of firm growth in the special terms of strategic transformation as strategic entrepreneurship. Cross-border merger and acquisition can be taken as the most salient mechanism for international strategic entrepreneurship with unique opportunities and challenges for Chinese firms. However, the post-M&A integration is the biggest problem for Chinese firms. The academic circles both at home and abroad, however, have little to say about post-M&A integration as well as international strategic entrepreneurship. Our preliminary findings reveals a unique mode of post-M&A integration, with little integration on the surface but much integration below the surface, as rooted in the Chinese philosophical notions of "yin-yang balancing”, “inactive action” and “diversity-in-uity.” This is in contrast to the prevailing practices and theories in the West, thus bearing indigenous implications for both research and practice. This project seeks to explore the cross-border M&A by Chinese firms in the advanced countries (“reverse M&A” with “invisible-touch” approach) for strategic transformation. The specific research questions include why and how the “invisible-touch” approach would occur. We will adopt a mixed-method with both qualitative and quantitative methods to primarily build a novel model and then test the model. This project will fill the theoretical gaps concerning post-M&A integration by Chinese firms so as to solve the bottleneck of firm growth in the context of international strategic entrepreneurship. This project contributes in both theoretical and practical domain, with indigenous focus as the goal; theory-practical interface as well as “West-meeting-East” as the drivers, and mixed-method as the tool.

中国企业成长面临前所未有的机遇与挑战，如何突破企业成长瓶颈、实现战略转型成为首要任务。跨国并购是企业战略转型（战略创业）最佳路径之一，但并购整合却是最大难关。目前学术界缺乏中国企业海外并购与战略转型的理论框架。我们初步研究发现，中国企业并购整合模式既扎根于中国企业实践，又源于“阴阳平衡”、“无为而治”、“和而不同”等中国传统哲学理念，与西方主流大相径庭，具有中国实践与理论双重本土原创意义。因此，本项目探讨中国企业如何基于跨国并购实现战略转型（核心是“逆袭并购”的“隐形整合”模式），具体研究问题包括“隐形整合”模式为何产生，以及产生的背景、原理、机制与步骤。我们采用混合研究方法, 构建并验证基于“逆袭并购”的战略转型理论-实践体系。本项目在理论与实践两大领域的独特贡献，具有本土原创愿景（引领方向），“顶天立地”（哲学实践）与东西融合独特视角（两翼齐飞），以及混合研究方法（支撑推力）四大特色。

跨国并购作为中国企业战略升级的重要路径，须面对并购后整合这一无法忽视的难关，而学术界仍然缺乏发展中国家企业海外并购后整合的理论框架，尤其是“逆袭并购”整合模式。“逆袭并购”专指发展中国家企业并购发达国家企业，即技术及品牌水平相对较低的企业购买技术及品牌水平的相对较高企业。.基于此领域文献缺陷，本项目旨在探讨中国企业如何通过“逆袭并购”实现战略转型（核心发现是“逆袭并购”过程中全新的 “隐形整合”模式）。本项目具体研究问题包括“隐形整合”模式为何，以及产生的背景、原理、机制与步骤。通过以质性研究为主的混合研究方法, 本项目成功建构并实证中国企业“逆袭并购”过程中全新的“隐形整合”模式，尤其是该模式的理论原理与具体机制。.基于“逆袭并购”的战略转型理论-实践体系的构建，本项目在理论与实践两大领域都做出了独特贡献。在理论方面，我们构建了中国企业逆袭并购的“隐形整合”模式的理论框架，包括该模式的理论原理与具体机制。在实践方面，我们的成果可以指导中国企业，以及其他发展中国家企业在以VUCA（多变性、不确定性、复杂性、模糊性）为特征的全球背景下进行逆袭并购与并购后整合，实现后发赶超的战略目标。