I 摘要 “逆向跨国并购”是指新兴经济体企业通过并购相对发达国家企业以 获取战略性资源的国际化经营战略，这已成为新兴经济体企业获取战略资 产和先进技术的重要手段。对于中国企业而言，逆向跨国并购后如何通过 有效的整合策略实现预期的并购战略目标成为理论界和实践界关注的重要 问题，但这一关键议题并未得到充分研究。 中国企业逆向跨国并购面临的重要困境是难以对目标企业进行有效管 理和整合，整合失败率较高，因此一个能揭示逆向跨国并购后整合过程的 整合分析框架显得尤为重要。鉴于此，本文基于中国企业逆向跨国并购的 25篇已有案例研究，从过程视角出发，采用质性元分析方法，通过摘录、 编码、归类等步骤，构建了一个适用于中国企业逆向跨国并购后整合过程 的整合分析框架。 该整合分析框架的内容可概括为：①根据整合周期，中国企业逆向跨 国并购后整合过程一般经历了三个主要阶段：“观望”阶段、“破冰”阶 段和“加固”阶段，不同阶段整合侧重点和整合逻辑存在差异。②多重利 益相关者不同的响应机制；在逆向跨国并购后的整合过程中，管理者的战 略响应行为可归为并购双方管理者的博弈-决策-行为过程。对于被并方企 业员工而言，面临原来所在企业被整合的组织变革，员工会将其视为机会 或威胁，不同的认知和意义给赋会导致不同的行为反应。在这过程中，员 工会经历接触、冲突、磨合等一系列心理反应过程，进而刺激其在整合过 程中响应行为的差异。面对多重制度逻辑，组织需要处理好各方利益相关 者的利益需求，取得内外部组织合法性，从而获取组织生存和发展的各类 资源。③在整合模式选择上，适用于中国企业逆向跨国并购的新型整合战 略有“轻接触”“无为而治”“支持性伙伴”等，这些新型整合模式对传 统整合模式提出了挑战。 逆向跨国并购整合过程的整合分析框架的构建，不仅有助于研究学者 更深入理解逆向跨国并购后整合的独特性和复杂性，拓展了已有的并购后 整合理论，也对中国企业在逆向跨国并购后如何有效管理和整合被并企业、 实现协同效应、创造并购价值提供实践启示。 II 关键词：逆向跨国并购；并购整合过程；整合模式；质性元分析；案例研 究 Abstract III Abstract Reverse cross-border M&As refer to an internationalized business strategy for the acquisition of companies in developed countries by companies in the developing countries, and have become an important springboard in emerging economies to obtain strategic resources and advanced technologies. How to achieve the expected strategic objectives of reverse cross-border M&As through the effective integration process has become an important issue in the theoretical and practical circles. However, related research on this key issue is not sufficient. In view of the importance of the integration process of reverse cross-border M&As, a theoretical framework that can reveal the integration process and internal mechanism is particularly important. Based on 25 existing case studies of Chinese enterprises' reverse cross-border M&As, a theoretical framework applicable to the integration process of Chinese enterprises' reverse cross-border M&As has been constructed, adopts qualitative meta-analysis method, through the steps of extraction, coding, and classification. It further revised and extended the existing cross-border M&As integration process mechanism framework, expanded the theory of post-merger integration, and provided practical inspiration for successful post-merger integration. The results can be summarized as follows: ①According to the integration cycle, the general post-merger integration process has undergone three main stages: the "wait and see" stage, the "ice breaking" stage, and the "reinforcement" stage. There are differences in the integration focus and integration logic in different stages. ②According to the integration response mechanism of multiple stakeholders; the manager's strategic response behavior can be roughly classified as the game-decision-behavior process. For the employees of the merged company, the employees will regard them as opportunities or threats when facing the organizational changes of the original company, and different cognitions and meanings will cause them to react differently. And then employees will experience a series of psychological reaction processes such as contact, conflict, and break-in, which will then stimulate their response behavior differences during the integration process. Facing the multiple institutional logics, organizations need to handle the approval of stakeholders and obtain the legitimacy of the organization in order to obtain various resources for the survival and development of the organization. ③The new integration strategies applicable to reverse cross-border M&As by Chinese companies include “light tough”, “doing nothing by doing” and “supporting partners”. These new integration models challenge traditional integration Abstract IV models. An integrated analytical framework for the integration process of reverse cross-border M&As not only helps the scholars to better understand the uniqueness and importance of reverse cross-border M&As, it also has implications for Chinese companies to effectively manage and integrate the merged companies, realize synergies, and create merger and acquisition value. Keywords: reverse cross-border M&As; M&A integration process; integration model; qualitative meta-analysis; case study 目录 V 目录 摘要 ........................................................................................................................................... I Abstract .................................................................................................................................. III 目录 ......................................................................................................................................... V Content .................................................................................................................................. VII 第一章 绪论 ............................................................................................................................ 1 1.1研究背景及意义 ......................................................................................................... 1 1.1.1现实背景及意义 ............................................................................................... 1 1.1.2理论背景和意义 ............................................................................................... 3 1.2 研究问题和内容 ........................................................................................................ 4 1.2.1研究问题 ........................................................................................................... 4 1.2.2研究内容 ........................................................................................................... 5 1.3 研究方法和思路 ........................................................................................................ 5 1.3.1研究方法 ........................................................................................................... 5 1.3.2研究思路 ........................................................................................................... 6 1.4 论文结构 .................................................................................................................... 6 第二章 文献回顾 .................................................................................................................. 8 2.1逆向跨国并购整合的内涵与特征 ............................................................................. 8 2.2逆向跨国并购后整合的研究内容 ............................................................................. 9 2.2.1整合模式 ........................................................................................................... 9 2.2.2整合程度 ......................................................................................................... 11 2.2.3整合速度 ......................................................................................................... 11 2.3逆向跨国并购后整合的影响因素 ........................................................................... 12 2.3.1制度因素 ......................................................................................................... 12 2.3.2跨文化因素