【摘要】 在国内技术相对落后，而技术研发周期又长的背景下，逆向跨国技术并购成为企业实现技术追赶的一种重要手段。在逆向跨国技术并购中，主并双方如何在资源存在差异的情况下，实现资源的有效整合是并购管理中的重要课题。运用案例研究的方法，从资源对等性视角对逆向跨国技术并购的资源整合过程进行分析，识别主并双方在技术资源、管理资源和市场资源上的同维对等性和异维对等性，并分析其在并购的资源整合的各阶段对资源整合效率的影响，结果发现：在并购前的资源识别阶段，资源的异维对等性起主导作用，成为筛选并购目标的重要标准，为后续的资源整合效率的提升奠定了基础；在并购中的资源获取阶段，资源的异维对等性起主导作用，作为交易砝码促进交易的达成，使资源整合效率在数量方面得到一定的提升；在并购后的资源配置阶段，资源的同维对等性起主导作用，促进内部资源的协作和再创造，使资源整合效率在数量和质量上都得到较大的提升；在并购后的资源利用阶段，资源的异维对等性起主导作用，促进外部资源的发掘，使资源整合效率在数量和质量上都得到更大的提升。资源对等性概念及其在资源整合中的重要作用，为理解资源整合效率的影响因素提供了新视角。对主并双方的资源，以及技术、管理和市场资源的考虑，系统性地丰富了资源整合的分析对象。对资源整合的前中后阶段的分析，丰富了资源整合的动态性研究。从资源数量的增加和资源质量的提升两个方面，丰富了对资源整合效率的衡量。研究启发企业可以在并购的不同阶段适应性地采取不同类型的资源对等性策略来提升资源整合效率。更多还原

【Abstract】 In the context of scientific and technological globalization, cross-border technology M&A have become one of the mainstream innovation models for enterprises to enhance their technological innovation capabilities. In particular,against the backdrop of relatively backward domestic technologies and long technology R&D cycles, M&A initiated by enterprises in late-developing countries to enterprises in developed countries in order to enhance their technological capabilities, that is, reverse cross-border technology mergers and acquisitions, have become an important strategy for enterprises in late-developing countries to achieve technological catch-up. In reverse cross-border technology mergers and acquisitions,how the acquiring and target enterprises can effectively integrate resources when there are differences in resources is an important topic in M&A management.Inspired by the "principle of equivalent exchange", this study analyzes the resource integration process of reverse cross-border technology M&A from the perspective of resource parity. According to the production and operation process of an enterprise, enterprise resources are divided into technological resources, management resources, and market resources,which respectively belong to the production factors in the upstream of production, the production conditions in the middle of production, and the production results in the downstream of production. When the values of two resources are similar, the two resources have resource parity. Furthermore, according to whether the two resources belong to the same type, they are divided into homogeneous parity and heterogeneous parity. Combining the time and characteristics of resource integration in M&A, the resource integration process is divided into four stages: resource identification before the merger, resource acquisition during the merger, resource allocation after the merger, and resource leverage after the merger. From a systematic perspective, when analyzing the efficiency of resource integration, the resources of both the acquiring enterprise and the target enterprise are considered. When measuring the efficiency of resource integration, both the increase in the quantity of resources and the improvement in the quality of resources are considered.Using the case-study method, this study identifies the homogeneous parity and heterogeneous parity of the technological resources, management resources, and market resources of the acquiring and target enterprises, and analyzes the roles they play in the stages of resource identification before the merger, resource acquisition during the merger, resource allocation after the merger, and resource leverage after the merger. It is found that: in the resource identification stage before the merger, the heterogeneous parity of resources plays a dominant role, becoming an important criterion for screening merger targets and laying the foundation for the subsequent improvement of resource integration efficiency; in the resource acquisition stage during the merger, the heterogeneous parity of resources plays a dominant role, serving as a bargaining chip to promote the conclusion of the transaction and achieving a certain increase in the quantity-aspect of resource integration efficiency; in the resource allocation stage after the merger, the homogeneous parity of resources plays a dominant role, promoting the collaboration and re-creation of internal resources, and leading to a significant increase in both the quantity and quality of resource integration efficiency; in the resource leverage stage after the merger, the heterogeneous parity of resources plays a dominant role, promoting the exploration of external resources, and resulting in an even greater increase in both the quantity and quality of resource integration efficiency.The concept of resource parity and its important role in resource integration provide a new perspective for understanding the influencing factors of resource integration efficiency. Considering the resources of both the acquiring and target enterprises, as well as technological, management, and market resources, systematically enriches the analysis objects of resource integration. The analysis of the pre-merger, during-merger, and post-merger stages of resource integration enriches the research on the dynamics of resource integration. Measuring resource integration efficiency from two aspects, namely the increase in resource quantity and the improvement in resource quality, enriches the measurement of resource integration efficiency. The research inspires enterprises to adaptively adopt different types of resource parity at different stages of M&A to improve resource integration efficiency.更多还原