數位國際企業如何選擇跨境收購所有權？從資源基礎觀點與組織學習策略觀點解釋

How do Digital Multinational Enterprises Choose the Degree of Equity Ownership in Cross-Border Acquisitions? The Resource-Based View and Organizational Learning Strategies Perspectives

10.6504/JMBR.202109_38(3).0003

施友元(Yuyuan Shih)；趙義隆(Yi-Long Jaw)

數位國際企業 ； 數位商業模式 ； 跨境收購 ； 所有權選擇 ； 國際化 ； digital multinational enterprises (MNEs) ； digital business model ； cross-border acquisitions (CBAs) ； ownership choice ； internationalization

管理學報

38卷3期（2021 / 09 / 01）

363 - 380

繁體中文;英文

本研究從資源基礎觀點與組織學習策略觀點，並藉由數位商業模式區分數位國際企業（MNEs）之異質性，探討數位MNEs之數位商業模式類型與跨境收購（CBAs）所有權選擇之相關性。我們提出在不同的業務活動採取的數位商業模式影響數位MNEs跨境收購所有權選擇。本研究認為在完全數位商業模式，數位技術專屬性高，數位MNEs偏好全部所有權收購；在銷售與行銷業務為高網路密集度，為促進市場擴張，採取應用性學習策略，偏好全部所有權收購；在生產與營運業務為高網路密集度，為獲取策略性資產，採取探索性學習策略，維持目標企業之自主研發能力，數位MNEs偏好部分所有權收購。本研究以美、中、印數位MNEs為研究對象，實證分析2010至2018年間CBAs 664筆案例，結果發現透過數位MNEs商業模式之數位化程度適合解釋數位MNE的CBAs所有權選擇行為，本研究對現代數位國際企業管理理論與實務頗具參考價值。

This study examined how digital multinational enterprises (MNEs) make strategic decisions on their degree of equity ownership (DEO) in cross-border acquisitions (CBAs) from the resource-based view and organizational learning strategies perspectives. By considering business model types to distinguish between different digital MNEs, we propose that the relevance of digital business models to the DEO in CBAs of digital MNEs may differ. Using data on 664 digital MNEs' (from the United States, China, and India) CBAs between 2010 and 2018 obtained from the Securities Data Company Platinum database, this study found that digital MNEs with pure digital business models involving a high level of technological proprietary know-how preferred full ownership to partial ownership. MNEs with a digital business model involving high Internet intensity in marketing and sales, a market-seeking strategy, and the exploitation of existing resources and capabilities preferred full acquisition. MNEs with a digital business model involving high Internet intensity in production and operations, a strategic asset-seeking strategy, and the exploration of new resources and capabilities preferred partial acquisition. These findings contribute to theory and practice related to the management of digital MNEs.

1. Agarwal, S.,Ramaswami, S. N.(1992).Choice of foreign market entry mode: Impact of ownership, location and internalization factors.Journal of International Business Studies,23(1),1-27.
2. Banalieva, E. R.,Dhanaraj, C.(2019).Internalization theory for the digital economy.Journal of International Business Studies,50(8),1372-1387.
3. Benmamoun, M.,Singh, N.,Lehnert, K.,Lee, S. B.(2019).Internationalization of e-commerce corporations (ECCs): Advanced vs emerging markets ECCs.Multinational Business Review,27(4),317-338.
4. Brouthers, K. D.(2002).Institutional, cultural and transaction cost influences on entry mode choice and performance.Journal of International Business Studies,33(2),203-221.
5. Brouthers, K. D.,Geisser, K. D.,Rothlauf, F.(2015).Explaining the internationalization of ibusiness firms.Journal of International Business Studies,47(5),513-534.
6. Bunduchi, R.(2005).Business relationships in internet‐based electronic markets: The role of goodwill trust and transaction costs.Information Systems Journal,15(4),321-341.
7. Carsten, P., Rosendahl, J., & Ando, R. 2016. China's tencent buys 'clash of clans' maker supercell for $8.6 billion. https://www.reuters.com/article/ussupercell-m-a-tencent-holdings-idUSKCN0Z716E. Accessed December 22, 2019.
8. Collins, J. D.,Holcomb, T. R.,Certo, S. T.,Hitt, M. A.,Lester, R. H.(2009).Learning by doing: Cross-border mergers and acquisitions.Journal of Business Research,62(12),1329-1334.
9. Dang, C.,Li, Z. F.,Yang, C.(2018).Measuring firm size in empirical corporate finance.Journal of Banking & Finance,86,159-176.
10. Ekeledo, I.,Sivakumar, K.(2004).International market entry mode strategies of manufacturing firms and service firms.International Marketing Review,21(1),68-101.
11. Ekeledo, I.,Sivakumar, K.(2004).The impact of ecommerce on entry-mode strategies of service firms: A conceptual framework and research propositions.Journal of International Marketing,12(4),46-70.
12. Ekeledo, I.,Sivakumar, K.(1998).Foreign market entry mode choice of service firms: A contingency perspective.Journal of the Academy of Marketing Science,26(4),274-292.
13. Elango, B.,Sethi, S. P.(2007).An exploration of the relationship between country of origin (COE) and the internationalization-performance paradigm.Management International Review,47(3),369-392.
14. Ferreira, M. A. S. P. V.,Vicente, S. C. d. S.,Borini, F. M.,Almeida, M. I. R. d.(2017).Degree of equity ownership in cross-border acquisitions of Brazilian firms by multinationals: A strategic response to institutional distance.Revista de Administração,52(1),59-69.
15. Ferreira, M. P.(2007).Building and leveraging knowledge capabilities through cross-border acquisitions.A new generations in international strategy Management,New York:
16. Hazarbassanova, D. B.(2016).The value creation logic and the internationalisation of internet firms.Review of International Business and Strategy,26(3),349-370.
17. Hernández, V.,Nieto, M. J.(2016).Inward–outward connections and their impact on firm growth.International Business Review,25(1),296-306.
18. Jolly, D.(2000).Three generic resource-based strategies.International Journal of Technology Management,19(7-8),773-787.
19. Knight, G. A.,Cavusgil, S. T.(2004).Innovation, organizational capabilities, and the born-global firm.Journal of International Business Studies,35(2),124-141.
20. Lahiri, S.,Elango, B.,Kundu, S. K.(2014).Cross-border acquisition in services: Comparing ownership choice of developed and emerging economy MNEs in India.Journal of World Business,49(3),409-420.
21. Luo, Y.,Zhao, J. H.,Du, J.(2005).The internationalization speed of e-commerce companies: An empirical analysis.International Marketing Review,22(6),693-709.
22. Mahnke, V.,Venzin, M.(2003).The internationalization process of digital information good providers.Management International Review,43(1),115-143.
23. Makino, S.,Lau, C.-M.,Yeh, R.-S.(2002).Asset exploitation versus asset-seeking: Implications for location choice of foreign direct investment from newly industrialized economies.Journal of International Business Studies,33(3),403-421.
24. March, J. G.(1991).Exploration and exploitation in organizational learning.Organization Science,2(1),71-87.
25. Mathews, S.,Bianchi, C. C.(2010).Internet usage, internet marketing intensity and international marketing growth.Proceedings of the Global Marketing Conference: Marketing in a Turbulent Environment,Korea:
26. Mazon, G.,Moreira-da-Silva, F.,Ferreira, M. P.,Serra, F. R.(2017).Knowledge motives in the cross-border acquisitions.Management Research,15(1),103-123.
27. Meyer, K. E.,Estrin, S.,Bhaumik, S. K.,Peng, M. W.(2009).Institutions, resources, and entry strategies in emerging economies.Strategic Management Journal,30(1),61-80.
28. Oxley, J. E.,Yeung, B.(2001).E-commerce readiness: Institutional environment and international competitiveness.Journal of International Business Studies,32(4),705-723.
29. Peng, M. W.(2001).The resource-based view and international business.Journal of Management,27(6),803-829.
30. Root, F. R.(1994).Entry strategies for international markets.New York:Lexington books.
31. Rothaermel, F. T.,Kotha, S.,Steensma, H. K.(2006).International market entry by US internet firms: An empirical analysis of country risk, national culture, and market size.Journal of Management,32(1),56-82.
32. Sayegh, H. A., & Cornwell, A. 2017. Amazon clinches deal to buy Middle East online retailer Souq.com. https://www.reuters.com/article/us-souq-com-m-aamazon-com-idUSKBN16Z0Q1. Accessed December 22, 2019.
33. Shimizu, K.,Hitt, M. A.,Vaidyanath, D.,Pisano, V.(2004).Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future.Journal of International Management,10(3),307-353.
34. Singh, N.,Kundu, S.(2002).Explaining the Growth of ECommerce Corporations (ECCs): an extension and application of the eclectic paradigm.Journal of International Business Studies,33(4),679-697.
35. Stettner, U.,Lavie, D.(2014).Ambidexterity under scrutiny: Exploration and exploitation via internal organization, alliances, and acquisitions.Strategic Management Journal,35(13),1903-1929.
36. Terpstra, V.,Yu, C.-M.(1988).Determinants of foreign investment of US advertising agencies.Journal of International Business Studies,19(1),33-46.
37. UNCTAD(2017).World investment report 2017: Investment and the digital economy.Geneva:United Nations.
38. Vadana, I.-I.,Torkkeli, L.,Kuivalainen, O.,Saarenketo, S.(2019).The internationalization of born-digital companies.The changing strategies of international business: How MNEs manage in a changing commercial and political landscape,Cham, Switzerland:
39. van Tulder, R.(Ed.),Verbeke, A.(Ed.),Piscitello, L.(Ed.)(2018).International business in the information and digital age.Bingley, UK:Emerald Publishing Limited.
40. Vermeulen, F.,Barkema, H.(2001).Learning through acquisitions.Academy of Management Journal,44(3),457-476.
41. Wentrup, R.(2016).The online–offline balance: internationalization for Swedish online service providers.Journal of International Entrepreneurship,14(4),562-594.
42. Wirtz, B. W.(2000).Electronic business.Wiesbaden:Gabler Verlag.
43. Wittkop, A.,Zulauf, K.,Wagner, R.(2018).How digitalization changes the internationalization of entrepreneurial firms: Theoretical considerations and empirical evidence.Management Dynamics in the Knowledge Economy,6(2),193-207.