资源行动视角下并购重组企业协同价值创造机理研究——以中国五矿与中国中冶重组为例

摘要/Abstract

摘要： 选取中国五矿与中国中冶并购重组案例为研究对象，剖析并归纳出资源行动视角下并购重组企业的协同价值创造的形成机理及创新路径。通过对中国五矿与中国中冶并购重组的协同价值创造过程进行纵向案例分析，进一步探讨企业如何根据战略定位与组织资源情境进行资源配置和行动选择，剖析并归纳出资源拼凑模式以及资源优化模式下的并购重组企业的协同价值创造的形成机理及创新路径。研究发现：并购重组企业的资源行动受战略定位与组织资源情境协同匹配的作用影响，聚焦于资源拼凑与资源优化两种资源行动选择开展并购整合，分别侧重于内部开发为主的吸纳式整合和内外部开发兼顾的促进式整合，其协同价值创造实现方式经历了业务撬动到平台撬动的转变，最终实现了交易型协同价值创造向集成型协同价值创造的演化。

关键词: 并购重组, 协同价值创造, 资源行动, 案例研究

Abstract: Taking the merger and reorganization of China Minmetals and China Metallurgical as the research object, this paper analyzes and summarizes the formation mechanism and innovation path of collaborative value creation of consolidated enterprises from the perspective of resource actions. After conducting a longitudinal case study of the collaborative value creation process of the merger and reorganization of China Minmetals and China Metallurgical, this paper further discusses how consolidated companies choose resources and action models according to their strategic positioning and organizational resource situation, then analyzes and summarizes the formation mechanism and innovation methods of collaborative value creation of consolidated enterprises under resource bricolage model and resource optimization mode. Results of the analysis show that strategic positioning and organizational resource context mutually affect resource actions in consolidated companies. Resorting mainly to resource bricolage and resource optimization to carry out merger and consolidation, companies respectively focuses on the absorptive integration based on internal development and facilitated integration of internal and external development, the realization mode of collaborative value creation undergoes the transformation from business leveraging to platform leveraging, and finally realizes the evolution from transactional collaborative value creation to integrated collaborative value creation.

Key words: merger and reorganization, collaborative value creation, resource actions, case study

崔永梅, 李瑞, 曾德麟. 资源行动视角下并购重组企业协同价值创造机理研究——以中国五矿与中国中冶重组为例[J]. 管理评论, 2021, 33(10): 237-248.

Cui Yongmei, Li Rui, Zeng Delin. Research on the Collaborative Value Creation Mechanism of Consolidated Enterprises from the Perspective of Resource Actions——Exemplified by the Merger and Reorganization of China Minmetals and China Metallurgical[J]. Management Review, 2021, 33(10): 237-248.

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