Abstract: The paper reveals how post-merger integration mode impact acquirer’s knowledge spillover capacity of overseas M&As by enterprises in emerging economies, and how global network position of the acquiring firm mediates this effect. Building on organizational behavior, network, resource orchestration theory, we suggest that the effect between integration mode and network position, depends on resource similarity and complementarity of acquirer and target firm. Using structural equation modelling and bootstrap test, the hypotheses are tested by drawing on a sample of 102 technology-sourcing overseas M&As by Chinese listed manufacture companies. The result shows that acquirers in emerging countries are not able to increase knowledge spillover capacity unless they choose the right post-merger integration mode, including business integration and brand harmonization; We also find the relationship between integration and knowledge spillover is channelled through centrality and structural holes of acquirer in global innovation network. Overall, our study contributes the network view of post-merger integration and knowledge spillover, and shed light on the critical role of post-merger integration mode in the competitive advantage theory of latecomer firms in emerging countries.

摘要： 文章基于创新网络位置的中介效应，探索业务整合和品牌协同两个维度的中国企业独特资源整合模式对知识溢出的传导机制；探索在并购双方不同资源相似性、互补性的匹配组合下，应采取的业务整合程度和品牌协同程度，比较不同资源条件下，并购整合影响产业知识溢出的路径的差异性。通过对102个中国制造业上市公司海外并购样本进行多群组结构方程实证与Bootstrap检验分析，得出结论，相似性强、互补性弱时，高业务整合程度与低品牌协同程度通过提升并购方全球创新网络中心度地位，促进产业知识溢出；资源相似性弱、互补性强时，低业务整合程度与高品牌协同程度通过提升并购方全球创新网络结构洞地位，促进产业知识溢出。文章对于突破传统国际化理论约束的所有权优势和产业发展“低端锁定”的内生增长路径，构建基于中国企业实践的海外并购整合对产业知识溢出理论框架，具有重要价值。