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

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CBAs664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.