基于解释结构模型的企业技术并购协同效应影响因素分析

王宛秋，张永安
（北京工业大学经济与管理学院，北京100022）
摘要：技术并购所形成的并购方技术能力的有效提升、技术资源的互补性、技术手段的价值增值效应和整合效益已经从更
深层次被认知。在技术并购中，并购协同效应的影响因素已被学界及许多企业所重视。为了进一步研究技术并购的协同机
理，对技术并购影响因素框架与互作用模式以及这些因素对技术并购的影响程度进行了研究。首先对技术并购协同进行
了解析，并在案例研究、文献整理和专家征询的基础上，提出了13 个技术并购的协同影响因素；然后，采用解释结构模型
对这些影响因素之间的关系进行了分析，得到技术并购协同影响因素解释结构模型；最后，以联想并购IBM PC 业务的案
例对这一模型进行了初步的验证。结果显示，这一模型对技术并购协同的影响因素有较好的解释能力。
关键词：解释结构模型；技术并购；协同效应；影响因素
中图分类号：F273．1 文献标志码：A 文章编号：1002－0241(2009)04－0104－06
Research on Factors Influencing Technology－Based Mergers and Acquisitions
Synergy
WANG Wanqiu, ZHANG Yong＇an
(College of Economics ＆ Management, Beijing University of Technology, Beijing 100022, China)
Abstract: Technology based merger and acquisition has being become an important way for companies to
enhance their core capabilities． In technology based merger and acquisition，factors that affect synergy have
been paid more and more on． In order to do further research on technology based merger and acquisition
synergy，this paper focuses on the research on factors that affect technology based merger and acquisition,
relationship among them． Firstly, this paper analyses technology based merger and acquisition synergy． It
proposed 13 main factors that affect technology based merger and acquisition synergy based on the work of
case study, literature review and professional consulting；Secondly，it analyses the relationship among the
factors by using interpretation structure model(ISM) and reach a model of affecting factors of technology based
merger and acquisition synergy；Finally，it carries our a case study of Lenovo acquiring IBM PC to test the
model． The result of the case study shows the model has good interpreting ability for technology based
merger and acquisition synergy．
Key words: interpretation structure model; technology based merger and acquisition; synergy; affecting factors