Research On The Choice Of Enterprise Strategic Acquisition Model Based On The Theory Of RBV

With the coming of the fifth globe wave of M&A, more and more enterprises choose to achieve their rapid expansion through acquisition and our country enterprises have also entered into a rapid growth phase. Various data from many research institutions show that the number increase of the acquisition did not improve the succeed rate of enterprises' acquisitions, which simulates scholars at home and abroad to do research on enterprises' outside expansion behavior, enterprises'acquisition expansion is more and more becoming the focus of the academic circle.In recent years, scholars have done many researches on enterprises' acquisition expansion behavior which can be generalized as follows:First, proceed from enterprise performance, they investigate the variation trend of the enterprise performance after acquisition and analyze the affecting factors of enterprises'acquisition performance from the perspective of the characteristics of acquisition performance. Second, they divide the acquisition model from the perspective of the market relationship between the two sides of the acquisition. Based on this, they evaluate the performance among different acquisition models. Dominated by the two mainstreams, scholars made some contributions, but the research perspectives need to be innovated. For instance, the current research mainly from the perspective of the characteristics of acquisition transaction to analyze the affecting factors of the enterprise performance, however, there is little research on enterprise strategic acquisition model. Furthermore, though the scholars have concluded that different acquisition models bring different enterprise performance, the division of the models is mostly confined to the relationship between the two sides of the acquisition and lacking new perspectives.Because of this, this paper introduce a new perspective and raises the new division pattern of enterprise acquisition models based on RBV, then uses mathematical model to analyze the mechanism of the enterprise strategic acquisition behavior under the different acquisition models. Meanwhile, according to the paradigm of 'cause—strategy—performance' raised by Hoskisson & Hitt, we make further analysis of the affecting factors of the choice of the enterprise strategic acquisition models and the variation trend of the enterprise performance under different strategic acquisition models using empirical methodology. Through the analysis of the model, we conclude that different enterprise strategic acquisition models bring different integrating processes and choose a strategic acquisition model that matches the characteristics of the two sides'knowledge structure can increase the acquisition performance. At the same time, through the further analysis of the demonstration, we conclude that the performance is entirely different under different strategic acquisition models. This paper abandon the traditional method which analyze from the perspective of acquisition transactional characteristics, accords to the characteristics of the enterprises and industry before acquisition, we study their effect on the choice of enterprise strategic acquisition models. The research results show that the pre-acquisition enterprise performance and pre-acquisition industry performance have a significant positive correlation with technology-related acquisition model. There is also a significant positive correlation between the proportion of state-owned shares, the diversification level before acquisition, MBO, the firm scale and the management-related acquisition models:Above-mentioned researches show that the enterprise and industry characteristics of the listed enterprises affect the choice of the enterprise strategic acquisition models, different strategic acquisition models will further affect the enterprise acquisition performance and bring the inter-enterprises'differences.