数字期权思维视角下的数字并购策略设计——基于四家企业的多案例研究

焦豪　孙洁

（北京师范大学经济与工商管理学院）

　　内容提要：如何通过数字并购实现动能再造与高质量发展是数字经济时代企业战略管理的重要议题。本文以四家代表性企业作为案例研究对象，提出四种基于数字期权思维的数字并购策略：（1）数字期权捕获策略，即在数字并购时机选择上以值钱为首要财务目标，凭借资金与资源优势启动数字并购，快速掌握平台商业模式与数字能力；（2）数字期权兑现策略，即在数字并购时机选择上以赚钱为首要财务目标，戳破期权泡沫得到丰厚的现金支持，启动更为广泛生态范围内的数字并购；（3）数字期权流程策略，即在数字并购设措上凭借技术知识优势，扩展平台生态触点，获取“关键大多数”用户阈值，以创造更大范围的网络协同效应；（4）数字期权知识策略，即在数字并购设措上凭借用户流量优势构筑知识防火墙，增强技术创新能力和企业洞察力，以发挥知识协同效应。据此，本文提炼出数字并购所遵循的基于“捕获-兑现”的时机思维和基于“流程-知识”的设措思维，为数字企业策略设计提供理论指导。

　　

　　关键词：数字并购；数字期权；数字企业；天价估值；策略设计

　　

　　作者简介：焦豪，北京师范大学经济与工商管理学院教授、博士生导师，北京，100875；孙洁，北京师范大学经济与工商管理学院助理研究员、博士后，通信作者。

　　

　　基金项目：国家社会科学基金重大项目“高质量发展情境下中国企业的高端化战略变革理论研究"（21&ZD139）；国家电网有限公司总部管理科技项目“公司发展布局的理论框架、成效评价模型与应用研究”（5108-202218280A-2-183-XG）

　　

　　引用格式：焦豪,孙洁.数字期权思维视角下的数字并购策略设计——基于四家企业的多案例研究[J].经济与管理研究,2023,44(7):90-105.DOI:10.13502/j.cnki.issn1000-7636.2023.07.006.

　　

　　

Digital M&A Strategy Design from the Perspective of Digital Options Thinking—Multiple Case Studies Based on Four Firms

JIAO Hao, SUN Jie

(Beijing Normal University, Beijing 100875)

　　

　　Abstract: How to reconstruct the driving force to achieve high-quality economic development through mergers and acquisitions (M&A) is becoming an important issue of corporate strategic management in the digital economy era. Taking McDonald’s, Facebook, Tesla and Meituan as examples, this paper proposes four digital M&A strategies based on digital options thinking.

　　(1) Digital options acquisition-driven strategy. The primary financial goal of digital M&A is to increase market value with capital and resource advantages, aiming to quickly grasp the platform’s business model and digital capabilities. The overall digital options of firms represented by incumbents with low market value and high profits are relatively low, and this strategy is suitable for them in industrial digitization.

　　(2) Digital options realization-driven strategy. The primary financial goal of digital M&A is to generate profits, aiming to burst the options bubble for great cash support and expand the ecological scope. The digital options of big tech giants with high market values and low profits are relatively high, and this strategy is suitable for them in digital industrialization.

　　(3) Digital option process-driven strategy. Acquiring firms rely on the advantages of technical knowledge in digital M&A and expand the ecological contacts of the platform to achieve the user threshold of critical mass, so as to create a wider range of network synergy. This strategy is suitable for digital firms with low-level digital options processes and high-level digital options knowledge to expand the digital M&A ecology.

　　(4) Digital options knowledge-driven strategy. Acquiring firms build a knowledge firewall to enhance technological innovation capabilities and corporate insights through user traffic advantages in digital M&A, so as to exert knowledge synergy. This strategy is suitable for digital firms with low-level digital knowledge options and high-level digital processes options to expand the digital M&A ecology.

　　The paper also puts forward three management implications. First, firms with high digital options, represented by big tech giants, must rely on their platform and data advantages to build an ecosystem with a high option value through digital M&A. At the same time, they must also think about how to realize options and continue to acquire future profit opportunities. Second, firms with low digital options, represented by traditional incumbents, need to break through the shackles of traditional management thinking and initiate digital M&A with a deep understanding of the nature of the digital economy and insights into the status of digital options for both parties. Third, digital firms must adhere to digital options thinking, conduct a comprehensive assessment of digital options on both sides of digital M&A, select appropriate target firms, and progressively increase the value of the digital ecosystem by dynamically absorbing, integrating and leveraging digital capabilities. Meanwhile, they can also initiate digital M&A in an orderly manner to facilitate the healthy ecological expansion of the digital M&A market.

　　Keywords: digital M&A; digital options; digital firm; sky-high valuation; strategy design