This research examines how competitive positioning influences target selection of corporate acquisitions. Nowadays, the technological acquisition is considered as an important method to access to novel technologies to the acquirer. While its effect on firm’s innovative performance has been examined, the factors preceeding of acquisition have been less examined. Therefore, we do not have sufficient understanding of under what conditions, what kind of company is acquired. We introduce the concept of exploration and exploitation to classify the fundamental types of technological acquisitions, and we introduce competitive positioning in strategic management studies as its determinants. Using the 2001–2013 data of semiconductor industry, we examined that a company was likely to acquire the other company for exploitative purpose when it was on the more attractive position, and a company was likely to acquire for explorative purpose when it was in the less attractive positioning.

中文翻译：

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竞争性定位是探索性和开发性技术收购的先决条件：来自半导体行业的证据

本研究探讨了竞争定位如何影响企业收购的目标选择。如今，技术收购被认为是收购方获取新技术的重要途径。虽然它对公司创新绩效的影响已经被研究过，但收购之前的因素却很少被研究。因此，我们对在什么条件下收购什么样的公司没有足够的了解。我们引入探索和开发的概念来对技术收购的基本类型进行分类，并在战略管理研究中引入竞争定位作为其决定因素。使用2001-2013年半导体行业数据，