我国企业跨国并购的影响因素与进入模式选择

跨国并购和新设投资是对外直接投资的两种股权进入模式,我国企业通过跨国并购实现的对外直接投资逐步增长,并迎来了通过跨国并购进行全球布局的较佳时期。本文分析了我国企业跨国并购和新设投资两种进入模式选择的宏观、产业和微观三类影响因素,指出我国企业跨国并购存在的主要问题,并提出了我国企业跨国并购进入模式选择的建议。     

关于中国企业对外直接投资方式选择的思考

并购、新建、独资和合资是当今主要的对外直接投资方式。中国跨国企业在制定对外直接投资战略时,应该结合企业的内部和外部因素,权衡各种主要进入方式的优劣利弊,选择正确的投资方式。     

基于新建投资理论的跨国并购研究

随着企业国际化经营实践的深化,越来越多的企业开始把跨国并购作为对外直接投资、开拓国际市场的新策略。本文从新建投资的理论视角,分析了跨国并购在我国发展的原因,以期对我国参与跨国并购提出相应的建议。     

跨国并购中的品牌资源整合

近年来,随着越来越多的中国企业进入国际市场,战略性海外并购成为中国企业对外直接投资的新趋势。通过积极寻求与外国公司实行并购重组及合资合作,企业既调整了自身经营发展战略,又能获取更多战略资源。其中,企业对被收购企业的品牌资源如何处置和整合,发挥优势品牌的最大效用,已成为跨国并购中的一个难题。本文旨在通过分析企业在做出品牌整合方案决策时所考虑的因素及选择条件,从而探索性地提出中国企业在跨国并购中的品牌资源整合策略选择模式。     

我国企业跨国并购动因与趋势的战略研究

20世纪90年代以来,我国在大力发展对外贸易和吸引国外投资的同时,也在积极实施"走出去"战略,从未来发展看,跨国并购将成为我国企业进行跨国直接投资的重要方式.本文分析了我国企业跨国并购的现状及动因,并结合发展中国家对外直接投资的理论探析了我国企业的跨国并购的发展趋势.     

从跨国并购谈我国利用外商直接投资问题

一般来说，企业对外直接投资不外乎两种方式：一是新建投资，也称为绿地投资，即在东道国建立一个新的企业，或独资或合资；另一种跨国并购，即通过跨国收购或兼并方式来控制东道国的企业。     

海外投资方式的选择

随着经济全球化的发展，各国积极开展对外直接投资，在投资方式的选择上，一些来自发达国家的跨国公司无不例外地采用并购投资的方式，即进行战略兼并与收购，以更有效地进入全球其他市场、扩大竞争优势和攫取高额利润，从而掀起了跨国并购的全球浪潮。自20世纪90年代以来，跨国并购以30．2％的平均增长速度超过了15.1％的国际直接投资的增长速度。在全球     

中国对外直接投资的模式选择研究

文章利用一般均衡产业结构模型,刻画了中国对外投资的行业特征和投资类型特征。结果显示:从行业上来说,跨国公司进入特定行业会选择其中一种投资模式,并且绿地投资模式和跨国并购模式之间存在唯一的门槛值;从投资类型来看,发达国家偏好跨国并购的投资模式,组件制造密集型产品的对外投资是资源寻求型FDI,是发达国家的对外强势投资,能够获得多于预期的收入份额;总部服务密集型产品的对外投资是战略资源寻求型FDI,是发展中国家以牺牲收入份额为代价、获取互补战略资源为目的的对外弱势投资。     

弱势并购逆向技术转移的融合管理思维研究综论

跨国并购是技术寻求型对外直接投资的主要方式,与发达国家跨国公司的强势并购不同,我国技术寻求型跨国并购整体上属于弱势并购,子强母弱,母子公司之间逆向技术转移面临着子公司转移动机意愿不强、母公司吸收管控能力较弱的制约。在这种条件下,我们必须变强势并购的整合思维为融合思维,养成学习的心态,坚持以人为本,实行本土化管理,谋取技术与市场的协同效应,从而促进和实现母子公司之间的逆向技术转移。本文综述这方面的相关论点,并进行评论。     

对外直接投资进入模式影响因素研究

从实物期权理论出发,探讨了对外直接投资者采用绿地投资和跨国并购进入东道国模式选择的影响因素,并对2011年-2015年浙江省上市公司对外直接投资的相关数据进行实证检验,结果表明对外直接投资模式选择符合基于实物期权理论的假设。东道国的增长机会越多,投资的不可逆性越强,企业越倾向采用绿地投资进入模式,并且绿地投资的投资规模相对跨国并购的较小。     

Explaining employment changes in foreign manufacturing investment in the UK

This article tests the view that the impact which foreign direct investment (FDI) has upon employment within the host economy will vary according to the entry mode which the multinational enterprise (MNE) chooses, the type of subsidiary and the nationality of the parent organisation which is established in the regional economy. Data were collected from the subsidiaries of foreign-owned firms in the UK. A model was devised and tested with estimations using this data. The results provide support for the view that the impact of FDI may be differentiated by entry mode, nationality and subsidiary type. Specifically, firms which entered by way of greenfield investment created positive employment effects as compared to those which entered by means of a merger or acquisition where the effects were relatively negative. There is some evidence that impact is also ownership specific. Finally, those subsidiaries which performed more value-added functions had a positive effect on employment.     

Transactional and institutional alignment of entry modes in transition economies. A survival analysis of joint ventures and wholly owned subsidiaries in Vietnam

How do partially aligned entry modes predicted through theoretically pluralistic frameworks perform in terms of longevity? We build on transaction costs and neo-institutional economics and use event history method and Vietnamese data on 3835 joint ventures and wholly owned subsidiaries established by foreign firms from 1987 to 2008 to answer this question. We find that survival rates for entry modes that are partially aligned to transactional and institutional factors differ for JV- and WOS-based entries. We provide new evidence for the predictive power of the transactional and institutional approach for entry mode choice, performance, and survival in transition economies.     

What changes the rules of the game in wholly owned subsidiaries? Determinants of knowledge acquisition from parent firms

We examine key factors affecting the extent of knowledge acquisition from multinational enterprises (MNEs) in their wholly owned subsidiaries (WOSs). As the volume of foreign direct investment (FDI) by MNEs is rapidly growing, empirical studies dealing with knowledge acquisition from parent firms in subsidiaries are in the limelight. However, as far as we know, none has attempted to identify primary mechanisms influencing subsidiary learning by dividing WOSs based on ‘investment mode’ and ‘investment direction’. We believe WOSs are characterized by these two issues and thus this research contributes to current literature by providing a detailed picture of learning mechanisms in subsidiaries. We advance a series of propositions to achieve the research objective by using a sample of WOSs established by MNEs in Korea. By doing this, we reveal that subsidiary learning depends significantly on absorptive capacity in learning organizations, relational capital and parent firms’ behavior. Also, we confirm that factors facilitating knowledge acquisition are influenced by investment mode and investment direction. Based on the results, this study provides some useful implications for MNEs and policy makers in local markets.     

The WTO and entry modes in China

For years, multinational enterprises (MNEs) vying for the Chinese market used joint ventures (JVs) as an entry mode. However, there has been a growing frustration with the JV mode. It is reported that MNEs are increasingly opting for wholly owned subsidiaries for better control. This article examines the recent development of the business environment in China. It concludes that there are now real entry options for MNEs, including exporting, JVs, wholly owned subsidiaries, and acquisitions. China's accession into the World Trade Organization (WTO) will accelerate the change process and make non‐JV options even more viable. A few decision rules for choosing an entry mode in China are discussed. © 2004 Wiley Periodicals, Inc.     

FDI entry mode choice of Chinese firms: A strategic behavior perspective

This study investigates the determinants of foreign direct investment (FDI) entry mode choice between a wholly owned subsidiary and a joint venture by Chinese firms that invest overseas. We argue that the FDI entry mode choice of a Chinese firm is primarily influenced by the variables related to the firm's strategic fit in host industry and its strategic intent of conducting FDI. Using survey data of a sample of 138 Chinese firms, the results suggest that a Chinese firm prefers wholly owned subsidiary entry mode when it adopts a global strategy, faces severe host industry competition, and emphasizes assets seeking purposes in its FDI. A joint venture is preferred when the firm is investing in a high growth host market.     

Cross-border acquisitions vs. Greenfield investment: A comparative performance analysis in Greece

This paper compares cross-border acquisition with Greenfield foreign direct investment (FDI). It investigates the impact of these two FDI modes on the long-term performance of foreign subsidiaries. By focusing on the performance of the foreign affiliate, it departs from the rich survival literature and for the first time explores the precise performance of these ventures over a longer period of time. In particular, by drawing on the theory of industrial organization (IO), we empirically examine to which extent the two different forms of market entry help to explain the development of leading positions of affiliates in the host country. Our field research is based on a wide original sample of 179 manufacturing subsidiaries of foreign transnational corporations (TNCs) located in Greece. The econometric results indicate that acquisitions exhibit specific signs of excellence in terms of market share, firm size, capital intensity and product differentiation. We ascertain that at least as far as market share and capital intensity are concerned, the superiority of the cross-border acquisitions rests on both the fact that TNCs are eager to acquire the most efficient firms in the host country, and actively engage in assisting these firms in their up-grading procedures.     

Performance of foreign direct investment from Singapore

This study was conducted with two broad aims: to assess the performance levels attained by foreign direct investment (FDI) undertaken by Singapore firms and to identify the key determinants of the performance levels attained. We employed a broad set of perceptual measures, as reported by the MNC parent managers, to assess the performance of foreign subsidiaries. The measures included: stability, profitability, overall success, market share and sales growth. We hypothesized that the performance of (FDI) will be influenced by the following factors: mode of entry, cultural distance, relative size of the subsidiary and host government attitudes. Based on an analysis of 128 responses to a survey, we find that Singapore firms’ foreign subsidiaries achieve moderate levels of performance. The data analysis also revealed that FDI performance was positive under the following conditions: the host government attitudes were positive and the subsidiaries were of large size relative to the parent.     

Entering China Today

Summary

The peripherally growing and remarkably dynamic Chinese economy is now encouraging the use of more diverse and creative entry modes for international investors. This article illustrates various entry modes of foreign direct investment available at present to foreign companies entering China. These entry modes include equity joint ventures, wholly foreign owned subsidiaries, contractual joint ventures, umbrella companies, acquisitions, representative offices, branches, build-operate-transfers, licensing and franchising. The merits and limitations of each entry mode are discussed. Some practical advice on entry strategies for international executives active in the Chinese market is also highlighted.     

Multinational activity of European firms and heterogeneity

This paper offers an empirical assessment of the multinational activity of European firms. It takes the predictions of models of firm heterogeneity and FDI activity as a reference to explore the characteristics of multinational firms from 30 European countries. We use a data set, based on ORBIS, which links information of parent–affiliate pairs of firms. Our results show that more productive firms have greater multinational activity in terms of both scope, the number of foreign markets where they invest, and scale, the volume of local sales by subsidiaries active in foreign markets. The estimation of gravity equations shows that country characteristics that encourage multinational activity successively induce the entry of less productive parent firms. We confirm this asymmetry for the GDPs of the home and host countries, distance, contiguity and other standard gravity equation variables.     

Strategic group influence on entry mode choices in foreign markets

This study examines imitation behavior in the foreign entry mode of the members of a strategic group within the industry. Following the institutionalist perspective, we argue that legitimating actors (trade associations, training institutions and investors, among others) can exert pressure on strategic group members to conform to institutionalized organizational practices and structures. We hypothesize that a company’s choice of foreign entry mode is determined by the previous choices of other companies within the strategic reference group. Thus, the probability of entry with a wholly owned subsidiary (versus shared-control entry) increases when the number of wholly-owned subsidiaries established by companies within the strategic reference group of the home-country is higher. We analyze 351 foreign direct investments of 30 Spanish banks in 55 countries between 1986 and 2008. Our results reveal imitation behavior between members of the strategic group and highlight the important role of the strategic group in strategic thinking.