中国企业组建战略联盟参与国际并购的探讨

国际并购是近年来中国企业热衷于探索的一种国际化经营方式，有助于企业实现资本及其他生产要素在全球范围的快速优化配置。从战略学角度分析国际并购，企业需要适应国外各种复杂的环境，具备相应的内部资源和运用资源的能力，提升核心竞争力。但是，企业希望在短期内依靠自身发展大幅提升核心竞争力是困难的，并购后的经营风险对单个企业来说也是巨大的。     

浅谈国际企业并购及其经验借鉴

企业并购是现代经济史的重要组成部分，同时也是当代市场经济的重要实践与理论课题，更是国内外近年来的热点经济话题之一。有关实践，以美国最为领先。在其他国家经验，对我国企业并购有着积极的作用。     

有效推进企业并购活动的思考

当前,国际经济增速放缓与国内经济结构调整并行,不少国内企业出现了或多或少的经营困难,但同样也给不少有远见卓识的企业带来了较好的并购机会。如何科学、有效地推进企业并购,选择何种并购方式、采用何种估价模型,都成了我国企业不得不面对的重要课题。本文结合近年来国内并购市场的现状和相关并购知识的探析,提出了有效推进并购活动所需关注的几大关键要点。     

海外并购、反向收购与中国企业进入国际市场

一、海外并购--中国企业应该走出去 近年来,随着我国经济与世界经济的全面接轨,我国企业在立足国内市场的同时,也应不失时机走出去,到"狼窝"与狼共舞,在海外市场进行并购.     

谈中国企业跨国并购中的政府国际公关

本文从国际公关角度,通过分析中国企业跨国并购遇到的政治性风险,提出我国政府应当通过有效的国际公关运作,为致力于进行跨国并购和国际化发展的中国企业创造良好的国际舆论环境.     

中国企业踏上跨国并购新时期

一大批优秀的中国企业在进行海外并购,而且买的都是国际名牌企业。《全球并购报告》数据显示,中国在2005年上半年共完成454宗跨境和境内交易,交易总额达到179亿美元,与2004年同同期数字相比,交易额增长27%,交易量增长24%。中国的并购活动(包括境内和跨境交易)较活跃的行业分别是工业制造业(40%)、电脑电子业(14%)和电讯业(7%)。种种迹象表明,越来越多的中国企业把目光转向国际市场,跨国并购的序幕已经拉开。投资银行家们纷纷预计,未来五年中中国的各行各业均有购并业务发生,金融业、高科技业务、自然资源、制造业都有很多并购机会,我们看到…     

企业进行并购活动因素影响研究

本文讲述了企业进行并购活动因素影响研究。     

中国企业海外并购所引发的思考

全球金融危机爆发对全球经济造成重大影响的同时,也为中国企业发展带来了全新的机遇。在机遇和机会面前,中国企业能否擦亮眼睛,把握机遇,已经成为当前中国企业所面临的重要问题。本文试图从众多中国企业海外并购行为出发,立足于中国企业所面临的全球宏观经济环境,为中国企业未来更好地发展做好准备。     

我国跨国公司并购现状分析

近年来,我国在国际市场接连出手,跨国并购多个世界级企业。一方面,增强了我国跨国公司的整体实力,有利于学习外国先进管理经营方法;另一方面,大规模的跨国并购也产生了一系列问题。我们应该认识问题、解决问题,使我国跨国公司更高效的运转,更好地实行走出去战略。     

Picking cherries or lemons: A unified theory of cross‐border mergers and acquisitions

This article provides a theoretical framework that enhances understanding of empirical evidence suggesting that international mergers and acquisitions, a key source of foreign direct investment, seemingly target in‐country firms that are at the extremes of the productivity spectrum—either high‐productivity firms, so‐called cherries, or low‐productivity firms, the “lemons.” The framework demonstrates that foreign firms with intermediate inputs seek high‐productivity domestic firms, while foreign firms with managerial expertise seek low‐productivity domestic firms. We also show that because of the difference in available outside options, high‐productivity domestic firms can demand a significantly higher portion of profits in the partnership than low‐productivity domestic firms.     

Executive migration and international mergers and acquisitions

This study applies the microfoundations approach to examine the impact of migrating executives on firms’ selection of host country in their international acquisition decisions. Viewing executive migration as a conduit for inter-organizational learning, this study offers the first empirical findings that a migrating executive’s inter-organizational learning associated with two specific types of international acquisition experience, i.e., general and country-specific, accumulated at a prior affiliated firm positively impacts host country selection in the executive’s current affiliated firm’s acquisition decisions. The findings further suggest that the migrating executive’s prior country-specific international acquisition experience has a greater influence compared with the migrating executive’s prior general international acquisition experience. Last, the findings show that industry similarity between a migrating executive’s prior and current affiliated firms enhances the effect of the migrating executive’s specific host country acquisition experience. In sum, this study contributes by introducing migrating executives as a new learning conduit in international acquisitions.     

Trade liberalization and industrial restructuring through mergers and acquisitions

This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada-United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also provide evidence that domestic M&As transferred resources from less to more productive firms and that the magnitude of the overall transfer was quantitatively important.     

Managers as the bridge: How cultural friction influences the integration of cross-border mergers and acquisitions

Going beyond cultural distance, the present study adopts a more contextualized view of cultural friction to account for the “actual cultural contacts” in cross-border mergers and acquisitions (CBMAs), and meanwhile builds a case-based measure of cultural friction to quantitatively capture the country- and deal-level cultural differences between the acquirer and the target in each CBMA. Differing from the existing research that takes the influence of cultural differences on CBMA performance for granted, we highlight the importance of managers from the acquiring firm by theorizing that cultural friction between the acquirer and the target can shape acquiring managers' choice of managerial practices to complete the managerial tasks during integration, leading to different performance. In particular, we postulate a curvilinear relationship between the cultural friction and CBMA performance. By incorporating regulatory focus theory into our analytical framework, we further hypothesize how this curve is shaped by managers’ regulatory focus, a key motivational trait at the firm management level. Using a sample of 304 completed CBMAs conducted by Chinese listed firms, our empirical results verify the U-shaped relationship between cultural friction and the CBMA integration performance, and suggest that this relationship is flattened by acquiring managers’ prevention focus.     

The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises

This study builds on insights from mergers and acquisitions (M&A) studies and the perspective that stock market performance is affected by the M&A strategies of firms. Past studies show that acquisitions are an effective way to exploit existing knowledge and explore new possibilities. We argue that stock market performance can be a response to exploration/exploitation strategies in the context of cross-border M&As by emerging market multinationals. Based on cross-border M&A data of Chinese multinationals, we find that exploration-oriented acquisitions have worse stock market performance than exploitation-oriented acquisitions. Furthermore, we find support for our premise that acquiring firms can reduce the risk of exploration-oriented acquisitions by having more high-discretion slack resources or by maintaining a high level of equity share of the target firm. In addition, acquiring firms perform better if they conduct exploration-oriented acquisitions in related industries. Our results contribute to a better understanding of exploration and exploitation in the context of M&As.     

Intellectual property rights,imitation, and development. The effect on cross-border mergers and acquisitions

In this paper, we analyze whether the recent global process of strengthening and harmonization of intellectual property rights (IPRs) affects decisions of cross-border mergers and acquisitions (M&As). We investigate if IPRs have a differential effect across sectors of different technology content and for countries of different development level. Also, we study how imitation abilities of target countries interact with the tightening of IPRs. Using data for the post-TRIPS period (1995–2010), we estimate an extended gravity model to study the bilateral number of M&As, including a measure of the strength of IPRs systems on target countries and a set of control variables usually considered as determinants of M&As. The estimation results verify the gravity structure for M&As and show that IPRs –and enforcement– influence decisions of cross-border M&As in all sectors regardless of their technological content. However, IPRs are more important in countries with high imitation abilities and in sectors of high-technology content. Furthermore, a strengthening of IPRs leads to a larger increase of M&As in developing countries than in developed countries. These results call the attention on the possible implications for least developed economies and challenge the adequacy of a globally harmonized IPRs systems.     

Institutional investors and cross-border mergers and acquisitions: The 2000–2018 period

Using a sample of mergers and acquisitions (M&As) from 26 countries over 2000–2018, we find that domestic institutional investors facilitate both domestic and cross-border M&As. The facilitation effect is more pronounced for domestic than cross-border M&As. When the acquirer country has greater financial freedom or better investor protection than the target country, domestic institutional investors facilitate cross-border M&As more effectively. As Ordinary Least Squares regressions are not the best approach regarding cross-border M&As, we confirm that the main results are robust to Zero-inflated Poisson regressions. Foreign institutional investors' influence on cross-border M&As is stronger when the sample excludes the United States.     

Understanding cross‐border mergers and acquisitions of African firms: The role of dynamic capabilities in enabling competitiveness amidst contextual constraints

This article builds on existing international business literature that examines the drivers of cross‐border mergers and acquisitions (M&As) within emerging and developing economy contexts, theoretically exploring how dynamic capabilities (DCs) are connected to these drivers, and how African emerging multinational enterprises (EMNEs) can pursue them to achieve competitiveness. The article's contribution is the development of a DC framework and testable propositions for African EMNEs' cross‐border M&As. The theoretical framework shows the division of DC dimensions—sensing, seizing, and transforming—and establishes explanations for their linkage with institutional and resource drivers for African EMNEs' cross‐border M&A competitiveness. In addition, the article outlines managerial implications to this effect. Overall, the article contributes to the emerging literature on the international expansion of African EMNEs through cross‐border M&As by underscoring the role of DCs.     

The role of information technology systems in the performance of mergers and acquisitions

Mergers and acquisitions (M&As) are an important tool for improving a firm's competitive positioning and performance. Despite M&As’ promise, however, they often fail to meet performance goals. Challenges often arise when managers try to integrate two companies’ information technology (IT) systems, and the difficulties encountered often create both short- and long-term performance problems for companies. To help address these challenges, we highlight important issues that managers involved in M&As must consider. We also present some best practices that managers should follow to improve the odds of successful IT integration.