基于距离视角的海尔跨国并购研究

随着全球化的发展,使得世界各地的经济具有强烈的互相渗透性,促使跨国并购的产生。在不同条件下,距离对企业跨国并购绩效有着不同的影响,本文采用案例分析法,研究海尔公司并购案例中距离对跨国企业绩效的影响,并以此为基础对国内企业跨国并购进行分析并提出相应建议。企业在进行跨国并购时需要关注不同距离对跨国并购绩效的影响,国家间制度距离和文化距离会随国家间关系的变化而发生改变,地理距离则会随科技变化发生变化。因此,企业进行跨国并购时尽量采用“政企合作”的方式,克服制度、地理、文化等距离对跨国并购的消极影响。     

论跨国并购引发因素复合分析模式

本文运用要素系统分析方法,以跨国公司对外直接投资决策过程为研究起点,全面分析跨国并购引发因素,最终构建跨国并购引发因素复合分析模式。     

非对称信息下跨国企业并购的讨价还价博弈模型研究

随着我国经济日益走向国际化,许多企业开始大胆的尝试跨国并购。而跨国并购的定价决定着并购的成败。本文在公司理论价值的基础上,将跨国并购主体的心理压力因素引入讨价还价动态博弈模型中分析并购价格,比较分析信息完全情与信息不对称条件下并购主体心理因素对跨国并购价格的影响。研究结果表明在国际市场中情境因素与心理因素对跨国并购双方主体有重要影响,并得出在不同的国际市场环境下企业的价格是不同的。     

关于跨国并购影响因素的研究综述

随着经济的全球化不断发展,以跨国并购为主要形式的对外直接投资日趋活跃,已经成为跨国公司实施全球化经营战略的重要方式之一.跨国并购方面的研究也日趋完善,关于企业选择跨国并购方式作为进入国际市场的影响因素引发了众多学者的关注,国内外学者的探索和研究不断发展更新,实证研究又促进了该领域的进一步发展,本文总结了国内外学者对于跨国并购影响因素的研究文献,并进行了总结与展望.     

我国企业跨国并购的中国式短板与化解

为了满足产业结构调整、利用国内外资源、应对市场竞争、推进技术进步和产业升级等需要,跨国并购成为我国企业资本集中和迅速扩张的手段.我国企业跨国并购存在诸多问题.洞悉这些问题,采取有效的措施推动我国企业跨国并购的快速健康发展是决定我国企业国际化进程的重要因素,同时也是提升我国企业国际竞争力和国家全球竞争力的客观要求.     

中国企业“走出去”跨文化整合的探析

经济全球化趋势深化,跨国并购已成为中国企业迅速国际化的一条必经之路。然而,跨国并购的绩效并不令人满意,缺少有效的跨文化差异管理和整合战略是跨国并购失败的及其重要的因素。本文在Nahavandi和Malekzadeh文化整合模式的基础上,融入国家文化差异和跨文化优势这两个因素,结合中国企业跨国并购的特质来研究剖析中国企业跨国并购文化整合的方式和获得的启发。     

浅议跨国并购决策的主要影响因素

尽管三分之一的并购都存在于来自不同国家的两个企业间,跨国并购的数量随着全球经济一体化趋势不断增加,针对跨国并购的研究的重要性也日益显现。除了文化和地理因素外,估值因素成为跨国并购决策的主要影响因素。     

创新驱动下长电科技跨国并购风险及绩效研究

在一带一路的倡议下,跨国并购已经成为上市公司创新发展重要的手段之一。企业并购的目的从资源驱动型向创新能力驱动型拓展,中国的一带一路沿线的并购合作面临新的战略机遇和挑战。面对错综复杂的投资环境,如何有效地识别和规避并购风险是企业需要考虑的重要问题。本文以长电科技跨国并购新加坡星科金朋案例,从定价风险、融资风险、目标公司经营风险以及并购整合风险四个方面深入研究我国企业跨国并购存在的风险以及各风险因素对企业跨国并购绩效的影响,并提出有关风险控制的政策建议,为更好地指导我国企业以并购促进产业升级和实现创新发展提供数据和决策参考。     

我国企业跨国并购中人力资源整合现状及问题分析

如今,跨国并购已经成为企业跨国经营的重要方式,而跨国并购取得成功的关键是人力资源的有效整合.本文分析了我国企业跨国并购中人力资源整合现状及存在的问题,以期对我国企业跨国并购顺利实施有所启示.     

跨国并购与跨国创建模式比较

本文以跨国公司对外直接投资决策过程为研究起点,在分析跨国并购与跨国创建的优缺点的基础上,提出外部环境因素对跨国并购方式的强化作用,解释了跨国并购逐步取代跨国创建成为跨国公司对外直接投资主要方式的原因。     

我国制造业企业逆向跨国并购研究

我国制造业企业逆向跨国并购具有获取稀缺战略性资源、重构企业内分工以及增强消费者认同等独特功效,同时也面临缺乏价值链高端环节运作经验、缺乏高级垄断性生产要素和强势企业文化等弱势困境。通过对经典案例的分析发现,具有某些特定的所有权优势、实施"借力"策略和渐进式文化整合有助于我国制造业企业逆向跨国并购的成功,而预设交易成功、信息不对称、道德风险等却使我国部分实施逆向跨国并购企业付出惨重代价。     

中国企业跨国并购中的竞争情报保障研究

从竞争情报的角度分析了中国企业跨国并购中的成败得失，挖掘跨国并购行为中的情报需求，弄清竞争情报该如何为跨国并购行为发挥应有的保障作用．让中国企业成功实现“走出去”的目标。     

跨国并购的品牌资源整合策略选择

在跨国并购中,并购双方品牌资源的整合是跨国并购整合管理的重要内容之一。并购方可以选择的品牌资源整合策略主要有:品牌收购、品牌租赁、贴牌、使用自有品牌、树立本土化的新品牌等。在对各种整合策略进行比较分析的基础上,以中国企业跨国并购案例为样本,选择MNL离散选择模型,对企业跨国并购的品牌资源整合策略选择问题进行实证分析。     

金融危机下的中国企业跨国并购

由于目前金融危机的国际经济环境特点,我国企业在跨国并购过程中要注意存在的问题和障碍,特别是金融危机所带来的更为严重的跨国并购风险：政治法律风险、战略决策风险和资本筹集风险。为防止风险,跨国并购要分析东道国的政治法律环境,选好目标企业,发挥行业协会和中介机构的作用,作好人力资源、技术文化整合等。     

The European company: Can it be realized?

Cross-border acquisitions via takeover bid are possible, but cross-border asset mergers within the EC are not. This article explores the proposed European Company as the means to cross-border mergers.     

Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms

Based on the dynamic capability and organizational learning perspectives, we examine whether acquirers from emerging economies can create value for their shareholders in cross-border mergers and acquisitions, and the key drivers which may influence any such value creation. A sample of 367 cross-border mergers and acquisitions between 2000 and 2011 involving Chinese listed companies as the acquirers was analyzed to highlight the relationship between the cultural distance involved and the acquirers’ market valuation. On average, such cross-border transactions created value for the acquirer's shareholders, but cultural distance was negatively related to the extent of such value creation. Larger firms, more experienced firms, and acquisitions within the same industry were found to be less affected by cultural distance, emphasizing the importance of learning and absorptive capability, but employing a financial advisor did not seem to help. Thus firms with greater absorptive capacity were found better able to overcome the difficulties caused by cultural differences. Implications for research and practice are discussed.     

The Determinants of Target Returns in European Bank Mergers

Announcement period abnormal returns for target banks are generally considered low compared to non-bank mergers. In this paper the factors that influence those returns in European bank mergers is examined. Sixty-seven deals from the EU, Norway and Switzerland are studied for which both targets and acquirers were listed companies (some of these being cross-border mergers and acquisitions), and find that European cross-border acquisitions tend to generate higher returns than national acquisitions. Cash deals and deals that are settled by a mix of cash, equity and loan notes create higher returns than equity transactions. It was also found that the target profitability and the relative asset growth rate have significant positive relation with the stock return. In addition, the significance of loan quality, the relative cost to income ratio and the ratio of loans to deposits, all point to the importance of efficiency in the European financial services industry.     

小鱼吃大鱼——浅析吉利收购沃尔沃

通过笔者对吉利收购沃尔沃案例的思考,提出了几点关于跨国并购问题的思考.     

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.     

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

During the recent decade, the world has witnessed the rapid growth of MNEs from emerging economies. Their increasing participation in cross-border mergers and acquisitions has raised great attention in the extant literature. This study evaluates the value creation from these cross-border transactions from two representative emerging countries, namely China and India, and determines factors that result in the different performance of these international acquisition activities. Cross-border acquisitions conducted by these countries’ companies indeed lead to significant shareholder wealth creation. Furthermore, Indian shareholders are more likely to benefit from deals in small cultural distance countries, while Chinese investors gain from the cross-border expansion of manufacturing companies. Location also affects the performance of cross-border acquisitions, with acquisitions into developed countries generating higher returns to shareholders. Our sample consists of 203 Indian and 63 Chinese cross-border deals over the period 2000–2010 and our results hold after controlling for various deal-level and firm-level characteristics.