National economic disparity and cross-border acquisition resolution

This paper explores the effects of national economic disparity on the completion or abandonment of cross-border acquisitions by combining behavioral perspectives of risky decision making and theories of organizational learning. Using a sample of 2445 cross-border acquisitions announced between 1985 and 2008, we show that an acquisition is less likely to be completed when the acquirer is from a more developed country vis-a-vis the target than when the acquirer is from a less developed country. Furthermore, the higher the economic development level of the acquirer’s country relative to that of the target, the less likely the deal is to be completed. We also find that the time elapsed between the acquisition announcement and completion dates is shorter as the economic development level of the acquirer’s country relative to that of the target is higher.     

外资并购对我国宏观经济相关问题的影响及对策研究

近年来,面对入世后的机遇和挑战,我国正在调整利用外资政策,利用外资的形式也逐步从传统合资合作方式转到利用外资并购方式上来。外资并购将成为我国吸引外资的重要方式,这对于实现我国国民经济结构的战略性调整、优化资源配置和改善公司治理结构具有重要的意义。然而,随着外资并购的不断发展,首当其冲将对我国的宏观经济体系产生较大影响。本文着重分析外资并购对我国宏观经济体系下国际收支、人民币汇率、外汇管理和劳动力就业等相关问题的影响,并就我国如何扬长避短、趋利避害提出一些对策建议。     

企业并购中的供应链协同与整合

并购和供应链管理是2 1世纪企业管理的主要发展趋势,如何在企业并购中通过对供应链的重组和整合实现协同效应,对企业获得竞争优势和实现其战略目标具有重要的意义。对企业并购中供应链协同和整合中的相关问题进行探讨,研究企业并购对供应链的影响、供应链协同机会的识别和供应链的整合机制等,这些研究为在企业并购的实践中最大化实现协同效应提供了理论依据和实施借鉴     

浅析信托在我国并购融资中的作用

在我国金融业分业经营的环境下,信托投资公司是惟一能够综合利用金融市场连通产业与金融的机构。信托参与并购融资不但具有“混业经营”、隔离风险等优势,而且有助于改善企业的负债结构,降低财务风险,为企业提供全程的金融服务。     

企业并购中陷阱和风险控制

企业并购作为一种系统的、复杂的资本运作手段,既能实现资本逐利、管理控制权扩张的利益,也会极大损害甚至是拖垮并购方的实力。对于导致企业并购失败的主要原因,并购方应当高度重视并购陷阱和风险并加以防范与控制,从而有效地控制并降低并购成本、解决后续整合障碍。本文结合作者的实务操作经验,归纳并分析了常见的陷阱和风险,重点从战略、法律、财务、金融机构、人力资源、投资者关系和政策几个方面进行阐述,并提出了如尽职调查、保障协议等有效的风险控制思路和措施。     

The role of experiential and non-experiential knowledge in cross-border acquisitions: The case of Indian multinational enterprises

This paper investigates the antecedents of the internationalization of emerging economy multinational enterprises (EMNEs) through cross-border acquisitions. Using a panel data set of 1138 cross-border acquisitions made by 515 Indian multinational enterprises (MNEs) during 2000–2013, it examines interactions of in-house resources with experiential and non-experiential knowledge to explore how EMNEs manage and exploit their knowledge base when internationalizing. The results show that Indian multinational enterprises have ‘interface competence’. They combine in-house resources with experiential market and externally sourced technological knowledge for undertaking cross-border acquisitions. The Uppsala model provides insights in analyzing the role of market knowledge and the Global Factory model helps in analyzing the role of technology in cross-border acquisitions by EMNEs.     

Foreign acquisitions by Chinese firms: A strategic intent perspective

This article presents a strategic intent perspective (SIP) to analyze the foreign acquisitions made by Chinese firms. It suggests that Chinese firms strategically use cross-border acquisitions to achieve goals, such as acquiring strategic capabilities to offset their competitive disadvantages and leveraging their unique ownership advantages, while making use of institutional incentives and minimizing institutional constraints. The SIP is supported by the evidence from three firms that we studied, where dozens of interviews were conducted, including the one with the founder of Lenovo. This study contributes to extant international business theories by incorporating the SIP to examine internationalization strategies of firms from developing countries.     

跨国收购失败教训何在——明基并购西门子案例剖析

随着经济全球化的发展,跨国并购浪潮正在席卷全球。许多优秀的中国企业纷纷投身于并购浪潮之中,然而,由于异地民族文化差异,由文化差异带来的文化冲突,严重影响并购整合过程。因而,跨国并购后实现有效的跨文化整合已成为中国企业的当务之急,企业跨文化经营管理的有效性命题被提上议程。     

Emerging markets research: Trends, issues and future directions

We survey recent research on emerging markets (EM) within the fields of economics, finance, international business and management. To do this, we reconfigure the Journal of Economic Literature (JEL) classification system to provide a comprehensive list of the topics that have been studied, and we combine it with the main journal ranking methodologies to identify the journals in which significant contributions to EM research have been disseminated. We highlight the areas of greatest interest and those that have received relatively little attention to date. The suggested topics for future research include: Data and methods; market efficiency, risk-adjusted returns and risk premia; exchange rate volatility and firm-level exposures; classification systems, clusters and networks; firm-level internationalisation; international business strategy; attracting and benefiting from FDI; corporate and institutional governance; and behavioural perspectives, culture and the demise of the representative agent.     

基于验证性因子分析的并购价值创造影响因素研究

伴随着中国并购数量的增多和规模的扩大,企业如何掌握并购价值创造影响因素的问题愈加至关重要。以中国A股上市公司并购案例为研究对象,根据官方网站采集并购样本基本信息加以研究表明：并购价值创造影响因素大体归纳为：直接利益相关者、上市公司未来发展、并购方案的具体实施、上市公司的运营、行业和社会环境等六类。以这六类因素为潜变量,对每一类因素提出三个测量变量并建立假设模型,通过验证性因子分析证明模型成立。影响因素反映正确,对于确立并购过程中潜在的需求量和测量变量的结构关系和差额作用具有重要意义。     

欢盟外资并购国家安全审查制度对中国的启示

21世纪以来,欧盟主要国家纷纷修改外资并购立法,加大对外资并购国冢安全的审查,审查标准趋亍严格．审查范围愈发扩大。这种外资审查立法权扩张的冲动受到来自《欧共体条约》所确立的资本自由化原则的制约。在国际投资政策趋紧的背景下,中国公司近年来在欧美国家的外资并购不断受阻。深入理解欧盟外资并购立法的规定是当前中国企业制定国际化战略的基本要求。     

外资并购我国上市公司交易模式的研究

外资并购中国企业的首选是上市公司。从外资并购我国上市公司交易模式的类型、各种交易模式下具体交易方式的优缺点,以及这些交易模式发展情况等,可以看出股权并购模式在过去、现在和将来的一段时间内,都是外资并购我国上市公司的主要模式。而在这种模式下,直接购买B股/H股和协议收购成为最受外资青睐的交易方式,并且,随着市场条件的不断成熟,将会出现更多、更新的交易方式。     

Institutional origins of WOFS formal contracting: A judicial arbitrariness perspective

In drawing from neo-institutional theory and the institution-based view, this study provides new insights concerning how home and host country norms influence wholly owned foreign subsidiary (WOFS) formal contract utilization. Our analysis of 171 WOFSs operating in the Philippines suggests that parent home country uncertainty avoidance, as an institutionalized organizational practice, is positively related to WOFS utilization of formal contracts in governing interorganizational relationships. Our results also reveal that managerial perceptions of local judicial arbitrariness directly influence formal contract utilization, and moderate the positive relationship between parent home country uncertainty avoidance and WOFS formal contract utilization. Furthermore, when compared to managerial perceptions of national judicial arbitrariness, perceived local judicial arbitrariness will exhibit a stronger negative direct and indirect influence on WOFS formal contract utilization. Implications and future research directions are discussed.     

A co-evolution perspective of EMNE internationalization and institutions: An integrative framework of 5Cs

While significant progress has been made on the contextual role of institutions, scholarly research on the dynamic process of emerging economy multinational enterprises’ (EMNEs) international activities interacting with home country and host country institutions still seems to be in its infancy. Therefore, in order to move the current academic debate forward, we examine the intersection between the internationalization of EMNEs and their institutional environments by undertaking a critical review of the existing literature, given that institutional forces not only shape organizational behavior but also affect EMNEs’ internationalization strategies and organizational outcomes. We propose an integrative framework of 5Cs (context, capability, change, concomitance and configuration) underlying the co-evolution of EMNEs’ internationalization and institutions, and position all the papers included in this Special Issue within this framework in order to point towards a number of directions for future scholarship.     

Target reputation transferability,consumer animosity,and cross-border acquisition success: A comparison between China and Taiwan

This study examines the effects of consumer animosity and reputation transferability of local targets on cross-border acquisitions by analyzing host country consumer responses toward the acquisitions of local firms by foreign multinational corporations (MNCs). This work compares two host country markets: the responses of Chinese (high animosity against Japan) and Taiwanese consumers (low animosity against Japan) toward acquisition of a local firm by a Japanese MNC. The findings show that Chinese consumers demonstrate attitudes that are more negative toward the post-acquisition target, and lower intentions to repurchase products of the post-acquisition target than Taiwanese consumers. This work further observes that in a host-country market with low animosity, reputation transfer of a local target is pronounced, whereas, in a host country market with high animosity, consumer animosity will restrain or even exceed reputation transferability. Experiment results reveal consistent support for these hypotheses. Implications and limitations of the findings are also discussed.     

Talent management motives and practices in an emerging market: A comparison between MNEs and local firms

This paper compares the differences in talent management motivations and practices between MNEs and local firms in the emerging market of Turkey. It uses institutional theory and the resource based view of the firm to explain these differences. Examining data from 201 firms the findings show significant differences between the talent management motives of MNEs and local firms, with MNEs having more tactical motivations for their talent management systems. The study also shows significant differences in the talent management practices between MNEs and local firms, with MNEs implementing more robust systems of talent management overall. The findings indicate that the motives for TM and the practices that are pursued by organizations are society-bound. The study of TM motives and practices has to be framed within the context of the institution as this shapes the way in which actors perceive and respond to environmental and organizational stimuli and the extent to which they seek to protect the rules that shape and structure their environments.     

Post-M&A technological capability-building of emerging market firms in China: the case of Lenovo

Technological acquisitions have become a strong motivation for cross-border merger and acquisition (M&A) activities by firms in emerging countries. However, whether these companies achieve their objectives remains an open question. This article presents a case study of Lenovo’s acquisition of IBM’s PC division with a focus on inventor productivity after acquisition. Our case study suggests that while a ‘light-touch’ integration approach helped avoid the all-too-common post-M&A productivity drop, intra-firm knowledge transfers to veteran inventors of the acquirers remained difficult due to the knowledge gap. However, M&A events create other opportunities to improve the technological capability of the acquiring company by sourcing new talent globally, offering unignorable merit that justifies outbound M&A activities by emerging market firms.     

Entrepreneurial orientation, management commitment, and human capital: The internationalization of SMEs in India

Small- and medium-sized enterprises (SMEs) make sizeable contributions to the economic success of nations. Research concerning the internationalization of SMEs is available in the context of developed economies but less is can be found dealing specifically with the entrepreneurial behavior and international expansion of SMEs in emerging markets such as India. This research extends the literature addressing the relationships surrounding the internationalization of SMEs in India as related to entrepreneurial behavior, firm resources, and commitment to internationalization. Entrepreneurial orientation, a commitment to internationalization, and the ability to leverage human capital influence the international success of Indian SMEs, based on the analysis of data collected from 150 Indian SMEs.     

公司特征、行业特征和并购战略类型的实证研究

This paper studies 148 related and 169 unrelated acquisition cases conducted by Chinese listed firms from 2001 to 2004 and explores firm and industry characteristics of these firms prior to their acquisition. Results show that there are significant pre-acquisition differences between firms pursuing related acquisition and firms pursuing unrelated acquisition in terms of firm performance, business risk, firm size, proportion of state shares and degree of diversification profile. Except for differences in internal capital as represented by undistributed profit per share, there is no significant difference in other aspects of available resources and industry performance. Translated and revised from Guanli Shijie 管理世界 (Management World), 2007, (3): 130–137     

Emerging economies and institutional quality: Assessing the differential effects of institutional distances on ownership strategy

The current study contributes to the institution-based view of internationalization that is contingent upon the home country development. We examine the differential effects of formal and informal institutions on emerging market multinational corporations’ (EMNCs) ownership strategies. Facing a large informal institutional distance that represents diverse cultural beliefs, EMNCs opt for a low ownership position that alleviates legitimacy threat, whereas a large formal institutional distance leads EMNCs to establish dominant ownership control. EMNC home market conditions, including market size and regulatory institutional quality, further explain the differential effects of institutional distances.