Defying Distance? Cross‐Border Acquisitions by Emerging‐Economy Firms

We argue that emerging‐economy firms’ international location choices are driven by the pursuit of dynamic efficiency rather than the immediate minimization of transaction and learning costs, and hence the relationship between country distance and the number of cross‐border acquisitions will be less negative for these firms relative to advanced‐economy firms. We then test the hypothesis with respect to four measures of country distance—geographic, economic, cultural, and institutional—and find support for the hypothesis. Our study provides empirical support for claims in the literature about differences in the international expansion behavior of emerging‐economy firms with respect to location. In addition, our study makes a theoretical contribution by showing that the theoretical perspective of dynamic efficiency can explain the difference in the location choices for cross‐border acquisitions by emerging‐economy firms relative to those by advanced‐economy firms. © 2016 Wiley Periodicals, Inc..     

新兴市场国家吸引跨国并购的决定因素——从市场化程度视角的解析

近年来,发展中国家外国直接投资的流入量持续增加,并且跨国并购成为越来越重要的外资主要进入模式。本文考察新兴市场发展潜力与吸引跨国并购规模的内在相关性。通过理论和实证分析证实,新兴市场的市场潜力越大,特别是其中经济自由度、市场强度、商业基础设施的发展水平越高,吸引跨国并购的能力也越强。本文的启示是新兴市场国家市场经济制度的完善及与发达国家的接轨是提高吸收外资竞争力的重要条件。     

International springboard as an entrepreneurial act

International springboard is an entrepreneurial act that requires international entrepreneurial orientation (IEO). An important aspect of international springboard is the establishment of a deeply localized flagship foreign subsidiary to help pursue diverse international strategic goals. We model parent-level IEO as a mediator in the relationships between diversity of international strategic goals and flagship subsidiary localization strategies (customer responsiveness, market scope, and local cooperativeness). The results from a sample of 208 Chinese MNEs demonstrate that the three dimensions of IEO (innovativeness, proactiveness, and risk taking) play an important but differentiated mediation role. The study illustrates the connection between parent-level entrepreneurial behavior and subsidiary-level strategic actions through which MNEs capture cross-national entrepreneurial opportunities.     

Determinants of cross-border M&As in Latin America

This article analyzes the determinants of cross-border M&As in the Latin American region during the period 1998-2004. Using a unique dataset of 868 Mergers and Acquisitions (M&A) events, the study focuses attention on the effect of macroeconomic and investor protection conditions in the countries where the companies reside over the likelihood of these companies participating in a cross-border M&A transaction. The study considers the effect of company-specific variables in the likelihood of going cross-border. Univariate analysis and logistic regressions strongly support the idea that better economic and business-friendly conditions in the countries where the target operates, increase the likelihood of cross-border merger. Results show that not only is the business environment in the target country important but also in the bidder country. Lower levels of property rights protection in the acquirer country negatively affect the likelihood of a cross-border deal. Finally, the likelihood of a cross-border merger increases when the target faces higher cost of funding than the acquirer's.     

中国企业参与国际并购活动深度变革的思考

国际并购是近年来中国企业较为热衷于探索的一种国际化经营方式,不但可以实现企业资源优化配置,更有利于提升企业核心竞争力.本文就对中国企业参与国际并购活动进行了思考,同时提出了具体的深度发展思路,以此提高中国企业参与跨国资本并购活动水平.     

Abbreviated Scenario Thinking

Scenario development is a time- and resource-intensive process, one that not all companies are positioned to undertake at any given point in time. As such, this article will propose an Abbreviated Scenario Thinking process that uses published scenarios from government and industry sources to allow companies to make strategic decisions based on the results. Scenarios are narratives that describe the possible futures in which one must compete 5, 10, or 20 years from now. They allow people to test possible actions by playing them out in three or four different ways. Scenarios are based on plausible consequences of events, environmental forces, and players as they occur in time, and create patterns of the future that can have substantively different effects on strategic decisions. Thus, scenarios are important to executives and managers in the 21^st century as they develop competitive strategies. By employing Abbreviated Scenario Thinking, executives utilize published global scenarios to analyze the driving forces that affect their organizations, asking “What If?” as an entry point to scenario planning. This can produce benefits even before any formal scenarios are written.     

再论“国际贸易的全成本”

从内涵看,“国际贸易的全成本”是某种物品的产权在跨国转移中,发生于国际贸易过程,进而涉及生产和消费、经济和生态、今人和后人,使用一切资源要素的代价总和;从外延看,“国际贸易的全成本”是以国际贸易中的生产成本、交易成本、环境成本和代际成本等为子系统的动态开放系统。其中,使用劳动、资本、土地等传统要素的机会成本为生产成本;使用制度要素的机会成本为交易成本;使用生态环境要素的机会成本为环境成本;耗费“可持续性”要素的机会成本为代际成本。贸易理论和现实的发展表明,国际贸易的动因是比较优势,比较优势的本质是比较成本优势,它反映了不同国家同种产品的机会成本差异。比较优势理论的“硬核”在于“比较之比较”,其     

我国胶合板国际竞争力的比较分析

本文首先回顾了我国胶合板的生产与贸易现状;然后依据三种不同的国际竞争力测算方法,在选取不同类型国家的基础上,进行了胶合板国际竞争力的国际比较分析;紧接着,从理论与实证角度,对不同指数测算结果进行了系统的比较;最后,通过整合与归纳不同的分析结果,提出了对于提升我国胶合板国际竞争力的几点启示。     

我国芦笋的国际比较优势分析

本文对我国芦笋的国际比较优势进行了实证分析,通过对我国芦笋的世界市场占有率、出口价格、显性比较优势指数和可比净出口指数的测算,结果表明:我国芦笋的出口价格稳步上升;世界市场占有率总体较高,呈现波动状况;显性比较优势指数很有优势,呈先升后降;可比净出口指数也很高,总体比较稳定。     

论中国企业跨国并购的战略构建

随着我国企业国际化经营实践的深化,越来越多的中国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。本文详细阐述了我国企业实施跨国并购的现实基础、目标及预期绩效,分析了中国企业跨国并购的现实障碍,在此基础上从宏、微观两个层面提出了推动中国企业跨国并购的对策。     

跨境电商统计制度研究

我国跨境电商作为外贸新业态,是在市场机制和政策引导下发展起来的。分析跨境电商的定义和分类,有狭义口径和广义口径的差别。狭义口径为平台零售进出口,数值小但能够精确统计,采取行政记录式统计制度。广义口径数值大但难以精确统计,采取估算式统计制度。当前存在统计范围难界定、统计单元难匹配的技术性难题。为此,提出优化现行统计制度、建立统计监测体系的对策建议,并且针对广义口径下的邮快件进口、"海外仓"出口,设计提出统计测算方法。     

Antecedents to international student inflows to UK higher education: A comparative analysis

This study explores the antecedents of international student flows into UK higher education and the variations in the antecedents between home countries of origin. The results suggest that home country economic wealth and demographics, historic/linguistic link and UK government preferential policies are the important antecedents for international students from worldwide flows into the UK. However, a comparative analysis shows that a wide variety of economic, social and political factors are all important to the UK international students originally from developing economies, while home country economic wealth and population, and bilateral trade are more important than other factors in determining the students from developed countries studying in the UK. The UK government should formulate effective and flexible policies and UK HEIs should develop specific marketing strategies to attract a growing number of international students in general and from key target countries and regions in particular.