中国企业的跨国并购战略动因与绩效分析外文文献翻译最新译文Word文档格式.docx
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中国企业的跨国并购战略动因与绩效分析外文文献翻译最新译文Word文档格式.docx
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AsbyChineseFirms:
AnAnalysisofStrategicMotivesandPerformance
AgyenimBoateng,WangQian,YangTianle
Introduction
OneofthemostnotabledevelopmentsinChinaoverthepasttwodecadeshasbeenthevigorouspursuitofmarketorientedreformsaimedatenhancingthecompetitivenessofChinesefirms’worldwide.TheChineseeconomicreformpoliciesactivelyencourageChinesefirmstoengageinoutwardforeigninvestmentsratherthanonlyattractinginwardforeigninvestmentsintoChina.Asaresult,thenumberofChinesefirmsengagedintheoutwardcross-bordermerger&
acquisition(CBM&
A)activitiesisonascendancyovertherecentyears.Ithasbeenreportedthat,overtheJanuary2000–December2004period,therewere27outwardmerger&
acquisitiondealsinvolvingChineselistedcompanies,with11and16casestakingplaceinShanghaiandShenzhenstockmarketsrespectively.AnecdotalevidencesuggeststhattheactualCBM&
AdealsbyChinesefirmsinthisperiodweremorethanthereported27dealshowever,asmanyofthemwereunlistedcompanies,therelateddataarenotavailable.
Itispertinenttonotethat,thereisahugedifferencebetweenCBM&
Aflowsfromdevelopingcountriestodevelopedcountriesandthosefromdevelopedcountriestodevelopingcountries.Forexample,CBM&
Aactivitiesinvolvingfirmsfromadevelopedcountryarelikelytopossessmonopolisticandinternalizationadvantagescomparedwiththefirmsfromadevelopingcountry.WhilefirmsfromdevelopedcountriesmaybemotivatedtoengageinCBM&
Astoexploittheirownresourcesabroad,firmsfromdevelopingcountriesmaycrossbordertoinvestinordertoexploreorseekanothercountry‟sresources.Itfollowsthat,theM&
AsinvolvingfirmsfromemergingeconomysuchasChinatodevelopedcountriesmaybemotivatedtoobtainintangibleassetsandresourceswhichtheydonothavethemselves.Theseassetsincludesuperiormarketingskills,productdifferentiation,patent-protectedtechnology,superiormanagerialknow-howandeconomiesofscale.ItisthusarguedthatcompaniesattempttoimprovetheircorecompetencesandfillinthestrategicgapbyCBM&
Aactivities.VermeulenandBarkema(2001)foundthatalthoughtheinitialcostsofCBM&
Amayberelativelyhigh,theenterprisescouldexpandtheirknowledgeandimprovethecompetitiveadvantageoftheorganization.Inthelongrun,mergersandacquisitionsmaybeanimportantvehicletobuildcapacityandimproveorganisationalperformanceofthefirm.
GiventheimportantroleplayedCBM&
As,itissurprisingthatnostudyhasbeencarriedoutonthemotivesandperformanceofthecorporateM&
AsbyChinesefirmsinforeigncountries.ItisalsoimportanttopointoutthatmostoftheempiricalstudiesonCBM&
Afocusontheactivitiesfromdevelopedtodevelopingcountriesortootherdevelopedcountries.RelativelylittleattentionhasbeengiventoCBM&
Asfromdevelopingcountriestodevelopedcountries.ItisthereforedifficulttogeneralisetheapplicabilityoftheconclusionsdrawninthecontextofadvancedmarketeconomiestotheCBM&
AsconductedbyfirmsintheChineseemergingcapitalisteconomy.Thisoughttobeinvestigated.ThepurposeofthisstudyistoexaminethestrategicmotivesandperformanceofCBM&
AactivitiesundertakenbyChinesefirmsusingeventstudymethodology.WeexaminethisissuebyfocusingonwhatmotivatesChinesecompaniestoengageincross-borderM&
AsandtheextenttowhichrecentcorporateacquisitionsannouncedbyChinesecompanieshaveresultedinagenerationofvaluefortheacquirer.
Therestofthepaperissetoutasfollows:
Thenextsectionreviewstheliteraturerelatingtomotivesofcross-bordermergersandacquisitionsandvaluecreationforacquirers.Followingthatisthemethodologyforthestudy.Thefourthsectionpresentstheresultsanddiscussion.Asummaryandconclusionsareinthelastsection.
LiteratureReview
Thereisanextensiveliteratureonthemotivesandeffectsofmergersandacquisitions(M&
As)andthemarketforcorporatecontrolforvaluecreation(seeTrautwein,1990;
Conn,Cost,GuestandHughes,2001;
CampaandHernando,2004;
AwandChatterjee,2004GregoryandMcCorriston,2005;
MoellerandSchlingemann,2005;
andFrancoeur,2005).WereviewtheextantliteraturefocusingspecificallyonmotivationforCBM&
Asandtheevidenceaccumulatedthrougheventstudiesapproachonthereturnstoshareholdersoftheacquirerfirms.
MotivationforCross-borderM&
As
OverthepasttwodecadesCBM&
Ashavebeenapopularstrategyforfirmsandconstituteanimportantmodeofentryintoforeignmarkets(SeeUNCTAD,2000).OfficialstatisticsfromUNCTAD(2000)suggestedthattheshareofCBM&
AsasapercentageofFDIflowsrosefrom52%in1987to88%in2000.Although,CBM&
Asactivitiesasashareofforeigndirectinvestment(FDI)fellto55%in2004,thetotalnumberofglobalM&
Ashasbeenincreasingatarapidrateinrecenttimes.Forexample,theFinancialTimes(2007)reportedahugeriseinglobalvolumeofmergersandacquisitiontoabout$1,130billioninthefirstthreemonthsin2007andthisprovidesaclearindicationthatmergersandacquisitionsremainpopular.AnumberofresearchersattributethephenomenalgrowthinCBM&
Astoincreasingglobalizationofbusiness,industryconsolidation,privatization,andtheliberalizationofeconomies(Shimizu,Hitt,VaidyanathandPissano,2004).Despitethis,astudybyKPMG(1997/1998)foundthatonly17%ofCBM&
Ascreatedvalueforshareholderscomparedwith53%destroyingit.WhatthenmotivatesfirmsintoengaginginCBM&
As?
Prominentamongthemotivesfoundintheextantliteratureinclude:
AccessandAcquisitionofResourcesandTechnology
AnumberofstudieshaveexaminedthemotivationforCBM&
Asfromtheresource-basedview(RBV)(seeBaumandOliver,1991;
Hennart,1991;
EisenhardtandSchoonhoven,1996;
Madhok,1997)andorganizationallearningperspectives(BarkemaandVermeulen,1998;
VermeulenandBarkema,2001).ThesestudiessuggestthatCBM&
Asaremotivatedbyanopportunitytoacquirenewcapabilitiesandlearnnewknowledge.ThusasOhmae,(1989:
145)argues:
“today‟sproductsrelyonsomanydifferentcriticaltechnologiesthatmostcompaniescannolongermaintaincuttingedgesophisticationinallofthem”.Therefore,tappingexternalsourcesofknow-howbecomesanimperative.Acquisitionofexistingforeignbusinessallowstheacquirertoobtainresourcessuchaspatentprotectedtechnology,superiormanagerialandmarketingskills,andovercomespecialgovernmentregulationthatcreateabarriertoentryforotherfirms(ErrunzaandSenbet,1981).Shimizuetal.(2004)endorsesthisviewbysuggestingthatfirmsmayengageinM&
Asinordertoexploitintangibleassets.ThislineofreasoningisconsistentwithCaves(1990)whoarguesthatacquisitionofforeigncompetitorenablestheacquirertobringunderitscontrolamorediversestockofspecificassetsandcanthereforeseizemoreopportunities.Schimizuetal(2004)suggestthatcrossborderM&
Asmayalsobeinitiatedtointernalizeanacquirer’sintangibleassetstoreduceoravoidtransactioncosts.Thisviewisconsistentwiththeinternalizationtheorywhichsuggeststhatfirmswithintangibleassetsshouldinvestacrosstheborderinordertoavoidthecostlymarketmechanismoftransferringthoseassets(BuckleyandCasson,1976,BuckleyandCater,1999).Inshort,CBM&
Asmaybemotivatedthroughtheinternalizationoftheacquirer’svariousintangibleassets.Conversely,theacquirercanalsousethetarget’sintangibleassetsbythewayofreverseinternalization.Internalizationandreverseinternalizationcanhelpacquirerstoavoidanymisappropriationofintangibleassetsandreducetransactioncosts.Seth,SongandPettit(2000,2002),ChengandChan(1995),Eun,KolodnyandScheraga(1996),MorckandYeung(1992)andMarkidesandIttner(1994)studieshaverenderedsupportforinternalizationandreverseinternalizationasmotivesforCBM&
As.
Diversification
Diversification–awelldocumentedstrategyforexpansionoffirmhasbeensuggestedasoneofthedominantreasonsforCBM&
As(Seth,1990;
Trautwein,1990;
ShleiferandVishny,1992;
MarkidesandIttner,1994;
Denis,DenisandYost,2002).Itisarguedthatinternationalacquisitionsdonotonlyprovideaccesstoimportantresourcesbutalsoallowfirmsanopportunitytoreducethecostsandrisksofenteringintonewforeignmarkets(PorterandFuller,1986;
BoatengandGlaister,2003).Seth(1990)reportedthatthedesiretoreducerisksbothoperationalandfinancialrisksthroughgeographicalmarketdiversificationareasourceofvalueincross-borderacquisitionsbutnotdomesticacquisitions.Forexample,thesourcesofvaluesuchasthoseassociatedwithexchangeratedifferences,marketpowerconferredbyinternationalscope,abilitytoarbitragetaxregimesareuniquetointernationalmergers(Manzon,SharpandTravlos,1994;
MorckandYeung,1992;
andSeth,SongandPettit,2000;
2002).Moreover,aseconomicactivitiesindifferentcountriesarelessthanperfectlycorrelated,portfoliodiversificationacrossboundariesshouldreduceearningsvolatilityandimproveinvestors’risk-returnopportunities.AnumbersofstudiesincludingErruza,1977;
Lessard,1973,Logue,1982andDavis,1991haverenderedsupportforriskreductionthroughportfoliodiversificationargument.ItthereforefollowsthatfirmsmayengageinCBM&
Asprimarilytoreduceriskthroughdiversification.
ToFacilitateFasterEntryintoForeignMarket
Martin,SwaminathanandMi
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