Analysis on the Strategies of Responding to Multinational Corporation Merger and Acquisition in Chin.docx
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Analysis on the Strategies of Responding to Multinational Corporation Merger and Acquisition in Chin.docx
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AnalysisontheStrategiesofRespondingtoMultinationalCorporationMergerandAcquisitioninChin
AnalysisontheStrategiesofRespondingtoMultinationalCorporationMergerandAcquisitioninChina
[a]AssociateProfessor,BusinessManagementSchool,ShenyangUniversity,China.
*Correspondingauthor.
Received11March2012;accepted12May2012
Abstract
AsChineseeconomicofquicklydevelopment,multinationalinChinaofmergersandacquisitionsactivitiesisgrowing,anddirectiondevelopmenttowardsscale,andsystematicandcontrol,thiswillbringsnegativeeffectiveonChinanationaleconomydevelopment,includingStateeconomicstrategystatuslost,andStateassetsloss,andmonopolybehavior,multinationalinvestmentalthoughconducivetoChinaeconomicgrowth,butitsfundamentalpurposeofmergersandacquisitionsinChinaisforneedsofstrategyandprofit,ItsinvestmentobjectivesandoperationmodehavefactorsthatdonotmeettherequirementsofChinaeconomicdevelopment,therefore,multinationalmergerandacquisitioninvestmentinChinawillinevitablycausesomenegativeeffects.ThisarticlefromtheperspectiveofmultinationalmergerandacquisitioninChina,analysisofthenegativeeffectofitsmergerandacquisitiontoChina’seconomicdevelopment,andtoproposeappropriatecountermeasures.
Keywords:
Transnationalcorporations;Mergersandacquisitions;Ownedassets;Monopoly
SUNJing(2012).AnalysisontheStrategiesofRespondingtoMultinationalCorporationMergerandAcquisitioninChina.ManagementScienceandEngineering,6
(2),-0.AvailablefromURL:
DOI:
http:
//dx.doi.org/10.3968/j.mse.1913035X20120602.3036
1.TYPESANDMODALITIESOFMULTINATIONALMERGERANDACQUISITIONINCHINA
1.1MultinationalMergersandAcquisitionsNon-ListedCompaniesinChina
Multinationalmergerandacquisitionofnon-listedenterpriseshavethefollowingoptions:
first,overallpurchase.TransnationalcorporationsasawholebuyoutofallassetsoftheState-ownedenterprises,collectiveenterprisesandprivateenterprisestoformwhollyforeign-ownedenterprises,thusenablingtheenterprisetobecomeitswholly-ownedsubsidiaries.Forexample,inFebruary2001,HuaweigroupsignedamergeragreementwithEmersonElectric,itselectricalbusinesssectors--Shenganelectricallimitedcompanyequivalentoverallsold750milliondollarstotheUnitedStatesofEmersonElectriccompany.Second,partoftheacquisition.Oneisthatmultinationalcompaniesthroughparticipationrestructuringofthenationaloriginalofenterprise,acquisitionsover50%ofequity,toachievecontrolofenterprisemanagementpurposes.Forexample,inMarch2001,theChinesetireindustryleadingenterprise--tireandrubbercompanywiththeworld’slargesttiremanufacturerofMichelinjointventure,Michelincontrol70%stocks,thenjoint-venturecompaniesspend$320millionreversetakeoverofcorebusinessesandassetsoftirerubbercompany.AnotherisonthebasisofChina-foreignjointventures,bytransnationalcorporationsthroughincreasecapitalandexpansionshareoracquisitions,dilutedtheChinesestakeinshareholdings,thusfromsharestoholding.Forexample,GermanyHenkelcompanythroughtheinternalacquisitionofshares,succeededincontrollingthetwojointventures-ShanghaiHenkelchemicalsLtdandTianjin-Henkeldetergentsco.,Ltd.. 1.2MultinationalMergerandAcquisitionofChineseListedCompanies
Inrecentyears,moreandmorelistedcompaniesofChinawereconcernedbymultinationalcompanies,multinationalcompanieshavebeentakenmergersandacquisitionslistedcompanyasaspringboardtoentertheChinesemarket.Thistypemergersandacquisitionsstartedin1992,atotalof71listedcompanieshasaforeignlegalpersonsharesinJune2001,itsinvolvementindirectlylistingandmerger,formerisprincipal,butinrecentyears,therearemorecasesbymeansofmergersandacquisitionsinvolvedinlistedcompanies.Infuture,multinationalcompaniesalsocarryoutofferacquisitions,debtacquisitions,managementlevelbuyoutsandothernewwaystogetlistedcompanies.Offeracquisitions,istheformissuedbypublicoffer,respectivelyacquiredsharesoftheStateunit,thelegalunitatdifferentprices,achievetoacertainratioofshare.Agreementacquisitionsandofferacquisitionscanbecomprehensiveapplicate.Debtacquisition,thatis,toparticipateinadebt-for-equityofState-ownedassetsintolistedcompanies.IntheprocessofState-ownedassetsofdebt-for-equity,forallowingforeigninvestmentinindustry,foreigninvestorscanbuyandtakeoncreditor’srightsintolistedcompanies,andbyacreditor-ledrestructuringoflistedcompanies.
2.OBJECTCHOICEOFMULTINATIONALMERGERANDACQUISITIONINCHINA
Targetsofforeigncapitalmergerandacquisitionaremainlyconcentratedinthefollowingenterprises:
alltheleadingenterprisesinthevariousindustryofChinaandlargeandmedium-sizedenterpriseswhichhasthebetterbenefits,withcoreresourcesorthecorecompetitiveness.Suchas,UnitedStatesairlinesLDCholdingsofHainanAirlines.Goingforward,SichuanChanghong,TsingtaoBeer,andShanghaipharmaceuticals,EasternAirlines,Dongfengmotor,andotherlargeandmedium-sizedenterprisescouldeasilybecometheobjectofmultinationalmergerandacquisition.Althoughtransnationalcorporationsholdingtheseleadingenterprisesisnoteasy,buttheymaybetakentoformastrategicalliance,aftershares,thenseektherelativemajority,evensharesabsolutelywaystorealizetheirinvestmentstrategies.Ontheotherhand,thoseenterpriseswhichhasbeenestablishingjointventuresorstrategicpartnershipswithforeigncompaniesmorevulnerabletobecometheobjectiveofmultinationalacquisitions.BecauseoftheChinesemarkethascharacteristicofspecificityandcomplexity,whenmultinationalsentryintotheChinesemarket,itwillfirstselectthosewhohaveestablishedjointventuresorthoselistedcompanieswiththeirgoodstrategiccooperativerelationsasacquisitiontargets. 3.THENEGATIVEIMPACTOFMULTINATIONALMERGERANDACQUISITIONINCHINA
3.1MergerandAcquisitionTargetsDeviationLedtoMacro-ControlImbalance
ThereisabiasofstrategicobjectivesofmultinationalmergerandacquisitioninChinaandChina’snationaleconomicdevelopmentlong-termgoals.ManymultinationalcorporationspayattentiontoChina’sindustrialpolicies,willingnesstocooperatewithChinesegovernment,coordinatetheirinvestmentgoalsinChina.However,transnationalcorporationsisalargeenterprisegroupstopursuitofeconomicinterestsmaximize,theirmergerandacquisitiontargetsinChinafirstrespondstotheglobalstrategicobjectives.So,ofcoursetheymustlookforareasandprogramsofacertaincorecapabilitiesandhighreturnoninvestment.Forexample,multinationalmergersandacquisitionsaremainlyconcentratedintheeasternareaofChina,investmentprojectsinCentralandWesternneededtoimportcapital,technologyandmanagementisveryfew.Oninvestmentinindustry,majorinvestmentsinnewindustriesandhigh-profitindustrymarketinChina,suchasinvestinginmobilecommunicationdevicemarket.Knowledge-intensiveindustryinvestmentprojectsarelittle.Fromthisperspective,transnationalmergersandacquisitionsandChina’sindustryorientationandregionorientationandthelong-termdevelopmentgoalsofthenationaleconomywillhappentodeviate.
3.2MultinationalMergersandAcquisitionsMayResultinLossofState-OwnedAssets
BecauseChinaisirregularpropertytransactionsnow,thereisaseriousproblemofthelossofstate-ownedassetsofmultinationalcompaniesinthetheprocessofmergerandacquisitionofChineseenterprises.Mainlyfor:
3.2.1State-OwnedAssetsWereLeakedandUndervalued
IntheprocessofMultinationalcompaniesmergerandacquisition,manyoftheChineseenterprisesassetshasnotbeenstandardizedandapprovedassessment;thoughafterassessmentoftherelevantinstitutions,butbecauseoftheappraisalsystemisnotperfect,evaluationmethodisnotscience,state-ownedassetswereseriouslyunderestimated,andtransnationalcorporationsassetsvalueisoftenoverestimated,resultinginlossofState-ownedassets.
3.2.2LossofIntangibleAssets
InthetheprocessoftransnationalcorporationsmergerandacquisitionState-ownedenterprises,Chinesebrandswereforeignwantonly“encroachment”,thuscausinglossofintangibleassets.Duetoitsstabilityandstrongaddedvalueofintangibleassets,IThasagreatroleinpromotingenterprisedevelopment,duetoalackofbrandawareness,aftermanyyearsofaccumulationandformationofChinesebrandwasfinallysubmergedbyforeignbrand. 3.3MultinationalMergersandAcquisitionsMayLeadtoIndustrialMonopoliesandThreatenNationalEconomicSecurity
Fromthemotivesoftransnationalcorporationmergersandacquisitions,multinationalmergersandacquisitionsofState-ownedenterprisesinChinaaremoremergersandacquisitionsontheenterprisewhichhasadvantages,aimstoachievethecombinationofadvantagesbetweenthetwosides,orthetargetenterpriseswithbaseoftransnationalcorporationstakingitsadvantage.CurrentlyinmergercasesinChinahasinitiallyindicatedthattargetsmostlyareenterprisesintheindustrywhichhasadvantagesorlargeState-ownedenterpriseswhichpoormanagementbuthasalargermarketshareandqualitybrands.Ontheonehand,itcanincreaseitsmonopolypowerinthemarketforChina,ontheotherhand,canachievethegoalofeliminationcompetitors.Inordertoexpandmarketshare,excludingcompetitors,transnationalcorpor
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