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.docx

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.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

文献出处：

BoatengA,QianW,TianleY.Cross‐borderM&AsbyChinesefirms:

Ananalysisofstrategicmotivesandperformance[J].ThunderbirdInternationalBusinessReview,2008,50（4）:

259-270.

原文

Cross-BorderM&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