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：Boateng A, Qian W, Tianle Y. Cross‐border M&As by Chinese firms: An analysis of strategic motives and performance [J]. Thunderbird International Business Review, 2008, 50(4): 259-270.

原文

Cross-Border M&As by Chinese Firms: An Analysis of Strategic

Motives and Performance

Agyenim Boateng，Wang Qian，Yang Tianle

Introduction

One of the most notable developments in China over the past two decades has been the vigorous pursuit of market oriented reforms aimed at enhancing the competitiveness of Chinese firms’ worldwide. The Chinese economic reform policies actively encourage Chinese firms to engage in outward foreign investments rather than only attracting inward foreign investments into China. As a result, the number of Chinese firms engaged in the outward cross-border merger & acquisition (CBM&A) activities is on ascendancy over the recent years. It has been reported that, over the January 2000 –December 2004 period, there were 27 outward merger & acquisition deals involving Chinese listed companies, with 11 and 16 cases taking place in Shanghai and Shenzhen stock markets respectively. Anecdotal evidence suggests that the actual CBM&A deals by Chinese firms in this period were more than the reported 27 deals however, as many of them were unlisted companies, the related data are not available.

It is pertinent to note that, there is a huge difference between CBM&A flows from developing countries to developed countries and those from developed countries to developing countries. For example, CBM&A activities involving firms from a developed country are likely to possess monopolistic and internalization advantages compared with the firms from a developing country. While firms from developed countries may be motivated to engage in CBM&As to exploit their own resources abroad, firms from developing countries may cross border to invest in order to explore

or seek another country s resources. It follows that, the M&As involving firms from emerging economy such as China to developed countries may be motivated to obtain intangible assets and resources which they do not have themselves. These assets include superior marketing skills, product differentiation, patent-protected technology, superior managerial know-how and economies of scale. It is thus argued that companies attempt to improve their core competences and fill in the strategic gap by CBM&A activities. Vermeulen and Barkema (2001) found that although the initial costs of CBM&A may be relatively high, the enterprises could expand their knowledge and improve the competitive advantage of the organization. In the long run, mergers and acquisitions may be an important vehicle to build capacity and improve organisational performance of the firm.

Given the important role played CBM&As, it is surprising that no study has been carried out on the motives and performance of the corporate M&As by Chinese firms in foreign countries. It is also important to point out that most of the empirical studies on CBM&A focus on the activities from developed to developing countries or to other developed countries. Relatively little attention has been given to CBM&As from developing countries to developed countries. It is therefore difficult to generalise the applicability of the conclusions drawn in the context of advanced market economies to the CBM&As conducted by firms in the Chinese emerging capitalist economy. This ought to be investigated. The purpose of this study is to examine the strategic motives and performance of CBM&A activities undertaken by Chinese firms using event study methodology. We examine this issue by focusing on what motivates Chinese companies to engage in cross-border M&As and the extent to which recent corporate acquisitions announced by Chinese companies have resulted in a generation of value for the acquirer.

The rest of the paper is set out as follows: The next section reviews the literature relating to motives of cross-border mergers and acquisitions and value creation for acquirers. Following that is the methodology for the study. The fourth section presents the results and discussion. A summary and conclusions are in the last section. Literature Review

There is an extensive literature on the motives and effects of mergers and acquisitions (M&As) and the market for corporate control for value creation (see Trautwein, 1990; Conn, Cost, Guest and Hughes, 2001; Campa and Hernando, 2004; Aw and Chatterjee, 2004 Gregory and McCorriston, 2005; Moeller and Schlingemann, 2005; and Francoeur, 2005). We review the extant literature focusing specifically on motivation for CBM&As and the evidence accumulated through event studies approach on the returns to shareholders of the acquirer firms.

Motivation for Cross-border M&As

Over the past two decades CBM&As have been a popular strategy for firms and constitute an important mode of entry into foreign markets (See UNCTAD, 2000). Official statistics from UNCTAD (2000) suggested that the share of CBM&As as a percentage of FDI flows rose from 52% in 1987 to 88% in 2000. Although, CBM&As activities as a share of foreign direct investment (FDI) fell to 55% in 2004, the total number of global M&As has been increasing at a rapid rate in recent times. For example, the Financial Times (2007) reported a huge rise in global volume of mergers and acquisition to about $1,130 billion in the first three months in 2007 and this provides a clear indication that mergers and acquisitions remain popular. A number of researchers attribute the phenomenal growth in CBM&As to increasing globalization of business, industry consolidation, privatization, and the liberalization of economies (Shimizu, Hitt, Vaidyanath and Pissano, 2004). Despite this, a study by KPMG (1997/1998) found that only 17% of CBM&As create …… 此处隐藏：19619字，全部文档内容请下载后查看。喜欢就下载吧 ……