企業(yè)海外并購?fù)馕姆g--為什么中國企業(yè)在國際擴張中傾向于獲取戰(zhàn)略資產(chǎn)？

1、Why do Chinese firms tend to acquire strategic assets in international expansion?Ping Deng *John E. Simon School of Business, Maryville University of St. Louis, 650 Maryville University Dr., St. Louis, MO 63141, USA1. In

2、troductionStrategic assets refer to those resources and capabilities that are valued by the firm for their potential to contribute to competitive advantage (Amit Wesson, 2004). This is particularly true for a number of

3、emerging Asian firms who have acquired strategic assets. They establish their competitive advantage typically via acqui- sition of established firms in developed economies (Makino, Lau,Mathews, 2002). As a latecomer, Chi

4、nese multinational corporations (MNCs) are urgent to be engaged in strategic-asset-seeking FDI so as to catch up with the global giants (Deng, 2007). In addition, China has had the largest FDI outflows among emerging eco

5、nomies since the 1990s. Nearly half of Chinese outward FDI is via merger and acquisition (M Scott, 2001). As organizations are deeply embedded in institutional environments, their practices are often either direct reflec

6、tions of, or response to, rules and beliefs built into their larger contexts (Meyer fax: +1 314 529 9975.E-mail address: pdeng@maryville.edu.Contents lists available at ScienceDirectJournal of World Businessjournal home

7、page: www.elsevier.com/locate/jwb1090-9516/$ – see front matter ? 2008 Elsevier Inc. All rights reserved.doi:10.1016/j.jwb.2008.03.0143. Theoretical framework and propositionsFirms are faced with multiple institutional p

8、ressures. The establishment and maintenance of legitimacy in home country environment is one of the most critical strategic issues. Although application of institutional theory in international business research dramatic

9、ally increased in recent years, it does not have any application of institu- tional theory into the Chinese outward FDI so far. The internationalization process of Chinese firms, however, appears to be significantly affe

10、cted by institutional forces (Buckley et al., 2007). In this paper, we contend that institutional theory can provide insights on why Chinese firms are increasingly conducting strategic-asset-seeking M&A particularly

11、in advanced countries. Building on the literature, we propose an institutional model for the acquisition of strategic assets via M&A, as shown in Fig. 1. The institutional perspective proposed in this model suggests

12、that Chinese firms are under institutional pressures and cultural-cognitive influences to adopt the asset-seeking M&A strategy which is viewed as appro- priate for their environment.3.1. Exogenous sources of institut

13、ional pressure: the role of governmentAlthough institutional context influencing M&A design is multifaceted, government interference constitutes one of the core elements of institutional environment in a transitional

14、 economy, where government is a particularly important constituent that defines, diffuses, or enforces prevailing norms and requirements of acceptable firm conduct (Oliver, 1991). This is no exception for China, where th

15、e government authority over business is great and institutional constraints and incentives constitute the basis for Chinese firms’ M&A decisions. As a part of economic reforms, the Chinese government has main- tained

16、 political control and also maintained its ability to reward and discipline firms for their adherence to its directives (Hitt et al., 2004). In contrast to other transi-tional economies, China has established clear direc

17、tion about the types of outward FDI it would like to encourage, and has been able to compel firms to follow its policies (Deng, 2004). In addition, corporate strategic decisions in China are, to a large extent, governed

18、by a mix of political and economic motives (Tsui et al., 2004). Importantly, Chinese government has been creating a supportive environment that particularly stimulates strong Chinese firms to invest abroad for the purpos

19、e of becoming globally competitive MNCs modeled on the example of the Japanese and Korean trading houses. As a result, the government has formulated a series of policies as institutional support for the acquisition of fo

20、reign knowl- edge in forms of value-added taxes and favorable financing (UNCTAD, 2005). With powerful support from the govern- ment, some strong Chinese enterprises have been under- going rapid modernization and many of

21、them have grown to be competitive on a worldwide scale largely through aggressive international expansion (Zeng & Williamson, 2003). In addition, China is the only Asian government that not only actively facilitates

22、and encourages outward FDI but also specifically encourages investment in R&D to enhance innovative capability (UNCTAD, 2005). The drive for Chinese companies to invest abroad has been gaining momentum with further i

23、mplementation of the ‘‘go global’’ strategy (announced in 2001), which is described as one of four key thrusts to enable China to adjust itself to the trend of economic globalization. The government policy and incentives

24、 are especially critical when Chinese firms have adopted cross-border M&A as a major mechanism of overseas expansion. China’s accession to the WTO in December 2001 brought another momentum for encouraging Chinese fir

25、ms to invest overseas as part of China’s overall strategy of joining global competition. Managerial and innovative deficiencies of Chinese firms have been of particular concern to the Chinese govern- ment as it continues

26、 its economic reform in an increas- ingly competitive global landscape. Therefore, the government has issued numerous rules and regulationsFig. 1. An institutional model for acquisition of strategic assets via M&A.P.