Shopping as locals: A study of conduit acquisition by multinational enterprises
Shopping as locals: A study of conduit acquisition by multinational enterprises
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像当地人一样购物：跨国企业收购渠道的研究
DOI：
10.1057/s41267-022-00520-y
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发表时间：
2022
影响因子：
11.6
通讯作者：
Minyuan Zhao
中科院分区：
文献类型：
--
作者：
Shixiang Wang;Jiang Wei;Minyuan Zhao
外国收购者经常遇到由于母国和东道国之间的制度距离而造成的严重合法性挑战。在这项研究中，我们建议管道收购，即最终收购者通过已经位于东道国或类似东道国的一个或多个国家的多数股权子公司发起跨境收购，可以被用作对制度距离的战略反应。引用制度理论，我们认为管道收购者在当地的存在可以帮助最终收购者解释并满足东道国的合法性要求。如果最终收购者有其他合法性来源，这种影响就会减弱，如果收购引发更大的合法性担忧，这种影响就会更强。我们对2000年至2016年在美国进行的6365笔跨境收购的实证分析支持了我们的假设。我们进一步发现，管道收购确实降低了交易失败率，缩短了完成交易的时间。通过突出跨国并购的组织结构，本研究为跨国企业指出了一种新的战略选择。
Foreign acquirers often encounter severe legitimacy challenges caused by the institutional distance between the home and host countries. In this study, we propose that conduit acquisition, in which an ultimate acquirer initiates a cross-border acquisition through one of its majority-owned subsidiaries already located in the host country or countries similar to the host country, can be used as a strategic response to institutional distance. Invoking institutional theory, we argue that the local presence of the conduit acquirer can help the ultimate acquirer interpret and meet the legitimacy requirements in the host country. This effect is weaker if an ultimate acquirer has alternative sources of legitimacy and is stronger if the acquisition triggers larger legitimacy concerns. Our empirical analyses of 6365 cross-border acquisitions in the United States from 2000 to 2016 support our hypotheses. We further find that conduit acquisition indeed lowers the deal failure rate and reduces the time to completion. By highlighting the organizational structure of cross-border acquisitions, this study points to a new strategic option for multinational enterprises.