Completion of Chinese overseas acquisitions : Institutional perspectives and evidence
Completion of Chinese overseas acquisitions : Institutional perspectives and evidence
复制标题
DOI：
10.1016/j.ibusrev.2010.07.003
复制
发表时间：
2011-04
影响因子：
8.7
通讯作者：
Jianhong Zhang;Chaohong Zhou;H. Ebbers
中科院分区：
文献类型：
--
作者：
Jianhong Zhang;Chaohong Zhou;H. Ebbers
本研究探讨了制度因素如何影响中国企业海外收购交易完成的可能性。我们认为，中国企业跨国并购的成功是多层次制度偶然性的结果。利用1982-2009年间1324宗已公布的中国跨国收购交易数据，研究发现，如果：(1)目标国家的制度质量较差，(2)目标行业对国家安全敏感，中国企业在海外收购中成功的可能性较低；(3)收购方为国有企业。此外，研究发现东道国的制度调节了两个公司层面因素的影响：学习经验和国有所有权。
This study investigates how institutional factors influence the likelihood that Chinese overseas acquisition deals are completed. We argue that a Chinese firm to succeed in a cross-border acquisition is an outcome of the multi-level institutional contingencies. Using a data set containing 1324 announced Chinese cross-border acquisition deals over the 1982–2009 period, the study finds that the likelihood of a Chinese firm to succeed in a overseas acquisition is lower, if (1) the target country has a worse institutional quality, (2) the target industry is sensitive to national security; and (3) the acquiring firm is a state-owned enterprise. In addition, the study finds host country's institutions moderate the effect of the two firm-level factors: the learning experience and state-owned ownership.