The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms
The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms
复制标题
DOI：
10.1016/j.ibusrev.2013.02.003
复制
发表时间：
2013-12
影响因子：
8.7
通讯作者：
R. Nicholson;Julie Salaber
中科院分区：
文献类型：
--
作者：
R. Nicholson;Julie Salaber
近十年来，世界见证了新兴经济体跨国公司的快速增长。跨国并购中跨国公司的参与度越来越高，这在现有文献中引起了极大的关注。本研究评估了来自两个具有代表性的新兴国家（即中国和印度）的这些跨境交易的价值创造，并确定了导致这些国际收购活动不同表现的因素。这些国家的公司进行的跨境收购确实为股东创造了大量财富。此外，印度股东更有可能从文化距离较小的国家的交易中获益，而中国投资者则从制造业公司的跨境扩张中获益。地点也影响跨国收购的业绩，在发达国家进行的收购会给股东带来更高的回报。我们的样本包括2000-2010年期间的203个印度和63个中国跨境交易，在控制了各种交易层面和公司层面的特征后，我们的结果仍然成立。
During the recent decade, the world has witnessed the rapid growth of MNEs from emerging economies. Their increasing participation in cross-border mergers and acquisitions has raised great attention in the extant literature. This study evaluates the value creation from these cross-border transactions from two representative emerging countries, namely China and India, and determines factors that result in the different performance of these international acquisition activities. Cross-border acquisitions conducted by these countries’ companies indeed lead to significant shareholder wealth creation. Furthermore, Indian shareholders are more likely to benefit from deals in small cultural distance countries, while Chinese investors gain from the cross-border expansion of manufacturing companies. Location also affects the performance of cross-border acquisitions, with acquisitions into developed countries generating higher returns to shareholders. Our sample consists of 203 Indian and 63 Chinese cross-border deals over the period 2000–2010 and our results hold after controlling for various deal-level and firm-level characteristics.