The motives for international acquisitions: capability procurements, strategic considerations, and the role of ownership structures
The motives for international acquisitions: capability procurements, strategic considerations, and the role of ownership structures
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DOI：
10.1057/palgrave.jibs.8400357
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发表时间：
2008-01
影响因子：
11.6
通讯作者：
S. Chen
中科院分区：
文献类型：
--
作者：
S. Chen
跨国公司可以建立格林菲尔德实体或收购现有公司进入外国。无论选择格林菲尔德投资还是收购，他们都可以控制全部股权（即，全资子公司）或与当地合作伙伴共享所有权（即，合资企业）。因此，根据在目标中所占的股份，国际收购可分为两大类----全部或部分----尽管在以往的大多数研究中没有这种区分。在本文中，我建议收购（vsgreenfield投资）的动机是具体的条目是否通过全部或部分所有权，在全面收购主要是由能力采购，而部分收购的动机是由其他战略考虑。通过将日本在美国的投资样本分为两个子制度，研究发现，合资企业与全资子公司的决定决定了决定格林菲尔德和收购性进入之间选择的决定因素。还有证据表明，日本投资者会自行选择全部或部分所有权，以证明他们选择进入美国的战略是合理的。这些研究结果提供了新的见解，所有权结构的作用，在塑造进入战略的选择。
Multinationals can start up greenfield entities or acquire existing firms to enter foreign nations. Regardless of the choice of greenfield investmentvsacquisition, they can control full equity (i.e., wholly owned subsidiaries) or share ownership with local partners (i.e., joint ventures). Depending on the stake taken in the targets, therefore, international acquisitions can be classified into two major categories – full or partial – although this distinction is missing in most previous studies. In this paper, I propose that the motives for acquisitions (vsgreenfield investments) are specific to whether entries are made through full or partial ownership, in that full acquisitions are driven mostly by capability procurements, whereas partial acquisitions are motivated by other strategic considerations. By splitting a sample of Japanese investments in the US into two sub-regimes, the study has found that the decision on joint venturesvswholly owned subsidiaries dictates the determinants that shape the choice between greenfield and acquisitive entries. There is also evidence that Japanese investors self-select the decision on full or partial ownership to justify the strategy that they have chosen to enter the US. These findings offer new insights into the role of ownership structures in shaping the choice of entry strategies.