摘要
本研究选择2006年—2011年间78篇西方一流学术期刊上有关企业并购的论文和当今中国十个具有影响力的企业跨国并购案例的公开资料作为研究样本,对所得文本资料进行内容分析,比较西方理论与中国企业对并购动机认识的异同。研究发现:虽然二者都着重从资源基础理论考虑企业并购的动机,但西方理论强调有效利用企业的管理能力、经验和品牌资产等无形资源,而中国企业强调获取外部知识产权、管理经验、技术、品牌和销售渠道等资源;行业冲击理论对中国企业并购动机的解释度高于西方理论,市场势力理论和交易费用理论对西方理论的解释度高于中国企业。
The number of transactions and amount of the transactions of cross-border mergers and acquisitions of Chinese enterprises in 2011 were 207 and S42.9 billion which broke the previous record. Furthermore, Chinese enterprises continued to maintain M ＆ A momentum in terms of ＂Snake Swallows Elephant＂. What are the motivations of cross-border mergers and acquisitions of Chinese enterprises？ And what are the difference characteristics between Chinese enterprises and Western theories in this area？ This article aims to uncover characteristics of the motivations of cross-border mergers and acquisitions of Chinese enterprises. Views of western theories and cases of cross-border mergers and acquisitions of Chi- nese enterprises were compared in order to explore the answer（s） for above questions. Two samples were selected, firstly, 78 papers published on top foreign journals from 2006 to 2011 about management were chosen as our one sample. Each paper was read carefully and discourses about motivation of cross-border mergers and acquisitions were extracted and coded as 196 clauses. Then these clauses were classed according to five kinds of theories introduced in literature review section. Secondly, different data about M ＆ A of 10 typical Chinese enterprises were collected and also coded as 293 clauses. It shows that, both views focused on the theory in sight of resource-based theory, western theory emphasized the effective use of the intangible resources of the enterprise management capabilities, experience and brand equity, while Chinese companies focused on property rights, management experience, technology, brand and sales channels. The motivations of Chinese M ＆ A companies were explained in industry shock theory better than for western theory, while market power theory and transaction cost theory are on contrast. We discuss the differences between views of western theories and cases of cross-border mergers and acquisitions of Chinese enterprises and provide Chinese enterprises for more explicit guidance on their cross-border mergers and acquisitions.
出处
《南开管理评论》
CSSCI
北大核心
2013年第2期57-63,共7页
Nankai Business Review
基金
国家自然科学基金重点项目(71033002)资助
关键词
中国企业
并购潮
动机
对比
Chinese company
M ＆ A
Motivation
Comparative Analysis
