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Cultural Challenges in Chinese/Australian Mining Mergers and Acquisitions - A CEO's Perspective

机译：中澳矿业并购中的文化挑战-CEO的观点

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摘要

In recent years, Chinese companies have invested billions in Australian mineral exploration, development and processing. In 2008 - 2009 alone, the Foreign Investment Review Board approved $26.4 B of investment. Much of this investment has been by merger and acquisition (M&A) of Australian resources companies. This paper sets out to investigate how Australian CEOs perceive the cultural and institutional challenges in operating Australia mining companies recently acquired by Chinese interests. Hofstede's cultural dimensions and institutional theory from management science were used to develop a structured questionnaire, which was subsequently used to conduct telephone interview of the CEOs of six recently acquired mining companies. Analysis of the survey results indicated that, in all cases, few changes were made to the operational management of the Australian companies post-M&A. The three major benefits for Australian companies as a result of the M&A are the ability to; access long-term debt at lower cost; secure finance for growth plans in financially volatile times; and maintain existing management structures. Some perceived negatives involved longer and more convoluted decision-making as a result of Chinese state approval required for investment decisions. The study identified building 'Guanxi' and an aversion to losing 'face' as important cultural learnings for Australian CEOs. Maintaining effective communications is regarded as key for successful cultural integration.
机译：近年来，中国公司已在澳大利亚的矿产勘探，开发和加工领域投入了数十亿美元。仅在2008年-2009年，外国投资审查委员会就批准了$ 26.4 B的投资。大部分投资是通过澳大利亚资源公司的并购（M＆A）进行的。本文着手研究澳大利亚首席执行官如何看待最近被中国企业收购的澳大利亚矿业公司的经营在文化和体制方面的挑战。霍夫斯泰德（Hofstede）的文化维度和来自管理科学的制度理论被用于制定结构化的问卷，随后被用于对最近收购的六家矿业公司的首席执行官进行电话采访。对调查结果的分析表明，在所有情况下，并购后澳大利亚公司的运营管理几乎没有变化。并购给澳大利亚公司带来的三大好处是：以较低的成本获得长期债务；在金融动荡时期确保为增长计划提供资金；并维持现有的管理架构。由于中国需要投资决策的国家批准，一些被认为是负面的因素会导致更长或更复杂的决策制定。该研究将建设“广西”和避免失去“面子”视为澳大利亚首席执行官的重要文化学习。保持有效的沟通被视为成功实现文化融合的关键。

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  • 来源
    《International mine management 2012》|2012年|251-260|共10页
  • 会议地点 Melbourne(AU)
  • 作者

    W Liang; Y Zhu; P Knights;

  • 作者单位

    GAusIMM, Graduate mining engineering student, The University of Queensland, St Lucia Qld 4072;

    Senior Lecturer, School of Business, The University of Queensland, St Lucia Qld 4072;

    Mining Engineering, The University of Queensland, St Lucia Qld 4072;

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  • 正文语种 eng
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