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首页> 外文期刊>Frontiers of business research in China >Resource Acquisition, Internationalization, and the Catch-up Path of Chinese Construction Machinery Champions-The Case of Sany, XCMG, and Zoomlion
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Resource Acquisition, Internationalization, and the Catch-up Path of Chinese Construction Machinery Champions-The Case of Sany, XCMG, and Zoomlion

机译：资源获取，国际化和中国工程机械冠军的追赶路径-以三一重工，徐工集团和中联重科为例

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摘要

This study investigates the internationalization and resource accumulation process of the three largest Chinese construction machinery companies: Sany, XCMG and Zoomlion. It takes a longitudinal approach to analyze the internationalization process of the three companies over the last 25 years. Although the three companies' paths in the early acquisition of technologies and firm-specific advantages (FSA) differ significantly, however, their internationalization process exhibits similar pattern. They all exploit the same home-country based FSAs in their south-south expansion into other emerging markets, and seem to mimic each other in their strategic moves. In the south-north expansion into advanced economies they skip the export stage and rely almost exclusively on foreign direct investment of both forms, greenfield and M&A, to pursue asset augmenting objectives and overcome their "liability of origin". The study concludes by discussing several topics of interest, such as the implications of accelerated resource accumulation, the impact on competition with advanced multinationals in the home market or possible effects on the level of state support and risk taking behavior in the internationalization process by the companies' ownership type.
机译：本研究调查了中国三大工程机械公司三一重工，徐工集团和中联重科的国际化和资源积累过程。它采用纵向方法来分析这三个公司在过去25年中的国际化过程。尽管这三家公司在早期获取技术和特定于公司的优势（FSA）方面的途径差异很大，但是，它们的国际化过程却表现出相似的模式。他们在南下扩展到其他新兴市场时都利用了总部设在同一国家的FSA，并且在战略行动中彼此模仿。在从南北向发达经济体的扩张中，他们跳过了出口阶段，几乎完全依靠绿地和并购这两种形式的外国直接投资来追求资产增加的目标并克服了它们的“原产地责任”。该研究通过讨论几个有趣的主题结束，例如加速资源积累的影响，对国内领先的跨国公司竞争的影响或公司在国际化过程中对国家支持水平和冒险行为的可能影响所有权类型。

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