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Chinese acquisitions of developed market firms: Home semi-formal institutions and a supportive partnering approach

机译:中国对发达市场公司的收购:家庭半正规机构和支持性合作伙伴关系方法

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This paper examines the direct effects of the Chinese institutional environment on local MNCs' decisions to acquire firms in developed countries. Due to the significant capabilities gap between Chinese acquirers and developed market targets, these transactions require a unique post-M&A integration approach that differs from those prescribed by extant research. We use a qualitative research approach based on executive interviews and information gathered through secondary data sources and the analysis of media accounts to examine the acquisition of the German Preh GmbH by the Chinese Joyson Group. Building on institutional theory, we introduce a new category of institutions, semi-formal institutions, and related legitimacy pressures in order to point to the institutional complexity Chinese MNCs have to navigate. Furthermore, building on social capital theory, this paper develops a supportive partnering approach for implementing M&As by Chinese MNCs in developed markets, and discusses the academic and practical implications of this new approach.
机译:本文考察了中国制度环境对当地跨国公司收购发达国家公司的决定的直接影响。由于中国收购方与发达市场目标之间存在巨大的能力差距,因此这些交易需要独特的并购后整合方式,这与现有研究所规定的方式不同。我们使用定性研究方法,基于高管访谈和通过二级数据源收集的信息以及对媒体帐户的分析,来研究中国Joyson集团对德国Preh GmbH的收购。在制度理论的基础上,我们介绍了一类新的制度,半正式制度以及相关的合法性压力,以指出中国跨国公司必须应对的制度复杂性。此外,本文以社会资本理论为基础,开发了一种支持性的合作伙伴关系方法,用于在发达市场中实施中国跨国公司的并购,并讨论了这种新方法的学术意义和实践意义。

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