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首页> 外文期刊>Journal of world business >How do high-technology firms create value in international M&A? Integration, autonomy and cross-border contingencies
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How do high-technology firms create value in international M&A? Integration, autonomy and cross-border contingencies

机译：高科技公司如何在国际并购中创造价值？整合，自主权和跨境突发事件

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摘要

Managing acquired foreign firms often proves to be a challenging task for the acquiring firms. We propose that industry characteristics are very important to an acquiring firm's actions, suggesting the existence of systematic differences in post-acquisition value creation in different industries. Moreover, the effect of these distinct approaches to value creation is also contingent on the bilateral national relationships of institutional distance, language differences, and diplomatic relationships between the home and host countries of the acquiring and acquired firms. Our study of 847 related cross-border acquisitions in the information technology industry in 27 home countries and 38 host countries provide support for these arguments. Specifically, we found that acquiring firms in service information technology industries where post-acquisition autonomy is more important in value creation outperform those in manufacturing industries where post-acquisition integration is preferred. Results also show institutional distance and language differences strengthen this relationship; in contrast, diplomatic relationships weaken the relationship. (C) 2015 Elsevier Inc. All rights reserved.
机译：对于被收购的公司而言，管理被收购的外国公司通常是一项艰巨的任务。我们认为行业特征对于收购公司的行为非常重要，这表明不同行业的收购后价值创造存在系统性差异。此外，这些独特的价值创造方法的效果还取决于收购方和被收购方的母国与东道国之间的制度距离，语言差异以及外交关系的双边国家关系。我们对27个母国和38个东道国中信息技术行业中847个相关的跨国收购的研究为这些论点提供了支持。具体来说，我们发现，服务型信息技术行业中的收购公司在价值创造中更为重要，这些行业在收购后的自主权方面更为重要，而在那些首选收购后整合的制造业中，这些公司的表现要好于制造业。结果还表明，机构距离和语言差异加强了这种关系；相反，外交关系削弱了这种关系。 （C）2015 Elsevier Inc.保留所有权利。

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