如何利用私募成功完成跨国并购交易：一个网络视角的多案例研究

科研管理 ›› 2014, Vol. 35 ›› Issue (9): 131-137.

如何利用私募成功完成跨国并购交易：一个网络视角的多案例研究

崔淼, 苏敬勤

大连理工大学管理与经济学部, 辽宁大连 116024

收稿日期:2012-05-17 修回日期:2014-03-04 出版日期:2014-09-25 发布日期:2014-10-22
作者简介:崔淼（1982-），女（汉），天津人，大连理工大学管理与经济学部副教授，博士，研究方向为创新管理与跨国公司管理。
苏敬勤（1961-），男（汉），湖北武汉人，大连理工大学管理与经济学部教授，博士，研究方向为创新管理。
基金资助:
国家自然科学基金重点项目（批准号：71033002；起止时间：2011.1~2014.12）；国家自然科学基金面上项目（批准号：71372082，起止时间：2014.1~2017.12）；国家自然科学基金青年项目（批准号：71102132，起止时间：2012.1~2014.12）；中国博士后基金特别资助项目（批准号：2012T50259；起止时间：2012.6~2014.6）。

How to successfully leverage PE to complete cross-border M&A transactions：A multiple case study based on the network perspective

Cui Miao, Su Jingqin

Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, Liaoning, China

Received:2012-05-17 Revised:2014-03-04 Online:2014-09-25 Published:2014-10-22

摘要/Abstract

摘要： 鉴于近年来一些中国企业利用私募成功完成跨国并购交易，但缺乏相应理论解释的现状，为了解答这一问题，文章采用探索性多案例研究方法，分析了联想联合美国德州太平洋集团、新桥资本和泛太平洋集团并购IBM PC业务，以及中联重科联手弘毅、曼达林和高盛并购意大利西法的案例。研究结论表明：并购企业构建的以自身为核心、包括私募及其既有网络中的组织在内的跨国并购交易网络是并购交易成功的关键；这些相关主体能够为并购企业提供互补性的资金、信息和关系资源，帮助并购企业规避风险、取得交易的成功。

关键词: 跨国并购, 私募, 并购交易网络, 资源

Abstract: In recent years, several Chinese enterprises successfully leveraged PE to complete cross-border M&A transactions. However, there lack corresponding theoretical explanations. To answer this question, the exploratory multiple case study method was applied to analyze two classic cases, Lenovo united with Texas Pacific Group, New Bridge Capital and General Atlantic to merge IBM's PC business and Zoomlion united with Hony Capital, Mandarin Capital and Goldman Sachs to merge CompagniaItalianaFormeAcciaio. The findings are: M&A transaction network is key to success of cross-border M&As. The successful network exhibit the following characteristics: merger companies place themselves on the central position; in addition to merger companies, transaction networks also include PE and organizations related to PE; these agents could provide complementary capital, information and tie resources, which are critical to avoid risks and achieve success of M&A transactions.

Key words: cross-border M&A, private equity firm, M&A transaction network, resources

中图分类号:

F270
F276.7

崔淼, 苏敬勤. 如何利用私募成功完成跨国并购交易：一个网络视角的多案例研究[J]. 科研管理, 2014, 35(9): 131-137.

Cui Miao, Su Jingqin. How to successfully leverage PE to complete cross-border M&A transactions：A multiple case study based on the network perspective[J]. Science Research Management, 2014, 35(9): 131-137.

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