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
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
References
[1] 中国商务部. 中国企业跨国收购兼并的实践与思考[R]. 中华人民共和国商务部, 2007.
[2] 赵骏, 于野. 论私募股权基金在我国企业海外投资中的角色与作用[J]. 浙江大学学报(人文社会科学版), 2010(12): 76-86.
[3] Gui Z Y. Developing a private equity business in China[R]. Massachusetts Institute of Technology, 2007.
[4] Venema B. Middle-market M&As: What's the new climate?[J]. Journal of Corporate Accounting & Finance, 2008, 20(2): 61-67.
[5] 杨丹辉, 渠慎宁. 私募基金参与跨国并购:核心动机、特定优势及其影响[J]. 中国工业经济, 2009(3): 120-129.
[6] 李爱庆, 陈荣秋, 吴九红. 超产权视角下PE推动国企并购重组改革的策略研究[J]. 管理评论, 2009, 21(12): 9-17.
[7] Johanson J, Vahlne J E. The mechanism of internationalization[J]. International Marketing Review, 1990, 7(4): 11-24.
[8] Miller K, Bromiley P. Strategic risk and corporate performance: An analysis of alternative risk measure[J]. Academy of Management Journal, 1990, 33(4): 759-779.
[9] 杜晓君, 刘赫. 基于扎根理论的中国企业海外并购关键风险的识别研究[J]. 管理评论, 2012, 24(4): 18-27.
[10] 张建红, 卫新江, 海柯·艾伯斯. 决定中国企业海外并购成败的因素分析[J]. 管理世界, 2010(3): 97-107.
[11] Szewczyk S H, Hatice U, Raj V. The structure of corporate boards and committees and the likely of corporate fraud[J]. Financial Analysts Journal, 1991, 60(3): 33-44.
[12] Siegel D, Wright M, Filatotchev I. Private equity, LBOs, and corporate governance: International evidence[J]. Corporate Governance: An International Review, 2011, 19(3): 185-194.
[13] Chung P Y. Sources of value in private equity acquisitions[EB/OL]. http://www. frbsf.org/csip/research/symposium200710.pdf.
[14] Kaplan S, Stromberg P. Leveraged buyouts and private equity[J]. Journal of Economic Perspectives, 2009, 23: 121-146.
[15] Lopze J A. The economics of private equity investments: Symposium summary[R]. FRBSF Economic Review, 2008.
[16] Ivashina V, Kovner A. The private equity advantage: Leveraged buyout firms and relationship banking[J]. Review of Financial Studies, 2011, 24(7): 2462-2498.
[17] Rogers P, Holland T, Haas D. Value acceleration: Lessons from private-equity masters[J]. Harvard Business Review, 2002, (June): 5-11.
[18] Cressy R, Munari F, Malipiero A. Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage[J]. Journal of Corporate Finance, 2007, 13(4): 647-669.
[19] Acharya V V, Hahn M, Kehoe C. Corporate governance and value creation: Evidence from private equity[R]. New York University, 2009.
[20] Yin R K. Case study research: Design and methods (3rd)[M]. Thousand Oaks: Sage Publications, 2002.
[21] Eisenhardt K M. Building theories from case study research[J]. The Academy of Management Review, 1989, 14(4): 532-550.
[22] Patton M Q, How to Use Qualitative Methods in Evaluation[M]. Newbury Park, CA: Sage Publications, 1987.
[23] 张小平. 再联想—联想国际化十年[M]. 北京:机械工业出版社, 2011.
[24] Wu F. Corporate China Goes Global. In Yeung H W. Handbook of research on asian business[M]. Cheltenham: Edward Elgar Publishing Limited, 2006.
[25] 熊焰. 中国流—改变中外企业博弈的格局[M]. 北京:清华大学出版社, 2009.
PDF(1 KB)
