中国民营企业跨国并购的四轮驱动模型

研究民营企业跨国并购的特点和规律兼具理论与现实价值。鉴于现有文献缺乏对我国民营企业跨国并购动因的系统梳理,本研究使用案例的方法通过对三个典型的中国民营企业跨国并购案例的分析,系统地识别出民营企业跨国并购的动因,并构建了民营企业跨国并购的四轮驱动模型研究。结论表明:品牌国际化、获取核心技术、扩大市场份额、以及获取国际化经验是驱动我国民营企业进行跨国并购的四个最主要动因。通过与西方企业跨国并购驱动因素的对比,得出品牌国际化、获取核心技术和国际化经验是驱动中国民营企业进行跨国并购的特色因素。

Four wheel drive model of Chinese private enterprise cross-border mergers and acquisitions

In both theoretical and practical levels, it is valuable to study the characteristics and disciplines of private enterprises M&As. As existing literature lacks systematic investigation of the drives of Chinese private enterprises cross-border M&As, we use case study as methodology to analyze three Chinese private enterprises cross-border M&As cases to systemically identify the Chinese private enterprises cross-border M&As motivations and build a Four Wheel Drive model. The research finding indicates that the motivations of Chinese private enterprises cross-border M&As include brand internationalization, core technology acquisition, market share expansion, and international business experience acquisition. Finally, we compare our research findings with a classic study of western enterprises cross-border M&As motivations. It indicates that the heterogeneous motivations of Chinese private enterprise arecomposed of three factors - brand internationalization, core technology acquisition, and international business experience acquisition.