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標題: | 制度空隙與公司價值創造: 新興市場企業跨國併購之研究 Institutional Voids and Firm Value Creation: Evidence from Cross-Border Acquisitions by Emerging-Market Multinationals |
作者: | 蔡俽瑜 Shin-Yu Tsai |
指導教授: | 趙義隆 Yi-Long Jaw |
共同指導教授: | 陳厚銘 Homin Chen |
關鍵字: | 新興市場跨國企業,跨國併購,制度空隙,公司價值創造,對外直接投資動機,策略性資產收購, Emerging-market multinational enterprises,Cross-border acquisitions,Institutional voids,Firm value creation,FDI motives,Strategic asset-seeking acquisitions, |
出版年 : | 2023 |
學位: | 博士 |
摘要: | 新興市場企業的對外直接投資(FDI)已成為重要的全球現象。其中,跨國併購被視為新興市場跨國企業(EMNEs)進入外國市場最具侵略性的模式之一;然而,此研究領域仍然未被充分探索,部分原因在於新興市場企業的海外併購活動在2000年代之前並不活躍。關於應用既有國際企業理論加以解釋EMNEs的適用性,以及跨國併購究竟對EMNEs帶來正向或是負面的績效結果等議題,依然存在許多爭論。本論文採用質性和量化研究方法,研究中國企業的跨國併購活動,詳細闡述在海外併購作為中國跨國企業主要非有機成長的策略中,母國和地主國制度的重要性,以及中國市場的獨特性質。本論文以中國海外收購之個案研究,說明跨境收購如何為收購方企業在向上螺旋的跳板過程(the upward spiral springboard process)中,獲取快速的能力發展與迎頭趕上西方跨國企業的顯著成長。此外,近二十年關於公司價值創造的文獻顯示,跨國併購帶來的績效結果,對於已開發國家和新興市場的主併企業是有差異的。有別於已開發國家的主併企業經常面臨併購後公司價值損失的狀況,過去文獻顯示,新興市場主併企業可透過海外收購實現正向的公司價值創造。為進一步釐清此議題背後的原因,本論文運用制度理論、跳板理論以及對外直接投資的開發與探索視角進行實證研究,探討國家和企業層面的因素對中國企業在海外收購活動中公司價值創造的影響。根據2002年至2019年的資料分析,中國企業透過向制度差異顯著的先進國家之企業收購具有價值的實體資產與無形資源的方式,積極克服和緩解其本國市場的制度空隙。此外,實證結果顯示,相較於傳統FDI目的所驅動的跨國收購,中國跨國企業可透過海外尋求策略性資產的收購交易,創造更高的公司價值。 Outward foreign direct investment (OFDI) by emerging-market firms has become a significant global phenomenon. Cross-border acquisitions are viewed as one of the most aggressive entry modes for emerging-economy multinational enterprises (MNEs) to tap into foreign markets. Yet, it remains a relatively underexplored research area partly because cross-border acquisitions by emerging-market multinational enterprises (EMNEs) had not gained momentum before the 2000s. Debates surrounding the applicability of existing international business (IB) theories of multinational firms and the positive or negative consequences of foreign acquisitions by EMNEs. This dissertation employs a combination of qualitative and quantitative methodologies to examine the outcomes of overseas acquisitions for Chinese acquirers. It highlights the significance of both home and host country institutions, along with the unique attributes of China’s domestic market, in evaluating cross-border acquisitions as the primary inorganic growth strategy for Chinese MNEs. The case study of a prominent Chinese transnational acquisition exemplifies the firm’s significant progress in capability development and catching up within the context of the springboard process. Over the past two decades, the literature on firm value creation has demonstrated distinct performance outcomes for international acquirers from advanced countries and emerging markets. However, the reasons behind the positive value creation experienced by emerging-economy acquirers through outbound acquisitions, as opposed to the value destruction often faced by acquirers from developed countries, require further clarification. The empirical study applies the institution-based view, the general theory of springboard, and the exploitation and exploration lens of foreign direct investment (FDI) to examine how country-level and firm-level factors impact the value creation of Chinese enterprises in their overseas acquisition endeavors. Based on data analysis from 2002 to 2019, Chinese acquirers proactively mitigate institutional voids within their home country by procuring physical and intellectual resources from companies located in well-developed nations with significant institutional disparities. Furthermore, the empirical evidence implies that Chinese MNEs achieve higher firm value through foreign strategic asset-seeking acquisitions in comparison to deals motivated by conventional FDI objectives. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88168 |
DOI: | 10.6342/NTU202301661 |
全文授權: | 未授權 |
顯示於系所單位: | 國際企業學系 |
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