实物期权、动态能力与海外敌意并购:基于中钢并购澳大利亚中西部矿业的分析

Real Options,Dynamic Capabilities and Cross-Border Hostile Takeovers:An Analysis of Sinosteel's Hostile Takeover of Midwest

以中钢集团敌意并购澳大利亚中西部矿业公司为案例研究对象,主张新兴跨国公司在进行海外敌意并购时,尽可能融合实物期权视角和动态能力视角来考虑问题。首先,新兴跨国公司应该尽量选择已经长期合作的、股权相对分散的企业作为并购目标。其敌意并购的时机选择主要考虑两方面的因素:一是目标企业估值的不确定性程度;二是竞争对手加入竞购的时间。此外,还要考虑到东道国政府、社会公众和目标企业管理层的反应,尽可能通过各种渠道将敌意并购转化成善意并购,以降低并购带来的负面影响。总之,只有将实物期权和动态能力2种理念进行完美的结合才能保证新兴跨国公司海外敌意并购的顺利实施。

By analyzing the case of Sinosteel＇s hostile takeover of Midwest,this study proposes a theoretical framework on how emerging MNCs conduct cross-border hostile takeovers through the integration of two perspectives： real options reasoning and dynamic capabilities.First,emerging MNCSs need to choose their partners without concentrated ownership structure as their target.Second,emerging MNCs should take into consideration the uncertainty of target evaluation and the competitive actions of potential rivals when they design the timing issue.Finally,a dynamic capability of transforming hostile takeover to friendly takeover is crucial for a successful acquisition.