新兴经济体企业连续跨国并购中的价值创造:均胜集团的案例

Value Creation in Serial Cross-border M&As by Emerging Market Firms:A Case Study of Joyson Group

新兴经济体企业如何从连续跨国并购中获益?基于均胜集团的纵向案例分析,本文提出了新兴经济体企业连续跨国并购的过程演进模型,研究发现:缺乏资源的新兴经济体企业在连续跨国并购过程中会经历"双向资源结构化—纵向资源结构化—横向+纵向资源结构化循环"的演化过程;新兴经济体企业连续跨国并购过程中随着资源的积累,重组策略逐渐从稳定式重组过渡到丰富化重组最后转变为开拓式重组;新兴经济体企业连续跨国并购创造价值的方式主要依托于环境撬动、业务撬动和平台撬动3种资源撬动方式。这些发现突破了把每次跨国并购作为独立事件这一隐含假设进而贡献于跨国并购的文献,同时识别出了新兴经济体企业从连续跨国并购中创造价值的3种资源撬动方式,进而深化了新兴经济体企业国际化的文献,最后对中国企业连续跨国并购亦有一定启示意义。

How do emerging market firms capture value from serial cross-border M&As? Based upon a longitudinal case study of Joyson Group, we propose an evolutionary model of serial cross-border M&As by emerging market firms. Our results indicate that emerging market firms which lack resources would acquire resources through duplex resource structuring, horizontal resource structuring, and vertical resource structuring. Moreover, as the accumulation of resource base, the resource integration strategies of emerging market firms would change from stabilizing, to enriching,then to pioneering. And, the main value creation mechanisms in serial cross-border M&As by emerging market firms may include environmental leverage, business leverage, and platform leverage. These findings would both have implications for cross-border M&A literature and Chinese firms.