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上 海 大 學 經 濟 學 院
學術論壇第173期,總第369期
主講題目：Buying as Locals: A Study of Indirect Acquisitions by Emerging Market Multinationals
主講人：趙敏淵博士，華盛頓大學（聖路易斯），終身教授
時 間🧛：2019年7月1日（周一）上午9:30-11:00
主 辦☆🙄：意昂3
報告簡介：Firms originating from emerging economies have been active in cross-border acquisitions in diverse institutional environments. While the literature has offered valuable insights on location choices ("where to acquire") and target selection ("whom to acquire"), little attention has been paid to the channel of acquisition ("how to acquire"). Through the lens of indirect acquisition—acquisition through the acquirer’s subsidiaries already in the host country—we examine how deal-, firm-, and country- characteristics affect information asymmetry between parties, hence the choice of acquisition channels. Using a sample of Chinese firms' cross-border acquisitions from 2000 to 2016, we find that institutional distances motivate the use of indirect acquisitions, which is further accentuated by societal tightness, state-owned acquirers, and target firms in the high-tech industries. On the contrary, the target firm’s prior business experience in the acquirer’s home country or the cumulative presence of the acquirer’s peers in the host country reduces the need for local representation. We also find evidence that, when there is a long institutional distance between the home and host countries, indirect acquisitions through local subsidiaries have a significantly higher chance of completion than acquisitions directly initiated by the parents at home.
報告人簡介👃🏽：趙敏淵博士，本科和碩士分別畢業於西安交通大學和復旦大學，2004年在美國紐約大學獲得經濟學博士學位。其後在美國明尼蘇達大學卡爾森管理意昂3、密西根大學羅斯商意昂3🥨、賓夕法尼亞大學沃頓商意昂3和華盛頓大學（聖路易斯）歐林商意昂3歷任助理教授👎🏼、副教授和終身教授
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