Cross-Border M&As by Chinese Firms An Analysis from an Institutional Point of View

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1、SubmittedinpartfulfilmentoftherequirementsforthedegreeofMasterofSciencein:InternationalFinancialManagementCross-BorderM&AsbyChineseFirms:AnAnalysisfromanInstitutionalPointofViewbyMengyaoLiFacultyofArtsandSocialSciencesUniversityofSurreySeptember2016Wordcount:©MengyaoLICross-BorderM&A

2、sbyChineseFirms:AnAnalysisfromanInstitutionalPointofViewContents1.Introduction12.LiteratureReviewandTheoreticalFoundation52.1MotivesofCBMA52.1.1AccessandAcquisitionofResourcesandTechnology62.1.2Diversification72.1.3EntryintoForeignMarket82.2.InstitutionalenvironmentandCBMAMotives83.T

3、heoreticalFrameworkandPropositions103.1TheExternalInstitutionalEnvironmentlevel:TheRoleoftheGovernment113.2TheInternalInstitutionalEnvironmentLevel:theInfluenceofOwnershipStructure124.ResearchMethod145.Casestudies155.1Researchsetting165.2Externalinstitutionalenvironment:theroleoftheg

4、overnment165.3Theinternalinstitutionalenvironmentlevel:Theownershipstructure206.Conclusion24References27AcknowledgmentsUponfinishingthisthesis,IgratefullypaysgratitudetoProfessorJieGuoforhispatientguideandcarefullyediting.IamalsogratefultomyparentswhogenerouslysupportmystudyintheUK.F

5、inally,IwishtoexpressmysinceregratitudetomyfriendJessieZhaowhohasbeensupportingmementallyduringthehardbutfruitfultimeofthesiswriting.1.IntroductionOverthepasttwodecades,crossbordermergerandacquisition(CBMA)havebeenapopularstrategyforfirmsandconstituteanimportantmodeofentryintoforeign

6、markets(UnitedNationsConferenceonTradeandDevelopment(UNCTAD,2000).OfficialstatisticsfromUNCTAD(2000)suggestedthattheshareofCBMAsasapercentageofforeigndirectinvestment(FDI)flowsrosefrom52%in1987to88%in2015.Withincreasingglobalizationofbusiness,industryconsolidation,privatization,andth

7、eliberalizationofeconomies(Shimizu,Hitt,Vaidyanath,&Pissano,2004),alotofdevelopingcountrieshaveactivelyparticipatedinCBM&As,makingitonethemostpopularbusinessactivitiesaroundtheworld.WithagrowingnumberofChinesecompaniesbiddingintheglobalM&Adeals,theworldhasalreadytakenChinaasamajorpla

8、yerinCBMA.It