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1、DynamicsofChineseemergingmultinationalsincross-bordermergersandacquisitionsArticlecitation:ArtieW.Ng,JayChatzkel,K.F.Lau,DouglasMacbeth,(2012)"DynamicsofChineseemergingmultinationalsincross-bordermergersandacquisitions",JournalofIntellectualCapital,Vol.13Iss:3,pp.416-4381.IntroductionChina'semerging
2、multinationals(CEMs)havedevelopedthemselvesinrecentyearsintokeyplayersintheinternationalbusinessarena,seekingviablecross-bordermergerandacquisition(M&A)opportunities(NolanandZhang,2003;RugmanandLi,2007;Morcketal.,2008).Theseactivitiesappeartobeintensifying,asChinahasacriticaldomesticmarketbaseandeco
3、nomyofscalethatsupportsCEMs’overseasexpansions.WhileanumberofCEMsarestate-ownedenterprises(SOEs),theirexpansionshavebeenpredominantlyassociatedwithinvestmentsindevelopingeconomiesinAsiaandAfricaduetoasimilarinstitutionalenvironmentaswellasarichnessinnaturalresources,respectively(RugmanandLi,2007;Mor
4、cketal.,2008).Inaddition,itisobservedthattheseM&AsmightalsobemotivatedbyseekingknowledgecapabilitiesasChinahasrapidlyemergedintheglobalarena.CEMsmaywellrealizeacompellingneedtoacquirecriticalknowledgeintheformoftechnologicalcapabilities,managementandstrategyskillsinadvancedeconomies(RugmanandLi,2007
5、).BeingsuccessfulatacquiringknowledgeassetsthroughM&AinitiativesmaybeamoredifficultchallengeforCEMthananticipated.RugmanandLi(2007,p.336)explain:First,theChineseacquirers’lackofexperienceininnovativeactivitiesmakesitdifficulttorecognizeandabsorballthepotentialvalueoftheacquiredcompanies.Second,lacko
6、fexperienceininternationalacquisitionlikelydelaystheknowledgetransferandintegrationprocess.Last,theChineseMNEs(multinationals)stilllacktheinternalmanagerialcapabilitiestointegrateforeignacquisitionstodevelopanythingresemblingdynamiccapabilities.Despitesuchscepticism,thereappearstobelittleunderstandi
7、ngabouttheimplicationsoftheemergenceforCEMsthatseektoacquireknowledge-intensiveassetsthroughcross-borderM&As.Forexample,howwouldtheiruniqueculturalcharacteristicsaffecttheirdevelopmentofdynamiccapabil
