上 海 大 学 经 济 学 院
学术论坛第173期,总第369期
主讲题目：Buying as Locals: A Study of Indirect Acquisitions by Emerging Market Multinationals
主讲人：赵敏渊博士，华盛顿大学（圣路易斯），终身教授
时 间：2019年7月1日（周一）上午9:30-11:00
主 办：永利皇宫登录官网
报告简介：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.
报告人简介：赵敏渊博士，本科和硕士分别毕业于西安交通大学和复旦大学，2004年在美国纽约大学获得经济学博士学位。其后在美国明尼苏达大学卡尔森管理学院、密西根大学罗斯商学院、宾夕法尼亚大学沃顿商学院和华盛顿大学（圣路易斯）欧林商学院历任助理教授、副教授和终身教授