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1、Dynamics of Chinese emerging multinationals incross-border mergers and acquisitionsArticle citation: Artie W. Ng, Jay Chatzkel, K.F. Lau, Douglas Macbeth, (2012) Dyn amics of Chin ese emergi ng mult in ati on als in cross-border mergers and acquisitio ns, Journal of In tellectual Capital, Vol. 13 Is
2、s: 3, pp.416 - 4381. IntroductionChi nas emerg ing mult in ati on als (CEMs) have developed themselves in rece nt years into key players in the intern ati onal bus in ess arena, seek ing viable cross-border merger and acquisition (M&A) opportunities (Nolan and Zhang, 2003; Rugman and Li, 2007; Morck
3、 et al., 2008). These activities appear to be inten sify ing, as China has a critical domestic market base and economy of sd that supports CEMs overseasexpa nsions. While a nu mber of CEMs are state-ow ned en terprises (SOEs), their expa nsions have bee n predo minan tly associated with inv estme nt
4、s in develop ing economies in Asia and Africa due to a similar institutional environment as well as a rich ness in n atural resources, respectively (Rugma n and Li, 2007; Morck et al., 2008). In additi on, it is observed that these M&As might also be motivated by seek ing knowledge capabilities as C
5、hina has rapidly emerged in the global arena. CEMs may well realize a compelli ng n eed to acquire critical kno wledge in the form of tech no logical capabilities, man ageme nt and strategy skills in adva need econo mies (Rugma n and Li, 2007). Being successful at acquiri ng kno wledge assets throug
6、h M&A initiatives may be a more difficult challenge for CEM than anticipated.Rugman and Li (2007, p. 336) expla in:First, the Chin ese acquirers lack of experie nee in inno vative activities makes itdifficult to recognize and absorb all the potential value of the acquired companies.Second, lack of e
7、xperience in international acquisition likely delays the knowledge transfer and integration process. Last, the Chinese MNEs (multinationals) still lack the internal man agerial capabilities to in tegrate foreig n acquisiti ons to develop anything resembli ng dyn amic capabilities.Despite such scepti
8、cism, there appears to be little un dersta nding about the implicati ons of the emerge nce for CEMs that seek to acquire kno wledge-i nten sive assets through cross-border M&As. For example, how would their unique cultural characteristics affect their developme nt of dyn amic capabilities while they
9、 are tran sform ing themselves into mult in ati onal corporati ons? In particular, Eise nhardt and Martin (2000) expla ined that dyn amic capabilities resemble the traditi onal con cepti on of rout in es, which can be detailed, an alytical, stable processes with predictable outcomes in moderately dy
10、n amic markets. Give n their cultural baggage, would CEMs be able to turn themselves into mult in ati on als with effective tech no logical inno vati on while experie ncing this rapid tran sformatio n?This paper aims to explore two aspects of CEMs-border IM&oAs inv olvi ngkno wledge-i nten sive asse
11、ts. First of all, it attempts to expla in the particular in flue nce of culture on the development of intellectual capital within CEMs in the course of their cross-border M&As. Based on an in terdiscipli nary literature review, it attempts to con struct a con ceptual framework that in tegrates comp
12、onents of committed intellectual capital as critical resources within a Chinese cultural system, which might foster the reverse tech no logy tran sfer process in side a CEM expa nding through a cross-border M&A. Second, through Ion gitudi nal case studies, this paper exam ines two CEMs attempts to s
13、eek pprt une intern ati onal expa nsion and to adva nce tech no logical inno vati on through cross-border M&As. Similarities in in teract ions among culture, in tellectual capital developme nt and the resulta nt reverse tech no logy tran sfer through cross-border M&A are exam ined in these two cases
14、.2. A strategic intent perspectiveWhile it is remarked that the kno wledge-seek ing type of tech no logy acquisiti ons by CEMs was a key reas on for their cross-border M&As (Rugma n and Li, 2007), other studies have poin ted out the bus in ess perspectives in CEMs intent to acquire strategicassets o
15、verseas. Using a strategic intent perspective, Rui and Yip (2008) suggested that CEMs used cross-border M&As to acquire strategic capabilities to offset their competitive disadva ntages and leverage their unique own ership adva ntages. In offsett ing competitive disadva ntage, CEMs acquired global b
16、rand and intern ati onal man ageme nt skills, as foreig n firms came to domin ate some of the domestic markets of China; on the other hand, CEMs were able to leverage their competitive adva ntage in costs of manu facture, labor and overhead. In case studies of cross-border M&As by CEMs, Deng (2009) explored their objectives to acquire strategic assets to enhance their critical compete ncies through tran sferri ng intan gible assets back home and upgrad i
