国家安全审查和所有权参与跨国收购

IF 5.9 1区 管理学 Q1 BUSINESS International Business Review Pub Date : 2024-08-14 DOI:10.1016/j.ibusrev.2024.102329
Jiangang Jiang , Jianhong Zhang
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引用次数: 0

摘要

尽管日益高涨的民族主义和国家安全问题所带来的制度压力已得到认可,但我们对这种压力如何影响企业的国际化战略却知之甚少,而国家安全审查制度(NSRR)的政策效应也未得到充分研究。本研究探讨了东道国的国家安全审查制度对外国收购方参与跨国收购(CBAs)的影响。我们从合法性的角度建立了一个理论框架,以解释《国家并购重组条例》的实施如何影响收购方的所有权决策,以及这种影响是如何受制于情境条件的。基于 2003-2020 年间中国跨国企业在 OECD 国家进行的 CBA 数据,我们发现《国家风险评估条例》对所有权参与有负面影响。对于私营收购方、私营目标企业、不敏感行业的收购、意识形态差异相对较小的国家之间的收购以及在经济增长较低的东道国的收购,这种负向影响较弱。
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National security review and ownership participation in cross-border acquisitions

Despite the growing institutional pressure derived from rising nationalism and national security concerns being recognized, we know relatively little about how this pressure influences firms’ internationalization strategy, and the policy effect of the national security review regime (NSRR) is under-researched. This study explores the impact of NSRR in host countries on foreign acquirers’ ownership participation in cross-border acquisitions (CBAs). We developed a theoretical framework from a legitimacy perspective to explain how the implementation of the NSRR impacts acquirers’ ownership decisions, and how this impact is conditional on situational conditions. Based on the data on the CBAs conducted by Chinese multinational enterprises (CMNEs) in OECD countries during 2003–2020, we found a negative effect of the NSRR on ownership participation. The negative effect is weaker for private acquirers, private targets, acquisitions in insensitive sectors, acquisitions between countries with relatively smaller ideological differences, and acquisitions in host countries with lower economic growth.

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来源期刊
CiteScore
14.10
自引率
6.90%
发文量
95
审稿时长
62 days
期刊介绍: The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.
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