跨国并购战略与对海外子公司内部控制

跨国并购战略的制定与实施应与由此带来的海外子公司内部控制统筹考虑。以企业愿景为引领,基于企业跨国发展战略来构造母公司对海外子公司内部控制体系,有助于从系统角度明确对并购及子公司内部控制的基本脉络和结构。海外发展的关键是有明确的发展战略,而母公司的跨国并购战略决定了对海外子公司内部控制效率,从而最终决定了企业战略目标的实现。     

中国民营企业海外市场困境原因分析与对策

我国改革开放已进入了一个与国际体制接轨的新阶段,随着海尔、华为、中兴等大型企业在海外不断拓展业务,一些中国民营企业纷纷效仿,积极拓展海外市场、发展对外贸易、进行跨国投资、实行国际合作。这些民营企业受国际投资环境和自身发展战略因素的影响,在海外市场的发展并非一帆风顺。本论文就中国民营企业在海外投资的发展过程中面临的困难原因进行分析,并对民营企业立足于国际市场提出一些对策建议。     

跨国零售企业在中国的经营战略研究

本文作者对于跨国零售企业在青岛的经营网点进行了走访和实地调查。取得了一些定性资料。通过对这些资料的分析与比较,得出下面几点主要结论:第一,影响跨国零售企业进入中国某一区域市场的主要因素有公司发展的战略布局、当地的投资环境和地方政府的推动与支持。第二,跨国零售企业采用的零售模式有很多变化,尽管一些表面上看似相同的零售模式,其实在经营与管理上也有很大差异。第三,跨国零售企业在经营战略上各有自己的特点,其中市场定位最重要——市场定位不清或缺乏可行性,会使业务单位的经营陷入混乱。从而影响其市场表现。     

企业跨国经营中的贴牌战略

企业跨国经营中品牌战略的选择决定着企业跨国经营的基本方式和路径，是企业跨国经营总体战略的重要组成部分。与传统的创牌战略不同，以广东格兰仕（集团）公司为代表的一批新兴企业，充分发挥企业的比较优势，通过OEM（Original Equipment Manufacturer，俗称贴牌生产）的方式，使产品走向国际市场，创出了另一条跨国经营的成功之路。贴牌战略给我国企业带来了难得的机遇，同时也对企业的长期发展提出了种种挑战。     

海外子公司定位研究:从总部视角到子公司视角

海外子公司定位问题起源于对全球战略的研究,反映了子公司地位更加重要的现实。海外子公司定位的差异性主要源于环境因素、总部指派以及子公司的选择,三种来源反映了海外子公司定位方面总部和子公司两种视角。在日益复杂的跨国化经营环境下,总部主导的子公司定位需要更多地考虑子公司本身的积极主动性。结果,从总部视角到子公司视角的转换在经营战略逻辑、资源配置格局以及考核、协调和控制子公司方面产生新的挑战。     

制度落差、社会资本与跨国公司海外子公司合法性

组织合法性是制度理论的核心概念,是影响跨国公司海外子公司生存和发展的关键因素.将跨国公司海外子公司的社会资本分为内部社会资本和外部社会资本,将海外子公司合法性划分为内部合法性和外部合法性,分析海外子公司社会资本对其合法性的影响机理,进而揭示制度落差在跨国公司海外子公司社会资本与其合法性关系间的调节作用,提出相应的理论命题,以期拓展组织合法性理论,并为越来越多进行跨国经营的中国企业提供理论参考.     

中国跨国企业母子公司结构的决策机制研究:基于松散耦合理论视角

在资源匮乏和国际化能力不足的情境下,中国跨国企业如何获取和利用全球战略资源以实现能力跃迁,成为学界和业界共同关注的重要议题。在此过程中,海外子公司承担了重要职能,如何协调母子间关系以促进子公司生存与发展是企业跨国管理面临的关键挑战。作为企业内外部资源流动与能力建构的重要实践基础,母子公司结构在现有研究中尚未得到足够探索,且存在不同视角下的冲突结论。本文引入松散耦合理论,尝试为中国跨国企业海外子公司管理战略提供结构视角的解决方案。基于258家中国制造业A股上市企业的587家海外子公司数据,本文采用模糊集定性比较分析方法(fsQCA),从动机、能力、机会角度探讨了母公司国际化程度、子公司投资动机以及东道国技术资源禀赋和制度距离对中国跨国企业母子公司结构选择的共同作用机制,为不同内部组织和外部环境情境下,企业海外子公司管理结构的决策提供了理论参考。     

跨国公司在华子公司战略演变的动因与路径

跨国公司如何制定其在华子公司战略以及战略如何演变已经成为跨国公司研究领域的重要问题.以当地化、一体化为框架,分别对跨国公司战略、跨国公司海外子公司战略及其演变进行研究,以此为基础展开对世界500强在华子公司的问卷调查,研究发现,跨国公司在华子公司可以分为积极型、自主型、接受型和静止型4种类型,同时存在稳定型、成长型、退化型和波动型4种演变路径,76.7%的跨国公司在华子公司具有稳定型或成长型的演变路径.跨国公司在华子公司战略角色演变受子公司选择、母公司决策和环境驱动三方面因素的影响,母公司决策使母子公司一体化程度提高,子公司选择使子公司当地化程度提高,而环境变动对子公司战略角色的影响方向不确定.     

服务企业的国际化战略

本文分析了打算进入国际市场的服务企业所面临的主要挑战,然后提出了服务企业国际化的五种相互并不完全排斥的战略。它们是：直接出口服务,即最适合于面向产业市场的维修和保养服务;系统出口,指由两家或多家提供互补性解决方案的企业开展的合作出口;直接进入模式,指服务企业在国外市场直接建立子公司;间接进入模式,适用于那些不愿意直接在国外设立拥有全部或部分所有权的子公司的服务企业,通常通过授权协议或特许经营方式由当地企业提供服务;电子营销,这种方式使企业不必局限于某一特定市场。     

金融危机给中国企业跨国并购带来的机遇——以三一重工并购德国普茨迈斯特为例

随着中国企业实力的增强,跨国并购已经成为中国企业进入或扩大海外市场,扩大国际化经营战略的一种必然选择。特别是在金融危机爆发后,给我国企业跨国并购带来了一些机遇,上市公司的资金似乎越来越充裕,资本已经不是发展的瓶颈,这也激发了中国企业走出去的动机。近年来,中国企业的跨国并购越来越活跃,本文将结合案例具体分析危机后中国企业跨国并购的机遇。     

跨国公司在华子公司战略角色演变的影响因素与路径：以业务范围和竞争能力为框架

通过文献研究和对世界500强在华子公司战略角色及其演变的问卷调查,发现以下结论:依据职能活动范围及竞争能力2个变量,跨国公司在华子公司可以分为单一活动、微型复制、高度专业化和战略中枢4种类型,同时存在稳定型、成长型、退化型和波动型4种演变路径。跨国公司在华子公司战略角色演变受子公司选择、母公司决策和环境驱动3方面因素的影响。跨国公司既可主动制定战略以调整子公司角色,也可以被动适应经营环境变化而改变子公司战略角色,二者均可能使子公司沿稳定型或成长型的路径演变。     

How MNE subsidiaries transfer HRM practices in distant environments: A tale of two IKEA subsidiaries

While most research in the international business field focuses on the impact of the national institutional environment on multinational enterprises (MNEs), this paper explores the opposite relationship—the role and impact of MNE subsidiaries on the host country institutional environment. I analyze the subsidiaries' agency in the transfer activities of human resource management (HRM) practices by bringing the case of IKEA subsidiaries in Korea and Japan and find that these subsidiaries not only adapted to pressures arising from an institutional distance but also played an important role in influencing the institutional arrangement for employment system of their host countries. With a contextualized agency model, this study finds that institutional and organizational contexts that these subsidiaries are embedded in shaped their agencies and strategic responses and co-evolved with their host institutional environments while transferring HRM practices. These findings have implications for the IB and IHRM field, as they highlight the potential of MNE subsidiaries as agents.     

Where Do We Go from Here?: Globalizing Subsidiaries Moving Up the Value Chain

This paper studies the international expansion of local subsidiaries of multinational enterprises (MNEs). The main questions asked are why and how MNEs' local subsidiaries in developing economies undertake international expansion. Drawing from the global value chain (GVC) perspective, I argue that local subsidiaries that were initially established to undertake production activities for export-oriented industries do not want to remain at the lowest-value-added position forever. They therefore undertake initiatives to get out of that position. The literature on initiative-taking subsidiary has predominantly focused on them becoming centers of excellence via R&D and innovation in the host country. I propose a different route of local subsidiary upgrading via foreign direct investment in more advanced countries. This strategy helps not only to gain internal prominence within the MNE network, but also to improve its external position within the GVC vis-à-vis the lead firms. The paper uses an in-depth case study of a Thai subsidiary of a Taiwanese electronic MNE to explore the transformation of the subsidiary from simply manufacturing for exports to becoming a strategic international expansion arm for the parent MNE.     

A fundamental approach to strategy development

The problem of developing sound business strategy is probably more difficult now than it has been at any time since the war. In the midst of conflicting pressures of inflation, recession, unemployment, business failures, and social and political upheaval, today's businessman faces an environment which is both unfamiliar and uncertain. The lack of predictability concerning economic affairs can make it seem impossible to plan effectively for the future. Yet without sound strategy today, corporate survival itself may be called into question. What should be done?In this, the first of two articles, the author suggests that the key to strategy development now is to focus more than ever before on ‘fundamentals’. For the individual business, market share appears to be paramount, as is shown by the ‘experience curve effect’, a concept developed by the Boston Consulting Group in the course of its international work in advising companies on corporate strategy problems. Relative competitive position thus becomes the required simple but fundamental strategic goal. However, the quest for a superior market share must take place within the confines of an appropriately defined strategic business segment.In a further article in the February 1977 issue of LRP the author will go on to expand these conclusions concerning individual businesses, considering their implications for the sound development of strategy for the multi-business company.     

Towards a re-conceptualization of firm internationalization: Heterogeneous process,subsidiary roles and knowledge flow

This paper proposes a re-conceptualization of firm internationalization to understand and predict the rapid global expansion of firms since the 1990s, especially those from emerging markets. First, based on a review of existing literature, we re-conceptualize firm internationalization as a heterogeneous process of strategic development of subsidiaries in overseas countries or regions. This re-conceptualization captures the pluralistic character of the process of firm internationalization.Second, we delineate peculiar roles played by subsidiaries in pursuit of multinational enterprise (MNE) headquarters' internationalization strategies. We argue that the HQ's heterogeneous strategies toward overseas subsidiary development define the corresponding roles of subsidiaries, which in turn shape the knowledge-flow patterns within the MNEs. Finally, we link firms' internationalization strategies with different subsidiary roles to generate hypotheses concerning the effect of such links on subsidiary performance. We argue that the proper alignment of HQ's internationalization strategies with subsidiary roles will lead to success of the overseas subsidiaries; by contrast, a mismatch will lead to subsidiary failure. The paper thus contributes to the field of firm internationalization by linking its new conceptualization with the literature on subsidiary roles and knowledge flows in MNEs.     

Organizational dynamics and global integration: A perspective from subsidiary managers

This study establishes a relationship between organizational dynamics and overall integration within MNEs from the perspective of foreign subsidiaries in a dynamic environment. While previous empirical studies have emphasized that overall integration is determined by environmental and industrial pressures, we propose that integration is also affected by strategic capabilities, organizational infrastructures and strategic needs of foreign operations. Analysis of survey data including 168 foreign subsidiaries in a large emerging foreign market suggests that the resource distinctiveness committed to local operations is positively associated with overall integration, while the strength of networking with local businesses and governments is positively associated with overall responsiveness. The effectiveness of established information flow and coordination between a focal subsidiary and the rest of the network has a favorable effect on integration. Moreover, strategic needs in exploitation of factor endowment contribute to higher levels of integration. These needs also moderate the relationship between dynamic capability and overall integration.     

Gaining from the global ambitions of emerging economy enterprises: An analysis of the decision to sell a German firm to a Chinese acquirer

This paper examines the issue of cross-border acquisitions by companies from emerging economies in industrialised countries: an important phenomenon that has recently found increasing emphasis in international business research. In analysing Chinese acquisitions of German firms in the machinery and equipment industry, the paper addresses the question of why firms from industrialised countries are sold to companies from emerging economies. Several real and imagined reasons may induce the German side not to sell; nevertheless, this type of acquisition occurs with increasing frequency. Using case study evidence and interview data, the study finds explanations for the decision to sell to a Chinese company. The results show that German firms can gain substantially from the global ambitions of the Chinese firms for advancement of their own business objectives. This is due to complementarities in the motivations for engaging in the deals, as well as the underlying strategic needs of both firms. In addition, the specific nature of the cooperation between both firms instils in the German managers a sense of control and security—either real or merely perceived—creating conditions that are favourable to the selling decision. Most importantly, in the context of emerging economy enterprises acquiring advanced economy firms, motivations on both sides of the acquisitions appear to go beyond the commonly known goals such as capital transfer and additional market access, as the acquisitions provide the companies involved with conditions favourable to expansion into previously inaccessible market segments. The findings of this study provide useful guidance for the development of future strategic relationships between firms from industrialised and emerging economies.     

Managing corporate community responsibility in multinational corporations: Resolving institutional duality

Addressing calls to explore how subsidiaries of MNCs operating in different institutional contexts resolve institutional duality, this paper brings together dual theoretical explanations from legitimacy and neo-institutional theory, to examine how decision-making for corporate community responsibility (CCR) occurs across ten subsidiaries operating in Sri Lanka. Using qualitative data, it shows that while subsidiaries’ implementation of local CCR conform to that of their parents at an aggregate level, those subsidiaries encountering higher levels of institutional conflict in the host-country, are sanctioned by their parent companies to de-couple their local CCR projects. These findings raise interesting questions about the dynamism in subsidiary responses to resolving institutional duality relevant for future scholarly research.     

Subnational FDI Legitimacy and Foreign Subsidiary Survival

We examine how organizational ecology and the strategic choice perspective can be combined to provide more contextualized insights into how multinational corporations (MNCs) can better counter environmental pressures with evolving subnational FDI legitimacy and improve the survival likelihood of their subsidiaries. We consider three organizational identity-based strategic choices, i.e., country-of-origin (COO) agglomeration, expatriate staffing level and subsidiary ownership level. We hypothesize a U-shaped relationship between FDI legitimacy and subsidiary mortality, and that this relationship will be moderated by the level of COO agglomeration at a subnational level. We also hypothesize that with improving FDI legitimacy, the use of higher levels of expatriates and ownership will jeopardize the survival of larger subsidiaries. A longitudinal dataset (2001–2016) for 3025 subsidiaries formed by 1147 Japanese MNCs in China was used in hypothesis testing. Results largely supported our hypotheses. We discuss how an identity-centered approach can contribute to theory and practice.