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论文类型：会议论文

发表时间：2015-01-01

收录刊物：CPCI-S、CPCI-SSH

页面范围：903-910

关键字：intermediary; merger and acquisition; network; strategy; transaction

摘要：We analyze strategy of Chinese enterprises cross-border mergers and acquisitions transaction through Lenovo's acquisition business case of IBM PCD. Meanwhile we figure out the feature of Chinese enterprises on the intermediary selection and mergers and acquisitions network structure. Chinese enterprises use different strategy compared with western enterprise. Chinese companies choose intermediary partners based on the pervious cooperation experience and intermediary reputation in their industry. However, Western enterprises select intermediary partners only through pervious cooperation experience. On mergers and acquisitions transactions network structure, Chinese companies and professional consulting companies combined as the core network in mergers and acquisitions transaction. Western enterprises and investment bank combined as the core network in mergers and acquisitions transaction. We also dig out the root cause of the difference related to aim of acquisition. The study results have significant implications for Chinese cross-border mergers and acquisitions strategies to facilitate Chinese enterprise international operation and achieve competitive advantages.