Chinese cross-border acquisitions: stylised facts and new directions

Shuang Hu, Saileshsingh Gunessee and Chang Liu

International Journal of Emerging Markets, 2022, vol. 19, issue 8, 2241-2263

Abstract: Purpose - Chinese multinational enterprises’ (MNEs) unprecedented, aggressive cross-border mergers and acquisitions (CBMAs) have led to several studies examining Chinese CBMAs, which importantly has also led to some degree of “theorising”. This study aims to undertake a “non-theoretical” fact-finding exercise before any theorising and empirical “causal” examination for a better understanding of the phenomenon (the rise of Chinese CBMAs). Design/methodology/approach - This study uses a “stylised facts” approach which documents “empirical regularities” concerning Chinese CBMAs and thus guides new research questions. Findings - Several facts are documented. Firstly, both the value and frequency of Chinese CBMAs are catching up to greenfield investments, with CBMA deals being larger in scale but lower in frequency. Secondly, Chinese CBMAs show a global reach away from the regional orientation of their early years. Thirdly, Chinese MNEs are possibly transforming their value chain with industrial upgrading as an aim. Fourthly, Chinese “full” acquisitions of targets have surged, especially in OECD countries, suggestive of Chinese MNEs’ “radical” acquisition approaches. Originality/value - The gathered facts lend support to the view of the need for such fact-finding exercises to explicate and shed “new” light on the phenomenon (beyond our “current” views/beliefs). An understanding of the underlying trends beyond bare facts can also identify new knowledge, which can in turn provide new directions for research.

Keywords: Chinese cross-border M&As; MNEs; Stylised facts; Trends analysis (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoemp:ijoem-01-2022-0040

DOI: 10.1108/IJOEM-01-2022-0040

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