实物期权_动态能力及海外敌意并购_省略_中钢并购澳大利亚中西部矿业的分析_吴剑峰.pdfVIP

7 11 Vol.7 o. 11 2010 11 Chinese Journal of Management ov.2010 : 1 2 吴剑峰 宗芳宇 ( 1. 对外经济贸易大学国际商学院; 2. 北京大学光华管理学院) : 以中钢集团敌意 购澳大利亚中西部矿业公司为案例研究对象, 主张新兴跨国公 司在进行海外敌意 购时,尽可能融合实物期权视角和动态能力视角来考虑问题首先,新兴 跨国公司应该尽量选择已经长期合作的股权相对分散的企业作为 购目标其敌意 购的 时机选择主要考虑两方面的因素: 一是目标企业估值的不确定性程度; 二是竞争对手加入竞购 的时间此外, 还要考虑到东道国政府社会公众和目标企业管理层的反应, 尽可能通过各种 渠道将敌意 购转化成善意 购, 以降低 购带来的负面影响总之, 只有将实物期权和动态 能力2 种理念进行完美的结合才能保证新兴跨国公司海外敌意 购的顺利实施 : ; ; ; : C93 : A : 1672-884X(2010) 11-1652-08 Real Options,Dynamic Capabilities and Cross-Border HostileTakeovers: An Analysis of Sinosteel. s Hostile Takeover of Mid est 1 2 WU Jianfeng ZO G Fangyu ( 1. University of International Business and Economics, Beijing, China; 2.Peking University, Beijing, China) Abstract: By analyzing the case of Sinosteel. s hostile takeover of Midwest,this study proposes a theoretical framework on how emerging M Cs conduct cross-border hostile takeovers through the in- tegration of two perspectives: real options reasoning and dynamic capabilities. First,emerging M CSs need to choose their partners without concentrated ownership structure as their target. Second, emer- ging M Cs should take into consideration the uncertainty of target evaluation and the competitive ac- tions of potential rivals when they design the timing issue. Finally, a dynamic capability of transfor- ming hostile takeover to friendly takeover is crucial for a successful acquisition. Key ords: real options; dynamic capabilities; hostile takeover; Sinosteel , , , , 2005 , , ,