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Zhao, Haoyu (2025) A systematic study of cross-border M&As: uncovering how Chinese MNEs gain benefits. PhD thesis, University of Nottingham.

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Abstract

Although Cross-border M&As (CBMAs) are a popular strategy, only a minority of firms have achieved significant success. In response to this issue, this thesis explores the influence factors on Chinese multinational enterprises' (MNEs) CBMAs premiums and post-CBMAs performance, aiming to identify the contingent factors that enable Chinese MNEs to enhance their global competitiveness.

Specifically, it examines the role of home-country institutions on Chinese MNEs’ CBMAs premiums, the role of experiential learning in improving Chinese MNEs' acquisition capability, and the role of absorptive capacity in Chinese MNEs’ strategic asset-seeking CBMAs performance. The main findings are threefold. First, in Chapter II, this thesis finds that: 1) government financial support exerts an adverse effect on the premiums paid by Chinese MNEs in cross-border M&As; 2) Chinese MNEs tend to pay lower premiums during hot political periods compared to cold political periods; 3) Chinese MNEs tend to pay higher premiums when the targets are relevant to strategically important industries; and 4) Chinese MNEs tend to pay even higher premiums when the targets are politically connected.

Second, in Chapter III, this thesis finds that 1) acquisition experiences can mitigate the negative impact of weak diplomatic relations on Chinese MNEs’ post-CBMA performance; 2) greenfield experience enhances the negative impact of weak diplomatic relations on Chinese MNEs’ post-CBMA performance; 3) the moderating effect of acquisition experience on the relationship between diplomatic relations and post-CBMA performance is weaker for state-owned enterprises; 4) the moderating effect of greenfield experience on the relationship between diplomatic relations and post-CBMA performance is stronger for state-owned enterprises; 5) acquisition experience plays a more significant moderating role when it has been accumulated in host countries with poor diplomatic relations with China; and 6) greenfield experience plays a stronger moderating role when it has been accumulated in host countries with poor diplomatic relations with China.

Third, in Chapter IV, this thesis indicates that 1) the Top Management Team (TMT)’s technological experience positively moderates the relationship between strategic assets acquired and the post-CBMA performance of Chinese MNEs; 2) the TMT’s managerial experience positively moderates the relationship between strategic assets acquired and the post-CBMA performance of Chinese MNEs; and 3) the TMT’s political connections negatively moderate the relationship between strategic assets acquired and the post-CBMA performance of Chinese MNEs.

This thesis contributes to the IB literature by engaging in the ongoing debate on how home-country institutions and government factors influence Chinese MNEs’ CBMA activities. It helps IB scholars gain a deeper understanding of Chinese MNEs' CBMAs and argues that, generally, government involvement tends to have a negative impact on both acquisition intent and post-CBMA performance. Moreover, this thesis highlights a series of firm-level factors that can help Chinese MNEs overcome obstacles hindering CBMAs. It contributes to the IB literature by indicating that developing Chinese MNEs’ internal capabilities is crucial.

Item Type:	Thesis (University of Nottingham only) (PhD)
Supervisors:	Wei, Ziyi Wang, Jinmin
Keywords:	Cross-Border M&As; CBMAs; mergers and acquisitions; Chinese MNEs; Chinese multinational enterprises
Subjects:	H Social sciences > HG Finance
Faculties/Schools:	UK Campuses > Faculty of Social Sciences, Law and Education > Nottingham University Business School
Item ID:	80731
Depositing User:	Zhao, Haoyu
Date Deposited:	09 Jun 2025 09:57
Last Modified:	09 Jun 2025 09:57
URI:	https://eprints.nottingham.ac.uk/id/eprint/80731

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