1、2800 单词， 1.6 万英文字符， 4800 汉字 文献出处： Boateng A, Qian W, Tianle Y. Cross border M&As by Chinese firms: An analysis of strategic motives and performance J. Thunderbird International Business Review, 2008, 50(4): 259-270. ht t p: / / news/ 922A8BEDC73F41E0.html 原文 Cross-Border M&As by Chinese Firms: An An
2、alysis of Strategic Motives and Performance Agyenim Boateng， Wang Qian， Yang Tianle Introduction One of the most notable developments in China over the past two decades has been the vigorous pursuit of market oriented reforms aimed at enhancing the competitiveness of Chinese firms worldwide. The Chi
3、nese economic reform policies actively encourage Chinese firms to engage in outward foreign investments rather than only attracting inward foreign investments into China. As a result, the number of Chinese firms engaged in the outward cross-border merger & acquisition (CBM&A) activities is on ascend
4、ancy over the recent years. It has been reported that, over the January 2000 December 2004 period, there were 27 outward merger & acquisition deals involving Chinese listed companies, with 11 and 16 cases taking place in Shanghai and Shenzhen stock markets respectively. Anecdotal evidence suggests t
5、hat the actual CBM&A deals by Chinese firms in this period were more than the reported 27 deals however, as many of them were unlisted companies, the related data are not available. It is pertinent to note that, there is a huge difference between CBM&A flows from developing countries to developed co
6、untries and those from developed countries to developing countries. For example, CBM&A activities involving firms from a developed country are likely to possess monopolistic and internalization advantages compared with the firms from a developing country. While firms from developed countries may be motivated to engage in CBM&As to exploit their own resources abroad, firms from developing countries may cross border to invest in order to explore or seek another countrys reso
