时间: 3月30日，星期三，中午12:30-13:30
地点：光华管理学院005会议室（地下一层）
题目：SEQUENTIAL ACQUISITION STRATEGY IN AN EMERGING MARKET CONTEXT
演讲人：许德音，周长辉（战略系）
摘要：Emerging markets are characterized by information and governance problems that affect firm strategy. In this paper, we view sequential purchases of large shares in a target firm as an acquisition strategy related to the information gathering and monitoring needs of the acquirer. Specifically, this paper focuses on the special process of acquisition – sequential purchases of large shares in a target firm to achieve the controlling-shareholder status. We relate this acquisition strategy to the added costs of information gathering and monitoring in an emergingmarket context. We identify a set of circumstances under which information problems are particularly salient. For the acquiring firm, we argue that its ownership type and strategic objective – related versus unrelated diversification, are important determinants of information needs. For the target firm, we suggest that ownership type and concentration matter. Statistical analysis of 124 acquisitions of listed Chinese firms shows that sequential acquisitions are more likely to occur when the acquisition represents an unrelated-diversification strategy, when ownership concentration of the target firm is high, and when both the acquiring and target firms are privately controlled.
Key words: sequential acquisitions; emerging markets; principal-principal agency; information problems; listed firms; China
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