复旦：现代企业管理系列讲座（第115期）

　　时 间：2017年10月23日（周一） 14:00-15:30

　　地 点：思源楼424室

　　主 题：The Liability of Opaqueness: State Ownership and the Likelihood of Deal Completion in International Acquisitions

　　主持人：李绪红 教授

李家涛

　　香港科技大学商学院利国伟商学教授，管理系讲座教授,商业战略与创新研究中心主任, 国际商务年会(Academy of International Business)院士。曾于2006-2017年任科大商学院管理系系主任，2009年-2017年任科大商学院副院长、资深副院长。战略管理协会（SMS）香港分会主席，国际商务年会(AIB)2018年主席。

　　李家涛教授是国际商业战略的权威专家，致力于推进新兴国家的企业战略研究。目前担任Journal of International Business Studies主编，兼任Academy of Management Journal, Global Strategy Journal，Journal of Management和Long Range Planning等期刊编委会委员，并于2009-2016期间担任管理学顶尖期刊Strategic Management Journal的副主编。研究领域包括组织学习、战略联盟、公司治理、创新和创业,研究成果经常发表在Academy of Management Journal, Academy of Management Review, Organization Science, Strategic Management Journal, Journal of Management, 和Journal of International Business Studies等顶级管理学术期刊，更有不少获得最佳论文奖项。

　　ABSTRACT : State-owned enterprises (SOEs) are often less transparent and have more complex organizational structures than other types of firms. This opaqueness tends to generate political resistance when SOEs undertake cross-border acquisitions. Data on attempted foreign acquisitions by Chinese firms were analyzed to compare the likelihood of deal completion between SOEs and firms with other forms of ownership. The SOEs’ completion rate was 14% lower than that of other firms. Their disadvantage was shown to be less when they could provide credible signals by being publicly–listed (though only on an exchange in a well-developed economy and when they hired reputable auditors), having a better past record and hiring respected financial advisors. Overall, the evidence confirms that Chinese SOEs face greater resistance than other Chinese firms in international acquisitions, and their opaqueness aggravates the resistance.

　　更多精彩内容，请关注MBA智库商学院微信公众平台： mbalib-mba 。