作者:Zhen, ZH (Zhen Zhihong)[ 1 ] ; Zhu, N (Zhu Ning)[ 2 ] （Shanghai Univ Finance & Econ, Dept Econ Sociol, Shanghai）
CHINA-AN INTERNATIONAL JOURNAL
卷: 14 期: 1 页: 56-73
出版年: FEB 2016
CHINA-AN INTERNATIONAL JOURNAL
影响因子
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JCR®类别
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类别中的排序
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JCR 分区
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AREA STUDIES
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56/69
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Q4
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出版商NUS PRESS PTE LTD, NATIONAL UNIV SINGAPORE, AS3-01-02, 3 ARTS LINK, SINGAPORE 117569, SINGAPORE
ISSN: 0219-7472
eISSN: 0219-8614
研究领域Area Studies
摘要
The merger and acquisition (M&A) of Carlyle and Xuzhou Construction Machinery Group (XCMG) is an important takeover case between a foreign corporation and a leading Chinese enterprise in recent years that deserves the special attention of researchers interested in the Chinese political economy. This case involves multiple actors and a complicated institution environment. For the agreement to be reached, this M&A case required the approval of Xuzhou municipality, Jiangsu province and the central government of China. Regulatory authorities such as the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), National Development and Reform Commission (NDRC) and Department of Foreign Investment Administration and Ministry of Commerce of China were also actively involved in the process. Moreover, the M&A activity of Carlyle-XCMG took place in the context of an important shift in China's development strategy from "market in exchange for technology" to "independent innovation". In accommodating the shift, the state administration adjusted its development-oriented ideologies towards "independent innovation", which had had an impact on the M&A case of Carlyle and XCMG.
