Study On M&A Strategy Selection Rule And Influencing Factors Of Chinese, Japanese And Indian Companies In The Bric

Cross-border M&A has become the main way of global external investment,which plays a pivotal role in the process of global integration and economic development,this is not only the selection of a national strategy,but also the only way for the enterprises to realize international operation. As the trend of economy globalization and domestic Industrial transformation and upgrading, more and more chinese enterprises joined the team of acquisition of overseas companies.According to《China M&A market research Annual report 2012)) issued by Zero2IPO Research, the number and amount of Cross-border M&A has created a new record in all the M&A, and the average amount is up to $339 million. But Cross-border M&A is not easy as Chinese enterprises imaged, the success rate is lower than competitors for the lack of scientific guidance in Strategic Choice. But temporary,Most of the theory is based on the experience of developed country, and ignored emerging economies will have an huge influence in the future.Therefore, it is very important to study the Merger Strategy of developed and developing country performed in BRICS,and explore the way for Chinese enterprises to follow. Typically, we study the Merger Strategy of Japan and India performed in Brazil. The pointcut of this article is to find Chinese enterprises’advantage during the Cross-border M&A based on the study of existed caseIn this context, for the purpose of clear the overall mind and acess to the knowledge-base for the study, this paper firstly has sorted out the existing literature from WOS database;Secondly, by comparing the internal and external environment of three countries, this paper has elaborated the competitive environment which three countries’enterprises face in Brazil; Again,build a conceptual framework for the strategic choice of cross borad M&A by different countries and put forward the hypothesis of this paper;Meanwhile, we interpret and sort out each CMBA case from the Zephyr database in Brazil,Combing their course of development, the scale characteristics, to compare the difference among the three parties and the deficiencies of Chinese enterprises,to verify the hypothesis before.On this basis, we further explore each competitive advantages of Chinese,Japanese and Indian companies among the industry and the operation layer. Ultimately provide reference for the Chinese enterprises when they mplementation of strategic decisions. By comparing M&A strategic choice behavior of Chinese, Japan and India enterprises in Brazil, we draw the following conclusions:Firstly, industry-based view, resource-based view and institutional -based view constitute the theoretical basis of M&A strategic choice together.Secondly, in this paper, the dynamic competitive point of the original theory of comparative advantage given a new meaning, and industrial enterprises transnational used to explain the behavior of choice,the results of this paper has verified the hypothesis:the selection of M&A industry focused on their competitive advantages industry;Thirdly, Chinese and Indian companies on strategic resource demands stronger than the Japanese. Fourth, the impact of the institutional on M&A strategic choice is bidirectional;Fifth, from the industrial layer, the research results show that Chinese companies’ competitive advantage mainly focus on labor-intensive industries such as manufacturing and raw material mining,which mostly in the downstream industry chain. and in the downstream industry chain; from the operating layer, the Chinese state-owned enterprises lack bargaining power during the merger, while the bargaining power of Chinese private enterprises is strong, it has higher demands for holding than Chinese state-owned enterprises.