Cross-border Mergers And Acquisitions,Dynamic Capabilities And Firm Growth

In recent years,overseas asset acquisitions of China's enterprises are common.However,the fact that despite enterprises in emerging economies lacking ownership advantages,they can still create value in the "snake swallowing elephant-like" transnational mergers and acquisitions,is hardly understood by the academic community.On the basis of tracking Joyson Ggroup for nearly 6 years,dynamic capabilities are introduced into cross-border mergers and acquisitions to compensate for the shortage of the theory of static resource dependence in the classical strategy framework.This paper finds that Joyson achieved leapfrog development through cross-border mergers and acquisitions.We construct the three stage model of enterprise development,examines the change of resources and capacity of enterprises in different stages.The study finds that in resource bricolage stage,enterprises are more dependent on external resources,and the interaction of internal and external resources is not obvious in the early stage,and in the late stage the interaction behaviors show up,and the general ability is relatively weak;in resource redevelopment stage,enterprise ability has been added and perfected,the internal and external resources interact significantly,the dependence on external resources is reduced;and in the stage of frequent mergers and acquisitions,companies pay more attention to the interaction of internal and external resources and mutual complementary,enterprise general capability has been further strengthened and enhanced.This paper argues that dynamic capability is the ability to change the allocation of enterprise resources and promote the evolution and upgrading of enterprise general capabilities.The dynamic capabilities of enterprises are beneficial to the development of enterprises at different stages.At the same time,the dynamic capabilities have been constructed and strengthened in the process of enterprise development.In this paper,cross-border mergers and acquisitions and dynamic capabilities are linked together to illustrate the process of building dynamic capabilities,which is of guiding significance for the growth and development of enterprises.