于永全外文翻译及原文.doc

外文翻译及原文 The original： Dynamics of Chinese emerging multinationals in cross-border mergers and acquisitions 1. Introduction Chinas emerging multinationals (CEMs) have developed themselves in recent years into key players in the international business arena, seeking viable cross-border merger and acquisition (MA) opportunities (Nolan and Zhang, 2003; Rugman and Li, 2007; Morck et al., 2008). These activities appear to be intensifying, as China has a critical domestic market base and economy of scale that supports CEMs’ overseas expansions. While a number of CEMs are state-owned enterprises (SOEs), their expansions have been predominantly associated with investments in developing economies in Asia and Africa due to a similar institutional environment as well as a richness in natural resources, respectively (Rugman and Li, 2007; Morck et al., 2008). In addition, it is observed that these MAs might also be motivated by seeking knowledge capabilities as China has rapidly emerged in the global arena. CEMs may well realize a compelling need to acquire critical knowledge in the form of technological capabilities, management and strategy skills in advanced economies (Rugman and Li, 2007). Being successful at acquiring knowledge assets through MA initiatives may be a more difficult challenge for CEM than anticipated. Rugman and Li (2007, p. 336) explain: First, the Chinese acquirers’ lack of experience in innovative activities makes it difficult to recognize and absorb all the potential value of the acquired companies. Second, lack of experience in international acquisition likely delays the knowledge transfer and integration process. Last, the Chinese MNEs (multinationals) still lack the internal managerial capabilities to integrate foreign acquisitions to develop anything resembling dynamic capabilities. Despite such scepticism, there appears to be little understanding about the implications of the emergence for CEMs that seek to acquire knowledge-intensive assets through c