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1、外文翻譯及原文Theoriginal：DynamicsofChineseemergingmultinationalsincross-bordermergersandacquisitions1.IntroductionChina'semergingmultinationals(CEMs)havedevelopedthemselvesinrecentyearsintokeyplayersintheinternationalbusinessarena,seekingviablecross-bordermergerandacqui
2、sition(M&A)opportunities(NolanandZhang,2003;RugmanandLi,2007;Morcketal.,2008).Theseactivitiesappeartobeintensifying,asChinahasacriticaldomesticmarketbaseandeconomyofscalethatsupportsCEMs’overseasexpansions.WhileanumberofCEMsarestate-ownedenterprises(SOEs),theirexp
3、ansionshavebeenpredominantlyassociatedwithinvestmentsindevelopingeconomiesinAsiaandAfricaduetoasimilarinstitutionalenvironmentaswellasarichnessinnaturalresources,respectively(RugmanandLi,2007;Morcketal.,2008).Inaddition,itisobservedthattheseM&Asmightalsobemotivate
4、dbyseekingknowledgecapabilitiesasChinahasrapidlyemergedintheglobalarena.CEMsmaywellrealizeacompellingneedtoacquirecriticalknowledgeintheformoftechnologicalcapabilities,managementandstrategyskillsinadvancedeconomies(RugmanandLi,2007).Beingsuccessfulatacquiringknowl
5、edgeassetsthroughM&AinitiativesmaybeamoredifficultchallengeforCEMthananticipated.RugmanandLi(2007,p.336)explain:First,theChineseacquirers’lackofexperienceininnovativeactivitiesmakesitdifficulttorecognizeandabsorballthepotentialvalueoftheacquiredcompanies.Second,la
6、ckofexperienceininternationalacquisitionlikelydelaystheknowledgetransferandintegrationprocess.Last,theChineseMNEs(multinationals)stilllacktheinternalmanagerialcapabilitiestointegrateforeignacquisitionstodevelopanythingresemblingdynamiccapabilities.Despitesuchscept
7、icism,thereappearstobelittleunderstandingabouttheimplicationsoftheemergenceforCEMsthatseektoacquireknowledge-intensiveassetsthroughcross-borderM&As.Forexample,howwouldtheiruniqueculturalcharacteristicsaffecttheirdevelopmentofdynamiccapabilitieswhiletheyaretransfor
8、mingthemselvesintomultinationalcorporations?Inparticular,EisenhardtandMartin(2000)explainedthatdynamiccapabilitiesresemblethetraditionalconceptionofrout
