主权财富基金的跨境收购:基于合法性的观点

IF 5.7 2区 管理学 Q1 BUSINESS
Samuele Murtinu, Vittoria G. Scalera, Roger Strange
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引用次数: 0

摘要

基于制度经济学和基于合法性的政治风险观点,我们研究了决定主权财富基金(SWFs)跨境投资实现的因素,这些基金的投资往往在东道国缺乏合法性。通过对所有已实现和潜在投资的匹配模型,我们发现,当主权财富基金母国与东道国享有友好的政治关系或参与贸易协定时,投资更有可能实现。与理论预测相反,主权财富基金政治化本身并不构成投资实现的障碍。相反,只有在存在贸易协定的情况下,它才会对投资实现的可能性产生负面影响。全球经济最近的一个趋势是,主权财富基金(SWFs)进行的跨境投资活动日益增多。主权财富基金是金融和政治目标往往并存的大型投资工具。由于可能造成金融或政治不稳定,主权财富基金的跨境投资在东道国受到审查和怀疑,阻碍了它们的实现。我们分析了主权财富基金和国家层面的因素,这些因素可能决定主权财富基金跨境收购的成功实现。我们建议基金经理在选择目标公司和东道国时,应考虑其基金的治理状况以及在与双边(东道国)政治和经济关系的互动中对母国政治的独立程度,以确保其投资的合法性,并最大限度地提高跨境投资战略实现的机会。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Cross-border acquisitions by sovereign wealth funds: A legitimacy-based view

Cross-border acquisitions by sovereign wealth funds: A legitimacy-based view

Research Summary

Drawing on institutional economics and the legitimacy-based view of political risk, we investigate the factors determining the realization of cross-border investments by sovereign wealth funds (SWFs), whose investments often suffer from a lack of legitimacy in host countries. Using matching models on all the realized and potential investments, we find that investments are more likely to materialize when the SWF home country and the host country enjoy cordial political relations or are involved in a trade agreement. Contrary to the theoretical predictions, SWF politicization does not per se represent an impediment to the realization of investments. Rather, it has a negative effect on the likelihood of an investment's realization only in the presence of trade agreements.

Managerial Summary

A recent trend in the global economy is the increasing cross-border investment activity undertaken by sovereign wealth funds (SWFs), large investment vehicles where financial and political goals often co-exist. On the grounds of possible financial or political destabilization, SWFs' cross-border investments attract scrutiny and suspicion in host countries, hindering their realization. We analyze SWF- and country-level factors that may determine the successful realization of SWFs' cross-border acquisitions. We suggest that managers ex ante select target firms and host countries by considering their fund's governance and degree of independence from home-country politics in interaction with bilateral (home-host country) political and economic relations, so as to secure legitimacy for their investments and maximize the chances that cross-border investment strategies may materialize.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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