Author Description

"China is assuming an increasingly prominent position in the world economy as the investment begins to flow from China to the world. Compared to the 'West goes to China', the institutional environment, the cultural roots and the corresponding managerial behaviours are quite distinct. These distinct characteristics may challenge the conventional wisdom in the dominant mainstream theories of international business and multinational strategy. Based on both quantitative study, multi-case studies and over 50 interviews with Chinese and Western professionals, this thesis reflected the ambivalence of the government and Chinese companies in outward M&As. While the Chinese government shows a You Wei attitude towards outward M&As, You Wei acts on outward M&As in an ambivalent manner. On the one hand, the You Wei government positively facilitates outward technology exploration as an essential part of the technology development in China's high-speed rail industry; on the other hand, the You Wei government distorts the capital allocation for outward M&As between SOEs and POEs, and compensates for the loss by SOEs through low-cost debt financing. Similarly, Chinese companies behave ambivalently towards outward M&As. On the one hand, Chinese companies display a You Wei strategy, proactively coping with the various domestic stakeholders in the M&A legitimization process; on the other hand, they manifest a Wu Wei action, effortlessly dealing with post-acquisition integration in developed economies. Overall, the ambivalence of outward Chinese M&As is characterized by a typical Chinese "both/and" and interdependent opposites' managerial paradigm."--Samenvatting auteur.