Multinacionales chinas en España: determinantes de la elección del modo de establecimiento
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Publicado
18-09-2018
Diego Quer Ramón
Enrique Claver Cortés
Laura Rienda García
Resumen
Desde el inicio del siglo XXI, las multinacionales chinas se están erigiendo en actores principales del nuevo escenario global. Algunas de ellas han efectuado inversiones importantes en países desarrollados con la finalidad de conseguir activos estratégicos como marca o know-how. Estas multinacionales chinas están recibiendo una creciente atención en la literatura sobre dirección internacional de la empresa. Como consecuencia, se ha suscitado un debate académico sobre si los marcos teóricos convencionales resultan aplicables para explicar su comportamiento internacional o si se necesitan nuevos modelos teóricos que se adapten mejor a sus peculiaridades como multinacionales procedentes de una economía emergente. Nuestro trabajo pretende contribuir a este debate analizando, desde la teoría de los costes de transacción, los factores determinantes del modo de establecimiento utilizado por las empresas chinas, es decir, la elección entre adquisiciones o nuevas filiales propias. A partir de una muestra de 88 empresas radicadas en España con participación china, nuestros resultados indican que la búsqueda de activos estratégicos y una menor tasa de crecimiento de la economía española se asocian con una mayor preferencia por las adquisiciones en detrimento de las nuevas filiales propias. Sin embargo, la intensidad tecnológica del sector no resulta significativa en la elección del modo de establecimiento.
Cómo citar
Quer Ramón, D., Claver Cortés, E., & Rienda García, L. (2018). Multinacionales chinas en España: determinantes de la elección del modo de establecimiento. Cuadernos De Gestión, 17(2), 15–36. https://doi.org/10.5295/cdg.150548dq
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Keywords
Multinacionales chinas, España, modo de establecimiento
References
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Barkema, H.G. and Vermeulen, F., 1998. International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41 (1), 7-26.
Brouthers, K.D. and Brouthers, L.E., 2000. Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences. Strategic Management Journal, 21 (1), 89-97.
Brouthers, K.D. and Hennart, J.F., 2007. Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33 (3), 395-425.
Buckley, P.J. and Casson, M.C., 1976. The future of the multinational enterprise. New York: Holmes & Meier Publishers.
Buckley, P.J., Clegg, L.J., Cross, A.R., Liu, X., Voss, H. and Zheng, P., 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38 (4), 499-518.
Carril, F. and Milgram, J., 2014. Chinese outward FDI in Spain: An analysis of the determinants at the firm level. XI INTECO Workshop on Economic Integration. Valencia, Noviembre.
Caves, R.E., 1982. Multinational enterprise and economic analysis. Cambridge, UK: Cambridge University Press.
Chen, H. and Hu, M.Y., 2002. An analysis of entry mode and its impact on performance. International Business Review, 11 (2), 193–210.
Child, J. and Rodrigues, S.B., 2005. The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review, 1 (3), 381-410.
Cho, K.R. and Padmanabhan, P., 1995. Acquisition versus new venture: the choice of foreign establishment mode by Japanese firms. Journal of International Management, 1 (3), 255-285.
Cuervo-Cazurra, A., 2012. Extending theory by analyzing developing country multinational companies: Solving the Goldilocks debate. Global Strategy Journal, 2 (3), 153-167.
Cui, L., and Jiang, F., 2012. State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies, 43 (3), 264-284.
Demirbag, M., Tatoglu, E. and Glaister, K.W., 2008. Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market. Management International Review, 48 (1), 5-38.
Deng, P., 2009. Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44 (1), 74-84.
Deng, P., 2013. Chinese outward direct investment research: Theoretical integration and recommendations. Management Organization Review, 9 (3), 513-539.
Duanmu, J.L. and Guney, Y., 2009. A panel data analysis of locational determinants of Chinese and Indian outward foreign direct investment. Journal of Asia Business Studies, 3 (2), 1-15.
Duanmu, J.L., 2012. Firm heterogeneity and location choice of Chinese Multinational Enterprises (MNEs). Journal of World Business, 47 (1), 64-72.
Dunning, J., 1981. International production and the multinational enterprise. London, UK: George Allen & Unwin.
Dunning, J.H., 1993. Multinational enterprises and the global economy. Wokingham, UK: Addison-Wesley.
Elia, S. and Santangelo, G.D., 2012. Strategic asset-seeking acquisitions by emerging market multinationals: The role of the industry context. Third Copenhagen Conference on
Emerging Multinationals: Outward Investment from Emerging Economies. Copenhagen, Denmark, Octubre.
Erramilli, M.K. and Rao, C.P., 1993. Service firms’ international entry-mode choice: A modified transaction-cost analysis approach. Journal of Marketing, 57 (3), 19-38.
ESADE, 2014. Inversión china en Europa 2014. Barcelona: ESADE China Europe Club.
Forsgren, M., 1989. Foreign acquisitions: internalization or network interdependency? En: Cavusgil, S.T., ed. Advances in international marketing 3. Greenwich, CT: JAI Press, 141-159.
Gorynia, M., Nowak, J. and Wolniak, R., 2005. Motives and modes of FDI, firm characteristics and performance: Case studies of foreign subsidiaries in Poland. Journal of Transnational Management, 10 (3), 55-87.
Goy, A.M. and Navarro, A., 2008. ¿Cómo fomentar la inversión asiática en España? Madrid: Observatorio de Política Exterior Española. Fundación Alternativas. Documento de Trabajo 18/2008.
Guillén, M.F. and García-Canal, E., 2009. The American model of the multinational firm and the “new” multinationals from emerging economies. Academy of Management Perspectives, 23 (2), 23-25.
Harzing, A.W., 2002. Acquisitions versus greenfield investments: International strategy and management of entry modes. Strategic Management Journal, 23 (3), 211-227.
Hennart, J.F. and Park, Y.R., 1993. Greenfield vs. acquisition: The strategy of Japanese investors in the United States. Management Science, 39 (9), 1054-1070.
Hennart, J.F., 1982. A theory of multinational enterprise. Ann Arbor, MI: University of Michigan Press.
Hennart, J.F., 2009. Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets. Journal of International Business Studies, 40 (9), 1432-1454.
Hennart, J.F., 2012. Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal, 2 (3), 168-187.
Hennart, J.F., Larimo, J. and Chen, S.F., 1996. Does national origin affect the propensity of foreign investors to enter the United States through acquisitions? Vaasa, Finland: Proceedings of the University of Vaasa. Discussion paper no. 189.
Hernández, A. and Álvarez, O., 2009. China, nuevo actor de la inversión extranjera global. Boletín Económico de ICE, Nº 2972, 165-175.
Huang, X. and Renyong, C., 2014. Chinese private firms’ outward foreign direct investment: Does firm ownership and size matter? Thunderbird International Business Review, 56 (5), 393-406.
Kogut, B. and Singh, H., 1988. The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19 (3), 411-432.
Kumar, N., 1984. Growth, acquisition and investment: An analysis of the growth of industrial firms and their overseas activities. Cambridge, UK: Cambridge University Press.
Larimo, J., 2003. Form of investment by Nordic firms in world markets. Journal of Business Research, 56 (10), 791-803.
Liu, X., Lu, J. and Chizema, A., 2014. Top executive compensation, regional institutions and Chinese OFDI. Journal of World Business, 49 (1), 143-155.
Luo, Y. and Tung, R.L., 2007. International expansion of emerging-market enterprises: A springboard perspective. Journal of International Business Studies, 38 (4), 481-498.
Mathews, J.A. (2006): Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23 (1), 5-27.
Meyer, K.E. and Estrin, S., 1997. Privatisation acquisition and direct foreign investment: who buys state-owned enterprises? MOST: Economic Policy in Transitional Economies, 7 (1), 159-172.
Meyer, K.E., 2015. What is “strategic asset seeking FDI”? Multinational Business Review, 23 (1), 57-66.
Meyer, K.E., Ding, Y., Li, J. and Zhang, H., 2014. Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. Journal of International Business Studies, 45 (8), 1005-1028.
Morosini, P., Shane, S. and Singh, H., 1998. National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29 (1), 137-158.
Morschett, D., Schramm-Klein, H. and Swoboda, B., 2010. Decades of research on market entry modes: What do we really know about external antecedents of entry mode choice? Journal of International Management, 16 (1), 60-77.
Narula, R., 2012. Do we need different frameworks to explain infant MNEs from developing countries? Global Strategy Journal, 2 (3), 188-204.
OCDE, 2001. OECD Science, technology and industry scoreboard 2001. Paris: OECD Publications Service.
Padmanabhan, P. and Cho, K.R., 1999. Decision-specific experience in foreign ownership and establishment strategies: evidence from Japanese firms. Journal of International Business Studies, 30 (1), 25-44.
Pangarkar, N. and Yuan, L., 2009. Location in internationalization strategy: Determinants and consequences. Multinational Business Review, 17 (2), 37-68.
Quer, D., Claver, E. and Rienda, L., 2011. Multinacionales chinas: ¿cómo influyen los factores institucionales en sus patrones de localización? Cuadernos de Gestión, 11 (2), 77-88.
Quer, D., Claver, E. and Rienda, L., 2015. Las multinacionales chinas en España: situación actual y retos de futuro. Boletín Económico de ICE, Nº 3064, 35-44.
Rienda, L., Claver, E. and Quer, D., 2013. The internationalisation of Indian multinationals: determinants of expansion through acquisitions. Journal of the Asia Pacific Economy, 18 (1), 115-132.
Rugman, A.M., 1981. Inside the multinationals: The economics of internal markets. London: Croom Helm.
Rugman, A.M., 2010. Book review: Globalization of Chinese enterprises. The International Trade Journal, 24 (3), 352-354.
Rui, H. and Yip, G.S., 2008. Foreign acquisitions by Chinese firms: A strategic intent perspective. Journal of World Business, 43 (2), 213-226.
Sáez, L., 2010. Chinese outward direct investments in Spain. London, UK: Chatam House. International Economics Programme Paper 2010/06.
Santacana, R. and Wang, Y.J., 2008. Privatización e internacionalización: Las empresas chinas en España. IX Congreso Internacional de la Asociación Española de Historia Económica. Murcia, Septiembre.
Slangen, A. and Hennart, J.F., 2007. Greenfield or acquisition entry: A review of the empirical foreign establishment mode literature. Journal of International Management, 13 (4), 403-429.
Slangen, A. and Hennart, J.F., 2008. Do multinationals really prefer to enter culturally distant countries through greenfields rather than through acquisitions? The role of parent experience and subsidiary autonomy. Journal of International Business Studies, 39 (3), 472-490.
Sun, S.L., Peng, M.W., Lee, R.P. and Tan, W., 2015. Institutional open access at home and outward internationalization. Journal of World Business, 50 (1), 234-246.
UNCTAD, 2015. World Investment Report 2015: Reforming international investment governance. New York and Geneva: United Nations Conference on Trade and Development.
Voss, H., Buckley, P.J. and Cross, A.R., 2010. The impact of home country institutional effects on the internationalization strategy of Chinese firms. Multinational Business Review, 18 (3), 25-48.
Wu, J. and Chen, X., 2014. Home country institutional environments and foreign expansion of emerging market firms. International Business Review, 23 (5), 862-872.
Yamakawa, Y., Peng, M.W. and Deeds, D.L., 2008. What drives new ventures to internationalize from emerging to developed economies? Entrepreneurship Theory and Practice, 32 (1), 59-82.
Yang, Y., Yang, X., Chen, R. and Allen, J.P., 2014. What drives emerging-economy outbound FDI decisions to obtain strategic assets? Asian Business & Management, 13 (5), 379-410.
Yip, G.S., 1982. Diversification entry: Internal development versus acquisition. Strategic Management Journal, 3 (4), 331-345.
Zhou, C., van Witteloostuijn, A. and Zhang, J., 2014. The internationalization of Chinese industries: Overseas acquisition activity in Chinese mining and manufacturing industries. Asian Business & Management, 13 (2), 89-116.
Andersson, T. and Svensson, R., 1994. Entry modes for direct investment determined by the composition of firm-specific skills. The Scandinavian Journal of Economics, 96 (4), 551-560.
Barkema, H.G. and Vermeulen, F., 1998. International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41 (1), 7-26.
Brouthers, K.D. and Brouthers, L.E., 2000. Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences. Strategic Management Journal, 21 (1), 89-97.
Brouthers, K.D. and Hennart, J.F., 2007. Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33 (3), 395-425.
Buckley, P.J. and Casson, M.C., 1976. The future of the multinational enterprise. New York: Holmes & Meier Publishers.
Buckley, P.J., Clegg, L.J., Cross, A.R., Liu, X., Voss, H. and Zheng, P., 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38 (4), 499-518.
Carril, F. and Milgram, J., 2014. Chinese outward FDI in Spain: An analysis of the determinants at the firm level. XI INTECO Workshop on Economic Integration. Valencia, Noviembre.
Caves, R.E., 1982. Multinational enterprise and economic analysis. Cambridge, UK: Cambridge University Press.
Chen, H. and Hu, M.Y., 2002. An analysis of entry mode and its impact on performance. International Business Review, 11 (2), 193–210.
Child, J. and Rodrigues, S.B., 2005. The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review, 1 (3), 381-410.
Cho, K.R. and Padmanabhan, P., 1995. Acquisition versus new venture: the choice of foreign establishment mode by Japanese firms. Journal of International Management, 1 (3), 255-285.
Cuervo-Cazurra, A., 2012. Extending theory by analyzing developing country multinational companies: Solving the Goldilocks debate. Global Strategy Journal, 2 (3), 153-167.
Cui, L., and Jiang, F., 2012. State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies, 43 (3), 264-284.
Demirbag, M., Tatoglu, E. and Glaister, K.W., 2008. Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market. Management International Review, 48 (1), 5-38.
Deng, P., 2009. Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44 (1), 74-84.
Deng, P., 2013. Chinese outward direct investment research: Theoretical integration and recommendations. Management Organization Review, 9 (3), 513-539.
Duanmu, J.L. and Guney, Y., 2009. A panel data analysis of locational determinants of Chinese and Indian outward foreign direct investment. Journal of Asia Business Studies, 3 (2), 1-15.
Duanmu, J.L., 2012. Firm heterogeneity and location choice of Chinese Multinational Enterprises (MNEs). Journal of World Business, 47 (1), 64-72.
Dunning, J., 1981. International production and the multinational enterprise. London, UK: George Allen & Unwin.
Dunning, J.H., 1993. Multinational enterprises and the global economy. Wokingham, UK: Addison-Wesley.
Elia, S. and Santangelo, G.D., 2012. Strategic asset-seeking acquisitions by emerging market multinationals: The role of the industry context. Third Copenhagen Conference on
Emerging Multinationals: Outward Investment from Emerging Economies. Copenhagen, Denmark, Octubre.
Erramilli, M.K. and Rao, C.P., 1993. Service firms’ international entry-mode choice: A modified transaction-cost analysis approach. Journal of Marketing, 57 (3), 19-38.
ESADE, 2014. Inversión china en Europa 2014. Barcelona: ESADE China Europe Club.
Forsgren, M., 1989. Foreign acquisitions: internalization or network interdependency? En: Cavusgil, S.T., ed. Advances in international marketing 3. Greenwich, CT: JAI Press, 141-159.
Gorynia, M., Nowak, J. and Wolniak, R., 2005. Motives and modes of FDI, firm characteristics and performance: Case studies of foreign subsidiaries in Poland. Journal of Transnational Management, 10 (3), 55-87.
Goy, A.M. and Navarro, A., 2008. ¿Cómo fomentar la inversión asiática en España? Madrid: Observatorio de Política Exterior Española. Fundación Alternativas. Documento de Trabajo 18/2008.
Guillén, M.F. and García-Canal, E., 2009. The American model of the multinational firm and the “new” multinationals from emerging economies. Academy of Management Perspectives, 23 (2), 23-25.
Harzing, A.W., 2002. Acquisitions versus greenfield investments: International strategy and management of entry modes. Strategic Management Journal, 23 (3), 211-227.
Hennart, J.F. and Park, Y.R., 1993. Greenfield vs. acquisition: The strategy of Japanese investors in the United States. Management Science, 39 (9), 1054-1070.
Hennart, J.F., 1982. A theory of multinational enterprise. Ann Arbor, MI: University of Michigan Press.
Hennart, J.F., 2009. Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets. Journal of International Business Studies, 40 (9), 1432-1454.
Hennart, J.F., 2012. Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal, 2 (3), 168-187.
Hennart, J.F., Larimo, J. and Chen, S.F., 1996. Does national origin affect the propensity of foreign investors to enter the United States through acquisitions? Vaasa, Finland: Proceedings of the University of Vaasa. Discussion paper no. 189.
Hernández, A. and Álvarez, O., 2009. China, nuevo actor de la inversión extranjera global. Boletín Económico de ICE, Nº 2972, 165-175.
Huang, X. and Renyong, C., 2014. Chinese private firms’ outward foreign direct investment: Does firm ownership and size matter? Thunderbird International Business Review, 56 (5), 393-406.
Kogut, B. and Singh, H., 1988. The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19 (3), 411-432.
Kumar, N., 1984. Growth, acquisition and investment: An analysis of the growth of industrial firms and their overseas activities. Cambridge, UK: Cambridge University Press.
Larimo, J., 2003. Form of investment by Nordic firms in world markets. Journal of Business Research, 56 (10), 791-803.
Liu, X., Lu, J. and Chizema, A., 2014. Top executive compensation, regional institutions and Chinese OFDI. Journal of World Business, 49 (1), 143-155.
Luo, Y. and Tung, R.L., 2007. International expansion of emerging-market enterprises: A springboard perspective. Journal of International Business Studies, 38 (4), 481-498.
Mathews, J.A. (2006): Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23 (1), 5-27.
Meyer, K.E. and Estrin, S., 1997. Privatisation acquisition and direct foreign investment: who buys state-owned enterprises? MOST: Economic Policy in Transitional Economies, 7 (1), 159-172.
Meyer, K.E., 2015. What is “strategic asset seeking FDI”? Multinational Business Review, 23 (1), 57-66.
Meyer, K.E., Ding, Y., Li, J. and Zhang, H., 2014. Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. Journal of International Business Studies, 45 (8), 1005-1028.
Morosini, P., Shane, S. and Singh, H., 1998. National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29 (1), 137-158.
Morschett, D., Schramm-Klein, H. and Swoboda, B., 2010. Decades of research on market entry modes: What do we really know about external antecedents of entry mode choice? Journal of International Management, 16 (1), 60-77.
Narula, R., 2012. Do we need different frameworks to explain infant MNEs from developing countries? Global Strategy Journal, 2 (3), 188-204.
OCDE, 2001. OECD Science, technology and industry scoreboard 2001. Paris: OECD Publications Service.
Padmanabhan, P. and Cho, K.R., 1999. Decision-specific experience in foreign ownership and establishment strategies: evidence from Japanese firms. Journal of International Business Studies, 30 (1), 25-44.
Pangarkar, N. and Yuan, L., 2009. Location in internationalization strategy: Determinants and consequences. Multinational Business Review, 17 (2), 37-68.
Quer, D., Claver, E. and Rienda, L., 2011. Multinacionales chinas: ¿cómo influyen los factores institucionales en sus patrones de localización? Cuadernos de Gestión, 11 (2), 77-88.
Quer, D., Claver, E. and Rienda, L., 2015. Las multinacionales chinas en España: situación actual y retos de futuro. Boletín Económico de ICE, Nº 3064, 35-44.
Rienda, L., Claver, E. and Quer, D., 2013. The internationalisation of Indian multinationals: determinants of expansion through acquisitions. Journal of the Asia Pacific Economy, 18 (1), 115-132.
Rugman, A.M., 1981. Inside the multinationals: The economics of internal markets. London: Croom Helm.
Rugman, A.M., 2010. Book review: Globalization of Chinese enterprises. The International Trade Journal, 24 (3), 352-354.
Rui, H. and Yip, G.S., 2008. Foreign acquisitions by Chinese firms: A strategic intent perspective. Journal of World Business, 43 (2), 213-226.
Sáez, L., 2010. Chinese outward direct investments in Spain. London, UK: Chatam House. International Economics Programme Paper 2010/06.
Santacana, R. and Wang, Y.J., 2008. Privatización e internacionalización: Las empresas chinas en España. IX Congreso Internacional de la Asociación Española de Historia Económica. Murcia, Septiembre.
Slangen, A. and Hennart, J.F., 2007. Greenfield or acquisition entry: A review of the empirical foreign establishment mode literature. Journal of International Management, 13 (4), 403-429.
Slangen, A. and Hennart, J.F., 2008. Do multinationals really prefer to enter culturally distant countries through greenfields rather than through acquisitions? The role of parent experience and subsidiary autonomy. Journal of International Business Studies, 39 (3), 472-490.
Sun, S.L., Peng, M.W., Lee, R.P. and Tan, W., 2015. Institutional open access at home and outward internationalization. Journal of World Business, 50 (1), 234-246.
UNCTAD, 2015. World Investment Report 2015: Reforming international investment governance. New York and Geneva: United Nations Conference on Trade and Development.
Voss, H., Buckley, P.J. and Cross, A.R., 2010. The impact of home country institutional effects on the internationalization strategy of Chinese firms. Multinational Business Review, 18 (3), 25-48.
Wu, J. and Chen, X., 2014. Home country institutional environments and foreign expansion of emerging market firms. International Business Review, 23 (5), 862-872.
Yamakawa, Y., Peng, M.W. and Deeds, D.L., 2008. What drives new ventures to internationalize from emerging to developed economies? Entrepreneurship Theory and Practice, 32 (1), 59-82.
Yang, Y., Yang, X., Chen, R. and Allen, J.P., 2014. What drives emerging-economy outbound FDI decisions to obtain strategic assets? Asian Business & Management, 13 (5), 379-410.
Yip, G.S., 1982. Diversification entry: Internal development versus acquisition. Strategic Management Journal, 3 (4), 331-345.
Zhou, C., van Witteloostuijn, A. and Zhang, J., 2014. The internationalization of Chinese industries: Overseas acquisition activity in Chinese mining and manufacturing industries. Asian Business & Management, 13 (2), 89-116.
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