Research On The "Springboard" Type Overseas Expansion Of Emnes

On the stage of the world economy,emerging market multinational enterprises began to thrive.With the continuous advancement of economic globalization,more and more multinational enterprises of emerging markets intend to explore their overseas expansion to the markets of developed countries in Europe or the United States.They used these markets as a “springboard” to absorb and integrate advanced enterprise knowledge and improve their brand awareness,and finally realize the improvement of their core competitiveness.For example,many Chinese enterprises choose to reverse cross-border mergers and acquisitions,to achieve a "springboard" leapfrog.However,with the trend of anti-globalization in recent years,the entry threshold and living space of emerging market multinational enterprises in European and American developed countries have been further improved and squeezed.Studies have shown that the success rate of emerging market multinational enterprises entering the developed markets in Europe and the United States is not high.Based on this,this paper takes the overseas merger and acquisition cases of Chinese enterprises as an example to explore the path and internal mechanism of multinational enterprises in emerging markets such as "springboard" overseas expansion.Based on the perspective of "springboard theory",the paper systematically sorted out the relevant literature on reverse overseas merger,international springboard,international entrepreneurship orientation,and resource integration after enterprise merger and acquisition of multinational enterprises in emerging markets.It selects two merger and acquisition cases,such as Haier’s merger and acquisition of general home appliances and Midea’s merger and acquisition of Kuka,and adopts the exploratory case study.The study shows that(1)multinational enterprises in emerging markets choose to enter the developed countries in Europe and the United States that are far away from their own institutions to acquire strong enterprises in this market in order to seek strategic assets and strategic opportunities.(2)Multinational enterprises in emerging markets choose the "springboard" overseas expansion mode,and use the internationalization strategy of aggressive outward direct investment to enter the developed markets of developed countries in Europe and the United States,which is influenced by the international entrepreneurship orientation.(3)Based on the "springboard theory",the focus of enterprises’ overseas expansion should be knowledge transfer and resource integration.These three findings correspond to the three stages of "springboard" overseas expansion,and also answer the three questions raised in this paper.The theoretical contribution of this paper is to introduce the "springboard theory" into qualitative analysis and case study,analyze and explain the internationalization path of multinational enterprises in emerging markets and other enterprises;and then combine the intermediary factor of international entrepreneurship orientation with the "springboard theory" to analyze the role of international entrepreneurial orientation in the "springboard" overseas expansion.From the perspective of practical significance,this paper has certain enlightenment significance for the internationalization path of multinational enterprises in emerging markets that hope to use the developed countries in Europe and America as the "springboard" to improve their core competitiveness.