The influence of plant characteristics on the entry mode choice of overseas firms
研究了制造企业在海外扩张时，工厂的资本密集度（物质资本 vs 人力资本）如何影响其选择新建投资还是并购当地企业。基于682个进入美国市场的决策，发现人力资本密集型工厂更倾向并购，而物质资本密集型工厂更倾向新建投资。
Abstract One of the most important strategic decisions a manufacturing firm makes while expanding overseas is making the choice between setting up greenfield operations or acquiring a local firm. Using a knowledge‐based framework, I propose that the ability to transfer knowledge and competencies across national boundaries is much easier in plants characterized by physical capital investment. Hence, during overseas entry, manufacturing firms are likely to use greenfield operations. On the other hand, in plants characterized by human capital investment, the difficulty in transferring knowledge and the need to learn and adapt to host nation requirements will make a local acquisition the preferred mode of entry by manufacturing firms. Using 682 entry decisions made by manufacturing firms during entry into the U.S., I investigate this notion while controlling for size of the industry, research intensity of the industry, degree of unionization, cultural distance, and the value of investment. Study findings indicate that in plants characterized by human capital intensity, the preferred entry mode is acquisitions over greenfield operations. However, foreign entrants with physical capital‐intensive plants prefer greenfield operations over acquisitions.