A capabilities‐based perspective on target selection in acquisitions
研究提出收购方会根据目标的能力水平和市场环境选择低能力目标以部署现有能力，或高能力目标以获取新能力，并在中国啤酒行业数据中得到验证。
We develop a capabilities‐based theory of acquirer target selection, arguing that acquirers will pursue both low capability targets in existing contexts to deploy existing capabilities, and high capability targets in new contexts to acquire new capabilities. These arguments are formalized in an analytical model that jointly considers the benefits and costs of acquisition as a function of target capability level and context. The predictions from this model are tested in the C hinese brewing industry (1998–2007), with results showing that acquirers strongly prefer inferior targets in existing geographic markets, but are relatively more likely to choose superior targets in new markets, especially if they have strong acquisition capabilities. Our study provides insight into the factors driving target selection, and contributes to a capabilities‐based understanding of acquisitions . Copyright © 2015 John Wiley & Sons, Ltd.