來自開發中國家的企業在過去經常被視為被收購目標而非收購者，但近年來，源自開發中國家的企業越來越積極地在拓展海外市場，並且極力找尋能夠幫助他們在海外發展的公司作為收購目標。此外，策略聯盟在過去被視為和併購完全不相容的海外進入策略，然而，越來越多經理人及學者認為策略聯盟能夠成為兩公司間未來併購的墊腳石，先前互相聯盟的經驗能夠幫助收購者更了解他們的聯盟夥伴，除了能將這些聯盟夥伴視為未來的併購標的之一外，併購先前的聯盟夥伴亦能降低未來併購的失敗機率。因此，本研究欲探討吸引開發中國家公司進行併購的被收購者特性，同時，我們亦探討先前的聯盟經驗是否會增加兩公司間未來的併購機率。本研究利用不確定規避、政治風險、市場成熟度及產業集中度做為收購者的特性，公司規模大小及知識性資源作為被收購者的特性，來探討開發中國家公司併購已開發國家公司之機率。另外，利用先前聯盟經驗作為調節變數，探討先前聯盟經驗是否會影響併購機率。
　　在196則併購交易中，我們利用羅吉斯二元回歸分析來驗證不同特性對於併購機率的影響。本研究發現，先前聯盟經驗對政治風險和併購機率間的關係產生調節作用，表示開發中國家若伴隨著母國高政治風險，先前聯盟經盟經驗越能增加雙方未來併購的機率。

Emerging-market firms traditionally acted as acquirees rather than acquirers. However, as they play increasingly important role in the global business since the last decade, they have become more aggressive to expand their business territories even by acquiring developed-country firms. Meanwhile, strategic alliance has been seen as a competing entry strategy with acquisition. More managers have treated strategic alliance as a stage strategy before acquisition, given that this practice can help acquirers better know their potential targets and decrease the failure rate of acquisition. Therefore, this study investigates what kind of characteristics will attract firms from emerging market to make acquisitions of the targets from advanced markets. Furthermore, we also examine if prior alliances between acquirers and acquirees will increase the acquisition possibility. Specifically, we examine uncertainty avoidance, political risk, market sophistication, and industry concentration that belong to an acquirer’s characteristics. A target’s characteristics include firms size and knowledge-based resources. In addition, prior alliance serves as moderator. Based on a sample of 196 M&A transaction, we found that the likelihood of acquisition will be increased if acquirers from developing countries with higher level of political risks had formed an alliance with the targets from developed countries previously.

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