英语论文网

in MobiFone because MobiFone has been actively seeking a privatization partner since 2007. There is precedent for such a deal. In 2006, Viettel, the mobile provider then wholly-owned by the Vietnamese military, was partly privatized, and another provider, Vinaphone, is also a candidate for privatization. Thus, the Vietnamese public sector has experience in privatizing mobile providers, and is now eager to put MobiFone on the block. Since nearly a year has gone by without a serious suitor for MobiFone, Vodafone can expect to appear as a white knight to the Vietnamese government and perhaps obtain a lower price than might have been offered in 2007.

In the late 1990s, American Rice entered into a joint venture with Vietnamese company Vinafood and encountered a stream of business problems, some of which emerged from the ambiguity of the cooperative situation, and the way in which it was exploited by Vietnamese suppliers and misunderstood by the Vietnamese public. [For an extended discussion of the arcane dynamics of this situation, consult Latham 1998, p. 65]

This event increases Vodafone's risk sensitivity to any joint venture possibility, and mitigates for the company to buy a controlling stake in its own move into Vietnam. We are mindful of the following quote from a Vietnamese manager: “‘When faced with managers who won't listen, we stop taking initiative. Soon we stop offering essential advice. Often the expatriate begins to fail, but doesn't even know it'” (Ashwill & Diep 2005, p. 94).

Financial Strategy 财务战略
As a global company with a large market capitalization and cash resources, Vodafone has typically paid billions of pounds in order to acquire controlling or noncontrolling stakes in foreign wireless service providers. By the standard of Vodafone's past acquisitions, some of which are the largest M&A deals in the history of business, acquiring a stake in MobiFone will not test Vodafone's resources so as to require any sort of creative financing or leveraging. There is consensus on the validity of this approach in the academic literature: “when firms have large resources, the consequences of commitment are small. Thus, big firms or firms with surplus resources can be expected to take larger internationalization steps” (Luo 1999, p. 50).

That said, Vodafone does have another option if it chooses not to pay cash up front for MobiFone. Kim and Kim (2006, p. 347) explain that a multinational can structure a deal so as to offer a direct loan to its foreign subsidiary as a way of delaying a direct equity investment. This is an unlikely option for Vodafone, and one for which there is no obvious precedent in Vodafone's history, but it is nonetheless available as a financial option.

HR Strategy 人力资源战略
There are only two broad options for HR strategy in a multinational context: “integration (centralization) and differentiation (localization)” (Briscoe and Schuler, 2004, p. 61). Vodafone's global strategy is somewhat confused in this regard, as operations in some countries (such as Turkey) have favored localization, whereas operations in other countries (such as Japan) have favored globalization.

In Vietnam, the HR strategy will favor localization. At its highest level, HR strategy will treat subsidiary managers as the key to a successful transition. Research demonstrates the pivotal role of the sub