This paper draws on the resource-based view and organizational learning theory to analyse the moderating role played by state ownership and acquisition experience in the performance of emerging market multinational enterprises (EMNEs). We contribute to the evolving literature on state-owned EMNEs by identifying various post cross-border acquisition (CBA) strategies, which have an impact on the performance of such firms that differs for the one they have on privately owned EMNEs. We test our hypotheses by performing a panel regression analysis on a large firm-level dataset spanning 43 emerging markets over the 2006–2015 period. Overall, our findings point at an inverted U-shape relationship between diversification through CBAs and firm performance. More specifically, this concave relationship is greater when the diversification occurs in developed countries, as opposed to emerging ones. Furthermore, there is evidence that state-ownership and EMNE acquisition experience moderate these relationships both in domestic and foreign markets, albeit with different intensities.

本文借鉴资源基础观和组织学习理论，分析国有所有权和收购经验对新兴市场跨国企业（EMNEs）绩效的调节作用。我们通过确定各种跨境收购后 (CBA) 策略，为有关国有 EMNE 的不断发展的文献做出贡献，这些策略对此类公司的业绩产生影响，而这些公司的业绩与私有 EMNE 不同。我们通过对 2006 年至 2015 年期间跨越 43 个新兴市场的大型公司级数据集进行面板回归分析来检验我们的假设。总体而言，我们的研究结果表明，通过 CBA 实现多元化与公司绩效之间存在倒 U 形关系。进一步来说，当多样化发生在发达国家而不是新兴国家时，这种凹入关系更大。此外，有证据表明，国家所有制和 EMNE 收购经验在国内外市场缓和了这些关系，尽管强度不同。