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중국의 거시경제요인과 대외인수합병

Macroeconomic Factors and Cross-border Mergers and Acquisitions of Chinese Firms

한병섭|양우영
중국연구센터 (China Research Center)|2014.09|중국과 중국학 (China and Sinology)|제23권 |pp. 177-201|DOI 10.17935/Chinan.2014.23..177

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참고문헌

키워드

중국이자율ChinaM2Interest Rate대외인수합병상해종합지수Outward M&AShanghai Composite Index

초록

중국의 급속한 경제성장에 맞춰 많은 중국기업들이 지속적인 성장원을 찾기 위한 목적으로 적극적인 대외투자를 실행하고 있다. 특히 인수합병 방식을 통해 중국기업들은 경쟁열위를 극복함과 동시에 경쟁우위요소를 강화해 나가는 전략을 펼치고 있다. UNCTAD의 2012 세계투자보고서에 따르면 중국기업의 대외 인수합병 금액은 370억 달러에 달하고있으며, 이는 중국의 총대외직접투자에서 43%를 차지하는 수치이다. 중국기업의 대외인수합병에 관한 선행 연구들은 주로 대외인수합병에 따른 재무측면에서의 영향에 초점을 두고 있으며, 거시경제적 요인들의 역할에 대해서는 다루고 있지 않다. 본 연구는 중국의 거시경제 요인이 중국기업들의 대외인수합병에 어떠한 영향을 미치는가를 규명하는데 목적이 있다. 실증분석을 통해 중국기업의 대외인수합병은 상해주가지수와중국의 총수출액과 유의한 정의 관계를 갖지만 RMB 환율과는 유의한 부의 관계를 갖는다는 것을 확인할 수 있었다.

Abstract

Due to the Chinese fast-growing economy and industrialization, a greatnumber of Chinese companies moved to foreign country to seek for sourceof growth over the past 30 years. Through M&A, Chinese company haveovercome competitive disadvantage and strengthen competitive advantageelements. According to the World Investment Report of UNCTAD, thevalue of M&A Chinese companies has done, reached 37 billions dollar,and accounted to 43% of the total FDI. The previous studies generallyhave dealt with the role of financial affect on the Outward M&A ofChinese companies, but researchers have not paid much attention to theChinese outward M&A pertinent to macroeconomic factor. Therefore,this study aims to examine the determinants of the causal relationshipbetween outward M&A and macroeconomic Index of China. Throughempirical analysis, we explore factors potentially affect the outwardM&A. It is found that the outward M&A is positively related with theShanghai Composite Index and Chinese total export amount butnegatively related with the exchange rate of RMB.

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