본문 바로가기
KERD
논문KCI 등재

중국기업의 국제 M&A 거래 완료 결정요인에 관한 연구: 정치적 연결을 중심으로

The Determinants of Cross-border M&A Completion by Chinese Firms: Focusing on Political Connections

조영곤|고제경
한국국제경영학회 (Korean Academy of International Business)|2020.08|국제경영연구 (International Business Journal)|제31권 제3호|pp. 93-116|DOI http://dx.doi.org/10.14365/ibj.2020.31.3.4

0

조회

0

다운로드

1

인용

0

참고문헌

키워드

소유구조ownership structure국제 M&Apolitical connectionsM&A 거래 완료정치적 연결Cross-border M&As (mergers and acquisitions)M&A completion
주제분류경영학

초록

본 연구는 중국 상장기업의 정치적 연결과 국제 인수합병(Cross-border M&A) 거래 완료 가능성 사이의 관계를 실증분석한다. 정부의 영향력이 강한 중국에서는 기업이 보유한 중국 정부와의 정치적 연결이 중요한 경쟁우위의 원천이 된다. 기업은 정치적 연결을 통해 인수 관련 투자 정보의 습득, 인수자금 지원, 그리고 규제의 탄력적 적용 등의 혜택을 얻을 수 있으므로 기업의 정치적 연결은 국제 M&A에 있어서 거래가 완료될 가능성을 높여줄 것이라 판단한다. 그러나 이러한 중국기업의 정치적 연결이 국제 M&A 거래 완료 가능성에 미치는 영향은 기업의 소유구조에 따라 다르게 나타날 수 있다. 정부의 영향력이 강한 국유기업은 정부의 대리인으로 인식되어 민영기업에 비해 현지국의 정당성 압력을 더 크게 받을 수 있기 때문이다. 이에 본 연구는 국유기업은 정치적 연결이 국제 M&A 거래 완료 가능성에 미치는 영향력을 약화시킬 것으로 보았다. 2006년부터 2017년 기간 동안 이루어진 353개 중국 상장기업의 국제 M&A 439건을 표본으로 실증분석을 실시한 결과, 기업의 정치적 연결은 국제 M&A 거래 완료 가능성과 유의한 정(+)의 관계를 갖는 것으로 나타났다. 또한 기업의 정치적 연결이 국제 M&A 거래 완료 가능성에 미치는 정(+)의 관계는 민영기업에 비해 국유기업에서 약화되는 것으로 나타났다. 본 연구는 국제 M&A 연구에서 상대적으로 많이 다루어지지 않았던 인수기업의 정치적 연결이 국제 M&A 거래 완료의 선행요인으로 작용할 수 있음을 실증분석을 통해 확인하였다.

Abstract

This study empirically analyses the relationship between political connections of Chinese listed companies and the likelihood of cross-border M&A deals. In China, where government influence is strong, political connections are an important source for achieving competitive advantage. We believe that the political connections of the Chinese firms will increase the likelihood of deal completion in cross-border M&As since the companies could benefit from information related to acquisitions, funding for acquisitions, and flexible application of regulations through the connections. However, this effect of political connections of Chinese firms on the likelihood of the deal completion will be weakened in state-owned firms rather than private-owned ones due to the legitimacy pressure from the host countries to the acquirer. Considering that state-owned firms are often perceived as agents of the government, which could receive greater pressure on their legitimacy than private-owned firms, we argue that the state-owned firms will negatively moderate the positive influence of political connections on the likelihood of M&A deal completion. Using a sample of 439 cross-border acquisition deals conducted by 353 Chinese listed firms, we find that political connections increase the likelihood of deal completion. We also find that state-owned firms negatively moderate this relationship. The results provide evidence to support our arguments. This study contributes to our understandings by empirically showing that the political connections of Chinese firms, which are relatively unexamined in the international M&A literature, could serve as an antecedent for the completion of cross-border M&A deals. Theoretical and managerial implications are discussed.

참고문헌 (76)

  1. Ai, C., "Interaction Terms in Logit and Probit Models", Economics Letters, 80(1), pp.123~129 (2003)
  2. 배윤재, "해외인수합병에서 인수기업의 흡수역량이 M&A 이후 기업성과에 미치는 영향: M&A경험과 전략적 자산의 조절효과를 중심으로", 국제경영연구, 30(2), pp.37~60 (2019), 한국국제경영학회[DOI]
  3. Boateng, A., "Cross-Border M&As by Chinese Firms : An Analysis of Strategic Motives and Performance", Thunderbird International Business Review, 50(4), pp.259~270 (2008)
  4. Bris, A., "The Value of Investor Protection : Firm Evidence from Cross-Border Mergers", Review of Financial Studies, 21(2), pp.605~648 (2008)
  5. Brockman, P., "Institutions and the Performance of Politically Connected M&As", Journal of International Business Studies, 44(8), pp.833~852 (2013)
  6. Brooks, C., "Institutional Cross-Ownership and Corporate Strategy : The Case of Mergers and Acquisitions", Journal of Corporate Finance, 48, pp.187~216 (2018)
  7. Buckley, P. J., "Acquisitions by Emerging Market Multinationals : Implications for Firm Performance", Journal of World Business, 49(4), pp.611~632 (2014)
  8. Chang, S. C., "The Effect of Prior Alliance Experience on Acquisition Performance", Applied Economics, 45(6), pp.765~773 (2013)
  9. Cheng, L. T. W., "Government Protection, Political Connection and Management Turnover in China", International Review of Economics &Finance, 45, pp.160~176 (2016)
  10. Chikh, S., "Acquisitions and CEO Power : Evidence from French Networks", Journal of Corporate Finance, 17(5), pp.1221~1236 (2011)
  11. Child, J., "The Internationalization of Chinese Firms : A Case for Theoretical Extension?", Management and Organization Review, 1(3), pp.381~410 (2005)
  12. 최성진, "정치연관이 기업성과에 미치는 영향에 관한 실증 연구: 중국의 상장 중소기업을 중심으로", 전략경영연구, 14(3), pp.45~65 (2011), 한국전략경영학회[DOI]
  13. Claessens, S., "Corporate Governance in Asia : A Survey", International Review of Finance, 3(2), pp.71~103 (2002)
  14. Correlation Analysis for the Behaviroal Sciences, "Applied Multiple Regression", pp.2003, Cohen, J.
  15. Csiszar, E. N., "Handbook of Business Strategy", pp.93~115 (1994), Gorham & Lamont
  16. Cui, L., "State Ownership Effect on Firms’ FDI Ownership Decisions under Institutional Pressure : A Study of Chinese Outward-Investing Firms", Journal of International Business Studies, 43(3), pp.264~284 (2012)
  17. Devlin, R. A., "Rights and Wrongs : A Property Rights Perspective of Russia’s Market Reforms", The Antitrust Bulletin, 43(1), pp.275~296 (1998)
  18. Dikova, D., "Cross-Border Acquisition Abandonment and Completion: The Effect of Institutional Differences and Organizational Learning in the International Business Service Industry, 1981-2001", Journal of International Business Studies, 41(2), pp.223~245 (2010)
  19. Faccio, M., "Politically Connected Firms", American Economic Review, 96(1), pp.369~386 (2006)
  20. Faccio, M., "Political Connections and Corporate Bailouts", The Journal of Finance, 61(6), pp.2597~2635 (2006)
  21. Rent Seeking and Corporate Finance:Evidence from Corruption Cases, "Fan, J. P. H.", Chinese University of Hong Kong, ~ (2006)
  22. Fuad, M., "Merger Waves, Entry-Timing, and Cross-Border Acquisition Completion : A Frictional Lens Perspective", Journal of World Business, 54(2), pp.107~118 (2019)
  23. Globerman, S., "Economic and Strategic Considerations Surrounding Chinese FDI in the United States", Asia Pacific Journal of Management, 26(1), pp.163~183 (2009)
  24. Hair, J., "Multivariate Data Analysis" (1998), Prentice Hall
  25. 한병섭, "Determinants of Global Merger and Acquisition (M&A) Deals Completion: Focus on the Role of the Firms’ M&A Experience", 무역연구, 12(3), pp.23~44 (2016), 한국무역연구원
  26. Haspeslagh, P. C., "Managing Acquisitions: Creating Value through Corporate Renewal" (1991), Free Press
  27. Holl, P., "The Determinants of Outcome in UK Take-over Bids", International Journal of the Economics of Business, 3(2), pp.165~184 (1996)
  28. Hope, O. K., "The Cost of Pride : Why Do Firms from Developing Countries Bid Higher?", Journal of International Business Studies, 42(1), pp.128~151 (2011)
  29. Hoskisson, R. E., "Strategy in Emerging Economies", Academy of Management Journal, 43(3), pp.249~267 (2000)
  30. Hsu, J., "The Antecedents of Likelihood to Completion of Cross-Border M&As: An Empirical Analysis of ASEAN Countries", Emerging Markets Finance and Trade, pp.1~19 (2019)
  31. Huang, P., "Method of Payment and Risk Mitigation in Cross-border Mergers and Acquisitions", Journal of Corporate Finance, 40, pp.216~234 (2016)
  32. Huang, Y., "Does State Ownership Facilitate Outward FDI of Chinese SOEs? Institutional Development, Market Competition, and the Logic of Interdependence between Governments and SOEs", International Business Review, 26(1), pp.176~188 (2017)
  33. Johnson, S., "Cronyism and Capital Controls : Evidence from Malaysia", Journal of Financial Economics, 67(2), pp.351~382 (2003)
  34. Karaca-Mandic, P., "Interaction Terms in Nonlinear Models", Health Services Research, 47(1), pp.255~274 (2012)
  35. Kaufmann, D., "The Worldwide Governance Indicators : Methodology and Analytical Issues", Hague Journal on the Rule of Law, 3(2), pp.220~246 (2011)
  36. Keister, L., "Chinese Business Groups : The Structure and Impact of Interfirm Relations during Economic Development" (2000), Oxford University Press
  37. King, D. R., "Meta-Analyses of Post-Acquisition Performance : Indications of Unidentified Moderators", Strategic Management Journal, 25(2), pp.187~200 (2004)
  38. Kohers, N., "The Value Creation Potential of High-Tech Mergers", Financial Analysts Journal, 56(3), pp.40~50 (2000)
  39. Kostova, T., "Organizational Legitimacy Under Conditions of Complexity : The Case of the Multinational Enterprise", Academy of Management Review, 24(1), pp.54~81 (1999)
  40. 이지환, "이사회 내 여성멤버가 M&A(인수․합병) 완료 의사결정에 미치는 영향", 전략경영연구, 22(2), pp.21~41 (2019), 한국전략경영학회[DOI]
  41. Li, H., "Political Connections, Financing and Firm Performance : Evidence from Chinese Private Firms", Journal of Development Economics, 87(2), pp.283~299 (2008)
  42. Li, H., "The Role of Managers’ Political Networking and Functional Experience in New Venture Performance : Evidence from China’s Transition Economy", Strategic Management Journal, 28(8), pp.791~804 (2007)
  43. Li, J., "The Liability of Opaqueness : State Ownership and the Likelihood of Deal Completion in International Acquisitions by Chinese Firms", Strategic Management Journal, 40(2), pp.303~327 (2019)
  44. Li, J., "Cross-Border Acquisitions by State-Owned Firms : How Do Legitimacy Concerns Affect the Completion and Duration of Their Acquisitions?", Strategic Management Journal, 38(9), pp.1915~1934 (2017)
  45. Li, S., "Political Connection, Ownership Structure, and Corporate Philanthropy in China : A Strategic-Political Perspective", Journal of Business Ethics, 129(2), pp.399~411 (2015)
  46. Li, W., "Political Connections and Corporate Diversification in Emerging Economies : Evidence from China", Asia Pacific Journal of Management, 29(3), pp.799~818 (2012)
  47. Lim, M. H., "The Effects of Industry Relatedness and Takeover Motives on Cross-Border Acquisition Completion", Journal of Business Research, 69(11), pp.4787~4792 (2016)
  48. Lim, M. H., "National Economic Disparity and Cross-Border Acquisition Resolution", International Business Review, 26(2), pp.354~364 (2017)
  49. Liu, N., "Corporate Ownership, Political Connections and M&A : Empirical Evidence from China", Asian Economic Papers, 12(3), pp.41~57 (2013)
  50. Luo, Y., "Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions", Journal of Finance, 60(4), pp.1951~1982 (2005)
  51. Luo, Y., "How Emerging Market Governments Promote Outward FDI : Experience from China", Journal of World Business, 45(1), pp.68~79 (2010)
  52. Luypaert, M., "Antecedents of Time to Completion in Mergers and Acquisitions", Applied Economics Letters, 22(4), pp.299~304 (2015)
  53. Meyer, K. E., "Overcoming Distrust : How State-Owned Enterprises Adapt Their Foreign Entries to Institutional Pressures Abroad", Journal of International Business Studies, 45(8), pp.1005~1028 (2014)
  54. Moeller, S. B., "Firm Size and the Gains from Acquisitions", Journal of Financial Economics, 73(2), pp.201~228 (2004)
  55. Muehlfeld, K., "A Contextual Theory of Organizational Learning from Failures and Successes : A Study of Acquisition Completion in the Global Newspaper Industry, 1981-2008", Strategic Management Journal, 33(8), pp.938~964 (2012)
  56. Officer, M. S., "Termination Fees in Mergers and Acquisitions", Journal of Financial Economics, 69(3), pp.431~467 (2003)
  57. Ouyang and Li., "Confucius Institute and the Completion of Chinese Cross-Border Acquisitions", Sustainability, 11(18), pp.5088~ (2019)
  58. Pan, Y., "Firms’FDI Ownership : The Influence of Government Ownership and Legislative Connections", Journal of International Business Studies, 45(8), pp.1029~1043 (2014)
  59. Peng, M. W., "Theories of the(State-Owned)Firm", Asia Pacific Journal of Management, 33(2), pp.293~317 (2016)
  60. Peng, M. W., "The Growth of the Firm in Planned Economies in Transition : Institutions, Organizations, and Strategic Choice", Academy of Management Review, 21(2), pp.492~528 (1996)
  61. Peng, M. W., "Managerial Ties and Firm Performance In A Transition Economy : The Nature of A Micro-Macro Link", Academy of Management Journal, 43(3), pp.486~501 (2000)
  62. Pinto, C. F., "Ownership in Cross-Border Acquisitions and the Role of Government Support", Journal of World Business, 52(4), pp.533~545 (2017)
  63. Rui, H., "Foreign Acquisitions by Chinese Firms : A Strategic Intent Perspective", Journal of World Business, 43(2), pp.213~226 (2008)
  64. Shi, W. (Stone), "The Continuing Importance of Political Ties in China", Academy of Management Perspectives, 28(1), pp.57~75 (2014)
  65. Shi, W. S., "Sub-National Institutional Contingencies, Network Positions, and IJV Partner Selection", Journal of Management Studies, 49(7), pp.1221~1245 (2012)
  66. Tao, F., "Do Cross-Border Mergers and Acquisitions Increase Short-Term Market Performance? The Case of Chinese Firms", International Business Review, 26(1), pp.189~202 (2017)
  67. UNCTAD., "World Investment Report 2017" (2017), United Nations Publication
  68. Very, P., "The Acquisition Process as a Learning Process : Evidence from a Study of Critical Problems and Solutions in Domestic and Cross-Border Deals", Journal of World Business, 36(1), pp.11~31 (2001)
  69. Wu, J., "The Contingent Value of CEO Political Connections : A Study on IPO Performance in China", Asia Pacific Journal of Management, 30(4), pp.1087~1114 (2013)
  70. Yiu, D., "Understanding Business Group Performance in an Emerging Economy : Acquiring Resources and Capabilities in Order to Prosper", Journal of Management Studies, 42(1), pp.183~206 (2005)
  71. Zaheer, S., "Overcoming the Liability of Foreignness", Academy of Management Journal, 38(2), pp.341~363 (1995)
  72. Zhang, G., "Impact of Political Connection Strength on the Internationalization Outcome of Chinese Firms : Perspectives from Market Exploration and Technology Acquisition", Sustainability, 12(4), pp.1617~ (2020)
  73. Zhang, J., "Completion of Chinese Overseas Acquisitions:Institutional Perspectives and Evidence", International Business Review, pp.226~238 (2011)
  74. Zheng, W., "Buffering and Enabling : The Impact of Interlocking Political Ties on Firm Survival and Sales Growth", Strategic Management Journal, 36(11), pp.1615~1636 (2015)
  75. Zhou, C., "Failure to Complete Cross-Border M&As : ‘To’vs. ‘from’ Emerging Markets", Journal of International Business Studies, 47(9), pp.1077~1105 (2016)
  76. Zhu, H., "How Do High-Technology Firms Create Value in International M&A? Integration, Autonomy and Cross-Border Contingencies", Journal of World Business, 50(4), pp.718~728 (2015)

관련 논문AI추천

기업의 정치적 관계가 해외 인수합병의 공시효과에 미치는 영향: 중국 기업을 대상으로권택호, 유신양한국재무관리학회 · 재무관리연구2022 · 제39권 제1호신흥국 기업 최고경영자의 정치적 연계가 국제인수합병 시 기업가치에 미치는 영향: 중국기업의 해외인수 분석박용석, LI XIAOYUAN한국국제경영학회 · 국제경영연구2020 · 제31권 제2호중국기업 최고경영자팀의 특성이 국제 인수합병 성과에 미치는 영향박영렬, 박춘화, 백유진한국국제경영학회 · 국제경영연구2019 · 제30권 제1호제도의 질, 자본시장 발달 그리고 중국의대외 인수합병한병섭아태지역연구센터 · 중소연구2016 · 제40권 제1호중국 내 상장기업들의 글로벌 인수합병 거래 포기: 경험요인, 거래특성, 그리고 참여 그룹의 영향 분석양우영, 한병섭아태지역연구센터 · 중소연구2024 · 제48권 제3호중국기업의 해외 인수 합병의 성과 결정요인유승훈대한경영정보학회 · 경영과 정보연구2016 · 제35권 제4호

이 간행물의 다른 논문 (4건)

해외 R&D 자회사의 글로벌 조직 정체성과 지식 습득: 일본 다국적 기업 해외 R&D 자회사의 글로벌 지식 습득박연진, Kazuhiro Asakawa, 송재용pp. 1-34Alliance with a Rival’s Partner and Firm Performance: Focused on the US Software industry김광호pp. 35-62국제 전략적 제휴 파트너 간 문화적 거리가 점진적 혁신과 급진적 혁신에 미치는 영향김혜인, 윤우진pp. 63-91The Effect of Ownership on Pay, Performance, and Internationalization: Evidence from Korean Small and Medium Enterprises신준호, 권재현pp. 117-144
원문 보기