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신흥국 기업 최고경영자의 정치적 연계가 국제인수합병 시 기업가치에 미치는 영향: 중국기업의 해외인수 분석

The Impact of CEO Political Ties on Firm Value of Cross-border Acquirers from Emerging Markets: An Analysis of Chinese Cross-border Acquisitions

박용석|LI XIAOYUAN
한국국제경영학회 (Korean Academy of International Business)|2020.05|국제경영연구 (International Business Journal)|제31권 제2호|pp. 1-22|DOI http://dx.doi.org/10.14365/ibj.2020.31.2.1

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키워드

국제인수합병제도적 관점institutional perspective최고경영자의 정치적 연계cross-border M&AsCEO political ties
주제분류경영학

초록

본 연구는 신흥국 기업이 국제인수합병 시 최고경영자의 정치적 연계가 기업가치에 미치는 영향을 살펴보는데 그 목적을 두고 있다. 기존의 연구들에서는 국제인수합병 시 인수기업 최고경영자의 정치적 연계가 기업가치에 미치는 영향에 관해 혼재된 결과를 제시하였다. 국제인수합병 시 인수기업 최고경영자가 갖고 있는 정치적 연계는 전략적 자원으로서 투자자들에게 긍정적인 시그널을 주지만 정치적 연계로 인해 생기는 정부-기업간 이익충돌 문제는 투자자들에게 부정적인 시그널을 주기 때문이다. 따라서 신흥국 기업 최고경영자의 정치적 연계가 국제인수합병 시 기업가치에 미치는 영향을 보다 명확히 분석하기 위해 본 연구는 제도적 관점을 적용하여 시장 환경의 조절효과를 보여준다. 본 연구는 중국 상장기업이 2008년부터 2016년까지 진행한 국제인수합병 359개 사례를 표본으로 실증연구를 진행하였다. 그 결과 국제인수합병 시 인수기업 최고경영자의 정치적 연계는 정부의 지대추구 행위(rent-seeking behavior)로 인해 정부와 기업 사이 주인간 갈등(principal-principal conflict) 문제를 일으켜 투자자들에게 부정적인 시그널을 주어 기업의 시장가치에 단기적으로 부정적인 영향을 미치는 것으로 나타났다. 하지만 중국 인수기업이 위치한 지역의 시장화 정도가 높을수록 투자자들은 정치적 연계와는 상관없이 기업의 행위를 더욱 객관적으로 판단할 수 있기 때문에 국제인수합병 시 최고경영자의 정치적 연계가 기업가치에 미치는 부정적인 영향은 약화되는 것으로 확인되었다. 반면 피인수기업이 위치한 투자국 거버넌스가 좋을수록 최고경영자의 정치적 연계는 인수기업의 부정적인 이미지를 부각하여 국제인수합병 시 최고경영자의 정치적 연계가 기업가치에 미치는 부정적인 영향은 강화되는 것으로 확인되었다. 본 연구의 결론과 시사점 그리고 한계점에 관해서는 논문 마지막 부분에 정리하였다.

Abstract

The purpose of this study is to examine the impact of CEO political ties on the value of acquirers from emerging markets after cross-border mergers and acquisitions (CBM&As). No consistent findings on the relationship between CEO political ties and the value of cross-border acquirers exist in prior literature. Since CEO political tie can be a strategic resource for acquirers, while it also can lead conflicts of interest between politicians and shareholders, the impact of CEO political ties on the cross- border acquirer value is unclear. To clarify the effect of CEO political ties on the acquirer value after CBM&As, we apply an institutional perspective to analyse the moderating role of home and host market environment. In this study, 359 Chinese CBM&As between 2008 and 2016 are sampled to test our hypotheses. Test results show that Chinese acquirer CEO with political ties has lower stock returns after the announcement of CBM&A because the rent-seeking behavior from government leads the issue of principal-principal conflict. When the home region is more market-oriented, however, the negative correlation between CEO political ties and firm value is weakened after the announcement of CBM&As because investors would judge the firm behavior independent of political connections. By contrast, when the governance of the target country is more stable, the negative correlation between CEO political ties and firm value is strengthened after the announcement of CBM&As because acquirer CEOs with political ties would face greater obstacles when they do business in such country. The conclusion, implications, and limitations are discussed at the end of the paper.

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