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제도의 질, 자본시장 발달 그리고 중국의대외 인수합병

Quality of Institution, Financial Market Development,and Chinese Cross Border M&A

한병섭
아태지역연구센터 (The Asia-Pacific Research Center)|2016.05|중소연구|제40권 제1호|pp. 137-167|DOI 10.21196/aprc.40.1.201605.004

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키워드

제도중국인수합병China자본시장InstitutionFinancial market조건부 로짓Merger and AcquisitionConditional logit

초록

본 연구는 제도발전 측면에서 중국기업의 인수합병 투자 대상국가 선택 결정요인을 분석했다. 2000년부터 2014년까지의 기간 동안 80개국에서 이루어진 887건의 국경 간 인수합병 거래를 대상으로 분석을 진행했다. 조건부 로짓모형을 통한 실증분석 결과, 중국기업들은 민의(民義) 반영 수준과 정치적 안정성 수준이 낮고, 부패에 대한 통제 수준이 낮은 국가에 위치한 기업을 인수 대상으로 선호함을 알 수 있었다. 그리고 중국기업은 정부 효율성 수준이 상대적으로 높고, 경영 활동에 대한 정부 간섭 수준이 상대적으로 낮은 국가를 인수합병 투자대상국으로 선택하는 것으로 나타났다. 이를 통해 중국기업들은 거시 제도환경 측면에서는 중국의 제도적 환경과 유사한 국가를 선호하지만, 미시적 차원에서는 기업활동 친화적 국가를 인수합병 투자대상국으로 선호함을 확인할 수 있었다.

Abstract

This study investigated the effects of institutional development on the target country selection of Chinese cross border mergers and acquisitions. The research samples include 887 cross border M&A deals in 80 countries from 2000 to 2014. With a conditional logit model, we found that Chinese firms are likely to acquire target firms which are in countries with a lower level of voice and accountability, political stability and an absence of violence and control of corruption. Also, Chinese firms are likely to make an M&A transaction in countries with a higher level of government effectiveness and a lower level of government intervention concerning business activities. We confirmed that on a macro level of institutional environments, Chinese firms prefer to invest through M&A in a country whose environment is institutionally similar with China, but their preference of choosing business friendly nations as the target country for M&A was also confirmed.

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