본문 바로가기
KERD
논문KCI 등재

중국기업의 해외 인수 합병의 성과 결정요인

The Performance Determinants of Chinese overseas M&A

유승훈
대한경영정보학회 (Daehan Academy Of Management Information Systems)|2016.11|경영과 정보연구 (Management & Information Systems Review)|제35권 제4호|pp. 79-98|DOI 10.29214/damis.2016.35.4.005

0

조회

0

다운로드

1

인용

0

참고문헌

키워드

국제화기업성과상호작용효과firm performanceInternationalization.해외 인수 합병Cross-border mergers and acquisitionsChinese enterprises
주제분류경영학

초록

본 연구는 중국의 해외 인수 합병 현황과 영향 요인에 대한 관련 이론과 기존의 연구를 살펴본 뒤 중국기업의 해외 인수 합병의 성과에 미치는 영향을 실증분석 하였다. 분석의 결과 과거성과, 인수지분율, 국유지분율, 문화적 차이는 성과에 정의 영향을 미치는 것으로 나타났으며 문화적 차이가 클수록 과거성과의 인수합병의 성과에 미치는 영향이 크게 나타나는 중재효과가 있음을 보이고 있다. 그러나 조직 연령, 수출비중, 잉여현금흐름은 유의한 영향을 미치지 않고 있다.

Abstract

A large number of Chinese enterprises have grown up and become increasingly competitive. Chinese firms have ventured abroad to search for new sources of growth. Overseas mergers and acquisitions of Chinese companies has been developed rapidly through extensive opening policy and active support system by government. The main purpose of this study is to identify the factors that affect the outcomes of overseas mergers and acquisitions made by Chinese firms in recent years, particularly, financial performance of the acquiring firms. This study aims to analyze systematically financial performance and its determinants of Chinese overseas M&A in recent years. This study chooses a sample of 167 overseas mergers and acquisitions in the manufacturing industry in China and the relevant data were collected during the period 2006 to 2012. The data were analyzed by using a multiple regression analysis to identify determinants of corporate performance. We showed that cultural distance, past performance, state ownership, and interaction between cultural distance and past performance. Findings of this study can provide useful guidance to outward Chinese M&A in the future.

참고문헌 (52)

  1. 이용환, "중국기업의 국제 인수합병 성과 요인에 관한 연구", 디지털융복합연구, 13(1), pp.125~134 (2015), 한국디지털정책학회[DOI]
  2. "Trade Brief 한국무역협회", ~ (2016)
  3. Athreye, S., "Introduction : The internationalization of Chinese and Indian Firms-tredns, motivations and strategy", Industrial and Corporate Change, 20, pp.9~221 (2009)
  4. Barney, J. B., "Firm resources and sustained competitive advantages", Journal of Management, 17, pp.99~120 (1991)
  5. Bligh, M. C., "Surviving Post merger Culture. . Crash : Can Cultural Leadership Lessen the Casualties?", Leadership, 2(4), pp.395~426 (2006)
  6. Boes, D., "Privatization and Economic Efficiency" (1991), Edward Elgar
  7. Bradley, "Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms", Journal of Financial Econimics, pp.267~318 (1988)
  8. Cyert, "An Assessment and Review", The Academy of Management Review, pp.57~74 (2001)
  9. Chang S. J., "International Expansion Strategy of Japanese Firms : Capability Building Through Sequential Entry", Academy of Management Journal, 38, pp.363~407 (1995)
  10. Child, J, "The Internatioonalization of Chinese Firms : a case for the theoretical extension?", Management Organizational Review, 38, pp.1~410 (2005)
  11. Deng, Ping, "Why do Chinese Firms tend to acquire strategic assets in international expansion?", Journal of World Business, 44, pp.74~84 (2009)
  12. Feng, Genfu., "Empirical Stduy of Performamce of Mergers and Acauisitions of Chinese Public Companies", Economic Research, pp.134~145 (2001)
  13. Fowler, K. L., "Determinants of tender offer postacquisition financial performance", Strategic Management Journal, 33, pp.9~349 (1989)
  14. Felix Lowinski., "The Effect of Cross-Border Acquisitions on Shareholder Wealth-Evidence from Switzerland", Review of Quantitative Finance and Accounting, 1, pp.313~330 (2004)
  15. Haleblian, J., "The Influence of organizational acquisition experience on acquisitions performance : A behavioral perspective", Admistrative science quarterly, 44(1), pp.29~ (1999)
  16. Harrison J. S., "Synergies and Post acquisition performance : Difference versus Similarities in Rewource Allocatios", Journal of Management, 17, pp.173~190 (1991)
  17. Hayward, M. L., "When do firms learn from their acquistion experiecne? Evidence from 1900-1995", Strategic Management Journal, 23(1), pp.21~ (2002)
  18. Hennart J. F., "The choice beween mergers", acquisition and joint ventures : the case of Japanese investors in the United States, 1997, pp.18(1), 1~12
  19. Hitt, M., "Strategic decisoin models : Integrated different perpectives", Strategic Management Journal, 12, pp.327~351 (1991)
  20. Hitt, M., "Attributes of Succssful and Unsuccessful Acqisitions of Us Firms", British Journal of Management, 9(2), pp.91~ (1998)
  21. Jemison D. B., "Corporate Acquisitions : A Process Perspective", Academy of Management Review, 11, pp.145~163 (1986)
  22. Jensen, Michael C., "Theory of firm : managerial behavior, agency costs and ownership sturcture", Journal of financial Economics, 3, pp.305~306 (1976)
  23. Jensen, M. C., "Agency Cost and Free Cash Flow, Corporate Financial and Takeover", American Economics Review, pp.76~96 (1986)
  24. Jhang Jianhong, "Completion of Chinese overseas acquisitions : Instututional persepectives and evidence", International Business Review, 20, pp.226~238 (2011)
  25. Jia Changjie, "Influence of Previous Mergers and Acquisitions upon performamance of mergers and acquisitions", Quantitative and Technical Economic Research, 12, pp.47~52 (2003)
  26. Kang, William P., "Empowerment Effects Across Cultures", Journal of International Business Studies, 35, pp.46~60 (2004)
  27. Kling Gerhard., "The Internationalization of Chinese companies : Firm Characteristics, industry effects and corporate governance", Research in International Business and Finance, pp.357~372 (2011)
  28. Kogut, B., "The Effect of National Culture on the Choice of Entry Mode", Journal of International Business Studies, 19(3), pp.411~432 (1988)
  29. Larsson, R., "Cultural Dinensions of International Mergers and Acqisitions", pp.39~57 (1998), Walter de Gruyter
  30. Lang L. H., "Managerial performance, Tobin's Q, and the gains from successful tender offers", Journal of Financial Economics, pp.137~154 (1989)
  31. Lou, Y,, "Learning to Compete in a Transition Economy : Experience, Environment, and Performance", Journal of International Business Studies, 30(2), pp.269~295 (1999)
  32. Malhotra Shavin., "Curvilinear relationship between cultural distance and equity participation : An Empirical analysis of cross-border acquisitions", Journal of International Management, 17, pp.316~332 (2011)
  33. Morck, R. A., "Do Managerial Objectives Drive Bad Acquisitions?", The Journal of Finance, pp.31~45 (1990)
  34. Mitchell Madison, "Overseas M&A", Business Review, 5, pp.34~38 (1996)
  35. Muller, D. C., "A Theory of Conglomerate Mergers", Journal of Financial Economics, 11, pp.634~659 (1969)
  36. Mueller, D. C., "A Theory of Conglomerate Mergers", pp.643~659 (1969)
  37. Perry, J. L., "The Public Private Distinction in Organization Theory : A Critique and Research Strategy", Academy of Management Review, 13 (1988)
  38. Pugh, D. S., "The context of organizational strocture", Administrative Science Quarterly, pp.91~114 (1969)
  39. Qian Yinyi., "Corporate Governance Structure during Transition Economy: Insider Control and Function of Bank" (1995), China Economic Publishing House
  40. Rui, Haaichuan., "Foreign acquisitions by chinese firms : A strategic intent perpective", Journal of World Business, 43, pp.213~226 (2008)
  41. Sales, A. L., "The Challenge of Managing Corporate Transition" (1984), Dow Jones and Irwin
  42. Servaes, H., "Tobins's Q and gains from takeovers", Journal of Finance, 46(1), pp.409~411 (1991)
  43. Teerkangans, S., "The Culture-Performance Relationship in M&A", British Journal of Management, pp.1731~1748 (2006)
  44. Teece, D., "Dynamic capabilities and strategic management", Strategic Management Journal, 18, pp.509~533 (1987)
  45. Vermeulen, F., "Learning through acquisitions", Academy of Management Journal, 44, pp.457~476 (2001)
  46. Wells, Louis T., "The rise of foreign investment from developing countries" (1983)
  47. Williamson, O., "The economic institution of capitalism" (1985), Free Press
  48. William, Schert G., "Cross-Border Mergers among Multinational Businesses", Multinational Business Review, 9, pp.77~88 (1997)
  49. Wu, Changqi, "Determinats of Cross-Border Merger $Acquisition Performance of Chinese Enterprises", Procedia Social and Behavioral Sciences, 2, pp.6896~6905 (2010)
  50. Zhang, Jianhong., "Completion of Chinese overseas acquisitons : Institutional persepectives and evidence", International Business Review, 20, pp.226~238 (2011)
  51. Zhang, Xin, "Whether Mergers and Acquisitions and Reorganization can Create Value?", Economic Research, 6 (2003)
  52. Zhu, Baoxian., "Effect analysis of Chinese publish improvement of mergers and acquisitions Practice 1998", Economic research, 11 (2002)

관련 논문AI추천

중국의 세계기업 인수·합병 현황과 시사점박승록, 임응순, 정군오한국아시아학회 · 아시아연구2008 · 제11권 제1호중국의 거시경제요인과 대외인수합병양우영, 한병섭중국연구센터 · 중국과 중국학2014 · 제23권 중국 내 상장기업들의 글로벌 인수합병 거래 포기: 경험요인, 거래특성, 그리고 참여 그룹의 영향 분석양우영, 한병섭아태지역연구센터 · 중소연구2024 · 제48권 제3호신흥시장국 기업의 해외 인수 전략에 있어서 제도적 환경의 영향: 중국 기업을 중심으로곽주영, 이민산한국국제통상학회 · 국제통상연구2015 · 제20권 제1호중국기업 최고경영자팀의 특성이 국제 인수합병 성과에 미치는 영향박영렬, 박춘화, 백유진한국국제경영학회 · 국제경영연구2019 · 제30권 제1호A Comparative Study on Determinants of Cross-Border Mergers and Acquisitions Performance of Emerging Economies’ Multinational Enterprises: Evidence from Chinese and Indian Firms박영렬, 백유진, 주광문한국국제경영학회 · 국제경영연구2019 · 제30권 제4호

이 간행물의 다른 논문 (14건)

경기침체기의 다각화전략과 성과에 대한 최고경영자 나르시시즘의 영향과 기업지배구조의 조절효과에 대한 연구유재욱pp. 1-192009년 전후 전국 지역농협의 경영성과 차이 분석- 조합장 교체 및 상임이사제도 운영을 중심으로 -이현창, 박태준pp. 21-36K-IFRS 도입에 따른 재무비율이 신용평가에 미치는 영향왕현선pp. 37-56특급 호텔 종사원의 조직문화가 조직유효성에 미치는 영향에 관한 연구 - DISC 행동유형을 중심으로 -문정희, 김경미, 조수현pp. 57-77SNS 이용동기와 SNS 중독이 주관적 웰빙에 미치는 영향: 사회적 유대감의 조절효과노미진, 장성희pp. 99-122
원문 보기