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중국 내 상장기업들의 글로벌 인수합병 거래 포기: 경험요인, 거래특성, 그리고 참여 그룹의 영향 분석

Transaction Abandonment on Global M&A: Analysis of Experience Factors, Transaction Characteristics, and Impact of Participating Groups

양우영|한병섭
아태지역연구센터 (The Asia-Pacific Research Center)|2024.11|중소연구|제48권 제3호|pp. 167-201

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참고문헌

키워드

중국M&A다국적기업인수합병China해외직접투자FDI거래경험MNE거래실패Transaction AbandonmentTransaction Experience

초록

본 논문의 목적은 글로벌 M&A에서 어떤 요인들이 기업의 거래 포기에 영향을 미치는지 알아보는데 있다. 본 연구에서는 거래 경험, 거래 특성, 참여그룹의 영향 등 주요 요인들이 M&A 거래 포기에 어떤 영향을 미치는지 분석하였다. 연구대상은 중국기업의 글로벌 M&A 거래 이며, 연구 기간은 2000년부터 2015년까지 이다. 샘플은 1,550개 중국기업이 실행한 총 2,370건의 글로벌 M&A 거래이다. 연구결과 기업 내·외부의 M&A 관련 경험들은 기업들의 M&A 포기 가능성을 낮추는 것으로 나타났다. 그리고 대상기업에 대한 태도가 적대적일수록, 종결비용이 클수록 M&A 거래 포기 비율이 높아졌다. 이제까지 M&A 관련연구에서는 기업들의 M&A 거래 포기에 대한 연구가 활발히 이루어지 않았다. 본 연구는 M&A 거래 포기에 영향을 미치는 동기요인을 규명하고 있다는 점에서 학술적 의의가 있다.

Abstract

The purpose of this study is to find out what factors influence a firm’s transaction abandonment in global M&A. The research focuses on several major factors, such as transaction experience, transaction characteristics, and participating groups’ effect. We examined how these factors affect M&A transaction abandonment. The study’s subject is global M&A transactions of Chinese firms, and the study period is from 2000 to 2015. The sample is a total of 2,370 global M&A transactions executed by 1,550 Chinese firms. The result showed that M&A experiences inside and outside of firms decreased the likelihood of abandoning M&A. And the rate of abandonment of M&A transactions increases when the attitude toward the target firm is hostile, and the closing cost is high. Previous M&A related research has not been actively conducted on the abandonment of M&A transactions by firms. This study has academic significance by identifying the factors that influence the abandonment of M&A transactions.

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