Chinese Cross-border M&As in Developed Countries and the Acquirers’ Domestic Performance
- 주제(키워드) Chinese firms , cross-border M&As , developed countries , domestic performance
- 발행기관 아주대학교
- 지도교수 성민제
- 발행년도 2017
- 학위수여년월 2017. 8
- 학위명 석사
- 학과 및 전공 일반대학원 경영학과
- 실제URI http://www.dcollection.net/handler/ajou/000000025479
- 본문언어 영어
- 저작권 아주대학교 논문은 저작권에 의해 보호받습니다.
초록/요약
China has experienced a rapid economic growth in the past decades. A large number of Chinese firms have grown up and become competitive, a few of them have even invested abroad to search for new resources. This paper aims to investigate the effects of Chinese cross-border mergers and acquisitions (M&As) in developed countries on the domestic performance of investing firms. In addition, this paper intends to investigate the effects of the relative size of acquired firm compared to acquirer on the acquirers’ domestic performance. In this paper, I analyze two three-step hierarchical regressions to investigate the effect of cross-border M&As in developed countries on acquirer’s rate of sales growth and the effect of relative size of acquired firm compared to acquirer on acquirer’s rate of sales growth in Chinese market. For the sample of Chinese cross-border M&As in developed countries, I keep only the deals that I can get available data on all the variables, which narrows the final sample for acquisitions down to 30 deals. In addition, I apply a sample of 38 firms that did not acquired in developed countries. The data on Chinese cross-border M&As in developed countries have been obtained from the PEDATA database which is provided by Pedaily for the period 2006 to 2017. The findings of this paper suggest that the cross-border M&As in developed countries by Chinese firms have positive effects on their domestic performance. The recent rise of Chinese cross-border M&As in developed countries which is encouraged by Chinese government leads to an improved performance in domestic market. The firms that pursue cross-border M&As in developed countries perform better that those who haven’t in terms of the rate of sales growth.
more목차
CHAPTER 1. INTRODUCTION 1
1. Research Background 1
2. Research Purposes 2
CHAPTER 2. LITERATURE REVIEW 5
1. Cross-border M&As and Firms Performance 5
2. Relative Size of Cross-border M&As and Firms Performance 7
CHAPTER 3. HYPOTHESES 9
1. Chinese Cross-border M&As in Developed Countries and Domestic Sales Growth 9
2. Relative Size of Chinese Cross-border M&As in Developed Countries and Domestic Sales Growth 10
CHAPTER 4. DATA AND METHODOLOGY 13
1. Conceptual Framework 13
2. Data 13
3. Research Design 15
3.1. Domestic Performance of Firms that Acquired in Developed Countries and Firms that Did Not 15
3.1.1. Dependent Variable 15
3.1.2. Independent Variable 16
3.1.3. Control Variables 16
3.2. Domestic Performance and Relative Size of Acquired Firm compared to Acquirer 18
3.2.1. Dependent Variable 18
3.2.2. Independent Variable 18
3.2.3. Control Variables 18
CHAPTER 5. RESULT 20
1. Descriptive Statistics 20
1.1. Domestic Performance of Firms that Acquired in Developed Countries and Firms that Did Not 20
1.2. Domestic Performance and Relative Size of Acquired Firm compared to Acquirer 21
2. Model Evaluation 22
2.1. Domestic Performance of Firms that Acquired in Developed Countries and Firms that Did Not 22
2.2. Domestic Performance and Relative Size of Acquired Firm compared to Acquirer 24
CHAPTER 6. DISCUSSIONS AND IMPLICATIONS 26
1. Discussions 26
2. Implications 27
3. Limitations 28
References 30
