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Chinese Cross-border M&As in Developed Countries and the Acquirers’ Domestic Performance
- Author(s)
- QU, HANG
- Alternative Author(s)
- QU HANG
- Advisor
- 성민제
- Department
- 일반대학원 경영학과
- Publisher
- The Graduate School, Ajou University
- Publication Year
- 2017-08
- Language
- eng
- Alternative Abstract
- 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.
- Fulltext
- Appears in Collections:
- Graduate School of Ajou University > Department of Business Administration > 3. Theses(Master)
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