중국기업의 국제인수합병이 기업성과에 미치는 영향요인 분석: 자원기반시각을 중심으로 = The Study on the Influence Factor on the Performance of Chinese Firms` Merger and Acquisition: Evidence on Resource-based View

다국어 초록 (Multilingual Abstract)

Due to the continuing growth of Chinese firms and the change of the global market ,many Chinese firms are exploring overseas markets. China is a developing country which has a short history of merger and acquisition and insufficient experience, therefore the recent explosion of mergers and acquisitions has depended on its abundant foreign reserve and financial capability.
The fundamental causes of this phenomenon include the Chinese government raised the banner of "Go global" and actively supported overseas investments by Chinese firms, and predicted that in order to secure resources, technology, market and professional skills, it is necessary to promote mergers and acquisitions.
Therefore, this article attempts to analyze the influence factors on the performance of Chinese enterprises after merger and acquisition. After the simple understanding on the timing and motivation of Chinese firms’ mergers and acquisitions, through the resource- based theory. This article theoretically explains the influence factor of merger and acquisition and tests and analyzes this idea according to the statistical data of Zephyr database from 2008 to 2014. Taking 532 listed companies which have already been acquired in international market as the research object.
The result shows that the industry relevance between acquiring and acquired enterprises, the past experiences of merger and acquisition, and the government financial support factors have a positive effect. On the other side, the cultural difference between acquiring and acquired firm has a negative impact on the achievement level of international mergers and acquisitions.
In addition, this article confirms that Chinese firms which have a high dependency on government supports, by adding the variables of government financial support, by considering adjustment effect of national development level, and by complementing existing relationships.

국문 초록 (Abstract)

중국기업의 지속적인 성장과 글로벌 시장의 변화로 많은 중국 기업들은 해외 시장 진출을 모색하고 있으며, 인수합병방식을 통해 해외시장에 적극 진출하고 있다. 중국은 신흥국가로 인수합병 역사가 짧고 경험이 부족하지만 그들의 인수합병은 중국의 최근 활발한 해외직접투자와 정부의 재정적 지원에 의존하고 있다. 중국정부는 “저우추취 (走出去)”기치아래 중국기업의 해외투자를 적극 지원하고 있으며 중국기업은 자원, 기술, 시장, 역량을 인수합병을 통해 획득 하고 있다. 본 연구에서는 중국기업의 인수합병 성과에 미치는 요인을 분석하고자 먼저 중국의 인수합병 시기와 동기에 대해 살펴본 후 2008년부터 2014년까지 국제인수합병을 시행한 중국 상장기업 532개를 대상으로 국제 인수합병 성과에 영향을 미치는 요인을 자원기반시각(resource-based view of firm)을 활용하여 실증 분석하였다.
연구결과에 의하면 인수-피인수기업간의 산업연관성, 과거 국제인수합병경험 및 정부 재정지원은 국제인수합병 성과에 긍정적인 영향을 미치는 것으로 나타났고 인수기업과 피인수기업의 문화적 거리는 국제인수합병 성과에 부정적인 영향을 미치는 것으로 나타났다. 본 연구의 시사점으로 중국기업은 중국 정부의 재정적지원에 강하게 의존하며 이는 국가발전수준이 높을수록 정부 재정지원과 인수합병 성과간의 관계는 더 긍정적으로 조절되는 것으로 나타났다.

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