• Journal of Digital Convergence
• /
• v.13 no.1
• /
• pp.125-134
• /
• 2015

Cross-border M&A brings positive benefits to corporations and social economic development which can not been given by any investment ways, having greatly reduced the investment risks and costs to enter the host country market, resulting in the rapid development of the Cross-border M&A in china. This study examines the factors affecting firm performance of Cross-border merger and acquisition on Chinese manufacturing industry. This study chooses a sample of 31 Cross-border M&A in the manufacturing industry in China and the relevant data were collected during the period 2001 to 2007. The data were analyzed using a multiple regression analysis to identify the factors that affect Firm performance. It is found that the Firm performance is significantly affected by the oversea investment experience, cultural distance between countries, cost in M&A transaction and the number of transaction shares.

• International Area Studies Review
• /
• v.14 no.3
• /
• pp.339-362
• /
• 2010

This study empirically examined the effect of ownership on cross-border acquisition performance. This study analyzed 284 international acquisitions undertaken by Korean public companies between 1986 and 2008. This study showed that the ownership had a negative impact on cross-border acquisition performance. Furthermore, this study found that the interaction between the ownership and cultural distance had a negative impact on cross-border acquisition performance. This study also showed support that the interaction between the ownership and acquisition relatedness had a negative impact on cross-border acquisition performance. This study improved the understanding of roles of the ownership and complemented previous research on the relationship among cultural distance, acquisition relatedness, and cross-border acquisition performance.

• Korea Trade Review
• /
• v.41 no.2
• /
• pp.61-96
• /
• 2016

This study investigates the effects of M&A experience of Chinese firms and characteristics of deal partners in cross border M&A deal failures. 1,610 firms that participated in 1,558 cross border M&As from 2000 to November 2015 are used as samples. The dependent variable is the M&A transaction failures, which were cases of deal pending or withdrawal of Chinese firms. Major independent variables are the nationality diversity of transaction partner firm, the partner firm belonging to a developed country, domestic M&A experience of the Chinese firms, M&A experience in a particular target country, etc. After conducting a probit model analysis, we find that deal partner firm's nationality diversity increases the failure rate of M&A. While prior domestic M&A experience in China has no influence on deal failure, prior M&A experience of Chinese and focal firms in a particular country have a negative effect on the probability of deal failure. This study has academic implication on figuring out why firms are likely to fail in the process of strategic activities based on the inter-organizational learning through partnerships perspective.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.6
• /
• pp.49-63
• /
• 2017

The purpose of this study is to analyze the effects of the collective characteristics of SMEs on M&A activity on the disclosure effect of mergers and long-term business performance after mergers. From 2000 to 2012, we examine 717 cases of small and medium-sized enterprises (SMEs) using multiple regression analysis and difference analysis. The results of this study are as follows. First, it is confirmed that the effect on the merger announcement effect is the same as the previous study on the Korean capital market listed companies except for the effect of diversification, listing effect, and cross-border effect. In addition, we have found that firms with higher performance in the past have higher excess returns in the disclosure effect of mergers and acquisitions. Second, unlike the previous studies that non-related mergers have a positive effect on long-term operating performance, for the characteristics of SMEs with lower market competitiveness than that of average listed companies, SMEs merging with same industry group companies have a positive effect on long-term operating performance. This study provides a new perspective on the merger and acquisition of SMEs by examining the effects of M&A announcement and long-term performance.

• Management & Information Systems Review
• /
• v.35 no.4
• /
• pp.79-98
• /
• 2016

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.

• Korean Business Review
• /
• v.12
• /
• pp.139-159
• /
• 1999

The merger of companies makes it easily that a company get over the limitation of the growth of their internal size. A company can attain its purpose, the growth of itself, merging of existing company. On December 1986, "The Accounting Standards for Business Combinations" were pronounced in Korea. But, some of contents of the standards contain many problems criticized in accounting. The purpose of paper is to examine all kinds of affairs problems resulting from merger in Korea and to present the solutions for the problems. I have reexamined the method and provision of on 1999, "The Accounting Standards for Business Combinations" were pronounced in Korea and developed to the direction of trying to deal with tax affairs reasonably. Next, related to current tax system regarding merger, I have described, centered on tax laws, basic rules and the provisions of taxation on merger corporation and the provision of taxation on shareholders at the time of merger.

• 정보화사회
• /
• s.180
• /
• pp.40-41
• /
• 2006

한 단계 도약을 위한 준비운동 차원이랄까, 일본의 이동전화 서비스 사업자 및 제조 업체들이 연이어 인수합병을 추진하고 있다. 내수를 발판으로 국제무대로 진출하고자 하는 의지와 표명으로 풀이된다. 2G의 자국 표준으로 PDC를 선택해 '우물안 개구리' 신세를 면치 못한 한을 3G 시대에서 말끔히 풀겠다는 결의까지 느껴지기도 한다. 최근 변화를 모색하고 있는 일본 이동전화 시장 동향을 짚어봤다.

• Journal of Technology Innovation
• /
• v.29 no.2
• /
• pp.1-30
• /
• 2021

Recent years have witnessed various attempts of firms to acquire new knowledge. Purchasing intellectual property or merger and acquisition (M&A) can be such attempts, but joint venture can also be an effective way internalizing new complementary assets from external partners. However, due to difficulties in the formation and implementation of learning strategies, many joint ventures have failed to acquire necessary knowledge. In this respect, based on contingency theory and dynamic capability, the current research aims to investigate the failure case of knowledge transfer in an international joint venture - KEFICO established by Hyundai motors and BOSCH. Case firm optimized for hardware technology but did not establish a differentiated learning strategy and organizational structure to acquire software skills, which are intellectuals of different natures. Due to this inconsistency, it was not able for KEFICO to absorb new type of knowledge (skills related to engine control system). This study suggests the theoretical framework illustrating the case and provides some important implications for organizational learning.

• Current Industrial and Technological Trends in Aerospace
• /
• v.4 no.1
• /
• pp.13-22
• /
• 2006

미국이 우주개발의 방향을 우주탐사로 변경하면서 중국 및 인도, 일본 등 주요 우주개발 국가들은 우주탐사 분야의 국제협력을 위하여 발 빠른 움직임을 보이고 있으며, 이러한 우주개발의 큰 방향전환과 더불어 세계의 우주산업도 인수와 합병을 통한 산업재편으로 분주한 상태이다. 이와 더불어 인공위성과 우주발사체 제작산업이 주도하던 우주산업은 위성을 이용한 서비스시장의 급격한 성장으로 여러 가지 새로운 국면을 맞게 되었다. 특히 산업의 수익구조면에서 위성 서비스 시장의 영업이익이 70%~80% 수준에 이르며 제작산업의 수요를 좌지우지하는 고객으로 자리 잡게 되었고, 그 여파의 하나로 제작산업체의 인수와 합병을 불러오기도 하였다. 이와 같은 우주분야의 연구개발과 산업의 움직임에 대한 전체적인 조망을 위하여, 주요 우주개발 국가의 정부예산과 연구개발 동향, 그리고 우주산업의 현황과 미래, 우리나라의 우주산업과 우주개발 관련 최근의 정책 변화 및 연구개발 동향을 분석해 본다.

• Venture DIGEST
• /
• s.101
• /
• pp.20-21
• /
• 2006

반도체 생산에 있어서 세계 반도체 업계는 분업화.전문화의 추세에 있다. 최근 들어 제품.기술주기의 축소, 경기변동의 심화, 공급능력 과잉등의 요인으로 세계 메모리 반도체업계의 재편이 이루어지고있는 것이다. 특히 1996년 이래 경기침체를 겪어 온 세계 반도체 업계는 생존 및 국제경쟁력 제고를 위해 다각적으로 인수.합병을 비롯한 전략적 제휴를 추진하고 있다.