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

• 정보화사회
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• s.183
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• pp.13-15
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• 2006

증권예탁결제원이 지난해 12월 29일 밝힌 바에 따르면, 2005년 한해 유가증권시장법인과 코스닥시장법인들의 기업인수합병이 러시를 이룬 것으로 나타났다. 전년 84개에 비해 44.0% 증가한 121개사가 M&A를 완료하거나 진행중이라는 것. 특히, 코스닥시장법인의 기업인수합병이 전체 121개중 80개사로 유가증권시장법인 41개사의 2배 가까이 달했다. 이는 전년도 코스닥시장법인 47개사 대비 70% 증가한 수치다. 사유별로는 합병 62개사, 영업양.수도 26개사, 주식교환 33개사로 나타나 기업간 M&A에 있어서 영업양수도나 주식교환 보다는 합병을 선호하는 것으로 분석됐다.

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

• Digital Contents
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• no.6 s.85
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• pp.58-61
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• 2000

최근 들어 벤처 기업들 간의 손잡기가 눈에 띄게 늘고 있다. 이는 굳이 합병이나 인수의 형태가 아니라도 업무 제휴 기술제휴, 공동개발, 공동 출자등 다양한 형태로 나타나고 있다. 이것은 비단 우리나라만의 현상이 아니다. 미국 또한 이미 수년 전부터 벤처기업들 간의 인수 합병이 있어왔고 현재까지 이어지고 있다. 우리나라의 경우 아직도 두렷한 인수나 합병은 나타나지 않고 있다. 이것은 여러가지 측면에서 분석이 가능하다.

• Information Systems Review
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• v.19 no.4
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• pp.171-182
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• 2017

Although economic growth has been retarded since the global economic crisis over recent decades, a large number of firms consider mergers and acquisitions (M and A) as a strategy to survive in a highly competitive market. In particular, an increasing number of firms pursue M and A with IT firms in recent years. In this study, we analyze the post-merger risks measured as ROA volatility for acquiring firms when they seek to acquire an IT firm. Our analysis suggests that a firm with prior experience in M and A acquires IT firms aggressively. Moreover, a substantial number of IT firms are relatively small and unlisted when they are acquired. We also show that an acquiring firm's post-merger risk (i.e., ROA volatility) increases after its acquisition of IT firms. However, an increase in post-merger risk is alleviated when relatedness exists between an acquiring firm and target.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.191-213
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• 2008

This study tests and reconfirms the wealth transfer of mergers and acquisitions(M&As) by examining the changes in and the relationship between shareholder and bondholder wealth after the announcements of M&As for the publicly listed firms in Korea Stock Exchange and KOSDAQ market during $1999{\sim}2006$. The change in shareholder wealth is measured by the Cumulative Abnormal Return(CAR) at the M&A announcements, and the change in bondholder wealth is calculated using the Yield Spread Change(YSC) and the change in acquiring firms' credit ratings. The empirical tests show that the CAR of 344 sample acquiring firms at the announcement is 3.59%, which confirms results of the prior research on M&As in Korean market. The average YSC for 35 sample acquiring firms between $2001{\sim}2006$ proves to be negative when we use the yield spread of firms with comparable credit ratings as a benchmark, which means that the acquiring firms' bondholders gain with the announcements of M&As. We find the same result using another benchmark-the yield spread of government bonds. The improvement in the acquiring firms' credit ratings one year after the M&As also indicates that the M&As, on average, increase bondholder wealth. Our test results are consistent with those of the existing studies on the effect of bondholder wealth after the M&As in the United States, which shows that the bondholder wealth increases after the M&As. We do not find the evidence that there is a wealth transfer from the acquiring firms' bondholders to the shareholders after the M&A announcements. Rather, this study confirms that the wealth of the acquiring firms' bondholders increases in the M&As in Korea.

• Proceedings of the Korea Contents Association Conference
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• 2015.05a
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• pp.133-134
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• 2015

중국 콘텐츠산업에서 온라인 동영상 서비스의 이용자와 시장규모는 빠르게 증가하고 있으며, 그 배경에는 중국 특색의 환경 요인이 작용했다. 특히, 중국의 온라인 동영상 서비스 관련 업체들은 인수합병을 통해 시장 우위를 지속하며 경쟁력 강화를 시도하고 있다. 본 논문에서는 중국 온라인 동영상 서비스의 성장요인을 살펴보는 한편, 대표적인 업체인 유쿠투도우와 아이치이PPS의 인수합병을 통한 비스니즈 사례를 비교하고자 한다.

• Nuclear industry
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• v.29 no.7
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• pp.58-60
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• 2009

시험 검사 인증 기술 컨설팅 분야의 세계적인 서비스 기업인 T$\ddot{U}$V S$\ddot{U}$D 그룹의 한국 법인인 T$\ddot{U}$V S$\ddot{U}$D Korea가 최근 원자력 기기 및 시스템 설계 엔지니어링 기업인 (주)GNEC를 인수, 합병하면서 국내 원자력 시장에 성큼 진출하는 한편 우리나라 원자력사업의 해외 시장 진출을 적극적으로 도울 계획을 세우고 있다. 라이너 블록 사장은 GNEC 인수 후 기자회견을 통해 "원자력 기기 및 설계, 교육 및 엔지니어링 서비스 등 관련 기술 지원에 앞장서 국내 에너지 산업의 활성화에 앞장서는 것을 물론 국내 원자력 산업의 해외 진출을 지원하면서 중국, 인도 및 중국 등 아시아 시장에 적극 진출할 것" 이라고 말하고 "원전 관련 기술을 갖고 있는 다른 기업에 대해서도 향후 인수 합병(M&A)에 나설 계획"이라고 밝혔다. T$\ddot{U}$V S$\ddot{U}$D Korea가 GNEC 인수를 마무리한 시점인 지난 10월 19일, 한강이 내려다보이는 여의도 대한생명 63빌딩 12층 T$\ddot{U}$V S$\ddot{U}$D Korea 사장실에서 라이너 블록 사장을 만났다. 인터뷰 자리에는 이번 GNEC 합병에 큰 역할을 한 김두일 T$\ddot{U}$V S$\ddot{U}$D 고문이 배석하여 인터뷰를 도왔다.

• The Korean Publising Journal, Monthly
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• s.216
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• pp.13-13
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• 1997

경제불황과 주식시장의 약세에도 불구하고 기업의 인수합병 돌풍은 그치지 않았다. 이른바 M&A를 적극 검토하거나 경영권을 방어하려는 회사들이 점차 늘어나고 있는 추세다. 이런 국내 상황을 반영하듯 서점가 경영서 코너엔 다양한 관련서적이 늘고 있다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.