중국 해외투자 기업의 경영성과 분석－對韓 투자기업의 본사와 자회사를 중심으로
- 중국 해외투자 기업의 경영성과 분석－對韓 투자기업의 본사와 자회사를 중심으로
- Other Titles
- Analysis on the Business Performance for Chinese Overseas Investment Firms －Focused on the Chinese Parent Firms and Korean Subsidiaries－
- 최의현; 라매근[라매근]
- Overseas Investment; M&A; Business Performance; Financial Index; 해외투자; M&A; 경영성과; 재무지표
- Issue Date
- 한중사회과학연구, v.10, no.2, pp.237 - 266
- Since 2000, Chinese firms try to invest abroad for developing natural resources, opening up new markets, and seeking advanced technologies. As a result, overseas investments of the Chinese firms increased dramatically in their volume, however the performance of quality side was hardly decided to success or not.
This paper analyzed that the overseas M&A by Chinese firms induce a win-win result both acquiring and acquired firms or only give a triumph for the acquiring side with a sacrifice of acquired firm. The results for the business performance using financial indices were shown that business performances of acquiring and acquired firms had a same direction; both of them are succeeded or failed and the case for only one side succeeded was not founded. Many of well-known big Chinese firms were reviled to perform unsuccessful overseas M&A in spite of they looked for cutting edge technologies from developed countries.
However, some cases that seeking a particular technology from small and medium acquired firms with respects their business independency were shown positive result for both two sides. For conclusion, if Chinese firms try to acquire small and medium firms which are worked in the accustomed field for acquiring firms and acquiring firms would help their partners to success their domestic markets, the result of M&A would make a win-win situation for both of them. However, if Chinese firms would focus on the technology or blend power that acquired firm owned, the acquisition may be harmful for two firms.
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