Impact of Chinese cross-border outbound M&As on firm performance: Econometric analysis using firm-level data

Kazuma Edamura, Sho Haneda, Tomohiko Inui, Xiaofei Tan, Yasuyuki Todo

研究成果: Article査読

13 被引用数 (Scopus)

抄録

Chinese cross-border outbound mergers and acquisitions (M&As) have been expanding rapidly since the mid-2000s with target firms in developed countries. The primary motives for such M&As are expansion into new markets and sourcing of knowledge and strategic assets. This study is the first attempt to examine the effects of Chinese outbound M&As on firm performance by applying propensity score matching estimations to a large set of firm-level data. We find that the sales, productivity, and tangible as well as intangible assets of the acquiring firms increase substantially after M&A transactions, which suggest that Chinese firms on average achieve their intended goals of outbound M&As. Further, outbound M&As do not increase research and development (R&D) intensity, implying complementarity, rather than overlapping, between R&D activities of the acquiring and acquired firms.

本文言語English
ページ(範囲)169-179
ページ数11
ジャーナルChina Economic Review
30
DOI
出版ステータスPublished - 2014 9

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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