중국회사의 해외인수합병 성과에 미치는 제도적거리의 영향력에 관한 연구

Abstract

We analyzed the performance of Chinese firms after cross-border M&A (CBM&A) from an institutional perspective. Based on the features of Chinese firms’ CBM&A, institutional distance and state ownership are examined, which are two core variables of the institutional view. In this study, 198 CBM&As undertaken by Chinese firms between 2000 and 2010 were examined. The results indicate that institutional distance has a negative impact on the performance of Chinese firms after CBM&A. Both state ownership and international experience have positive effects on firm performance after CBM&A; however, institutional distance has a negative moderating effect on these positive relationships. The institutional perspective may explain the poor performance of Chinese firms after CBM&A. Discussion of our results yields various implications.