Are Chinese Cross-Border Outbound M&As Successful? (Japanese)
AbstractChinese cross-border outbound mergers and acquisitions (M&As) of firms in developed countries have been expanding rapidly since the mid-2000s. The major motives are expansion to 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, applying econometric analysis to large firm-level data. We find that sales, productivity, and tangible and intangible assets of acquiring firms increase substantially after M&A deals, while the research and development (R&D) intensity remains the same. These results suggest that Chinese firms on average achieve their intended goals of outbound M&As.
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Bibliographic InfoPaper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Policy Discussion Papers (Japanese) with number 13005.
Length: 29 pages
Date of creation: Mar 2013
Date of revision:
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Postal: 11th floor, Annex, Ministry of Economy, Trade and Industry (METI) 1-3-1, Kasumigaseki Chiyoda-ku, Tokyo, 100-8901
Web page: http://www.rieti.go.jp/
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-06 (All new papers)
- NEP-CDM-2013-04-06 (Collective Decision-Making)
- NEP-CSE-2013-04-06 (Economics of Strategic Management)
- NEP-CWA-2013-04-06 (Central & Western Asia)
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