研究生: |
蕭翔 Hsiang, Hsiao |
---|---|
論文名稱: |
中國在美上市企業併購情形 以服務業為例 The performance of merger and acquisition activities of Chinese IPO service companies in the U.S. |
指導教授: |
張順教
Shun-Chiao Chang |
口試委員: |
張光第
Guang-Di Chang 吳克振 Cou-Chen Wu 賴法才 Fav Tsoin Lai |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 企業管理系 Department of Business Administration |
論文出版年: | 2018 |
畢業學年度: | 106 |
語文別: | 英文 |
論文頁數: | 61 |
中文關鍵詞: | 縱橫資料分析 、跨國併購 、服務業 、資產報酬率 、外商直接投資 、綠地投資 |
外文關鍵詞: | panel data, M&A, service industry, ROA, FDI, greenfield investment |
相關次數: | 點閱:389 下載:0 |
分享至: |
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
本研究主要應用縱橫資料分析來探討中國在美上市企業併購情形,主要挑選服務業為研究對象,並採用 Breusch-Pagan LM 檢定與Hausman檢定,選取最合適的實證方法。研究年份為2005年至2014年。實證結果發現,當外商直接投資(FDI)分解為綠地投資和併購活動次數後,服務業的種類對於中國在美企業的財務績效有顯著的正向影響。這意味著不同的服務業類別都有各自不同的特點。此外,研究結果顯示綠地投資可能不會對個別公司產生影響。然而,在高度多元性的服務業中,併購活動的數量對企業績效產生了巨大的負向影響。 最後,美國服務業增加值與服務業企業財務業績之間的關係顯著為正。這結果也意味著人們需要一個富有價值的服務,而並非一個大規模生產出來的服務。
This study uses panel data to investigate the determinants of merger and acquisition activities of Chinese IPO service companies’ performance during the period from 2005 to 2014 in the U.S., using the Breusch-Pagan LM test and the Hausman test to select the most appropriate empirical method. The empirical results reveal that after FDI disaggregated into greenfield investment and number of M&A activities, category of service sector has a significantly positive impact on the financial performance of Chinese service companies. It implies that the service sector has too many different characteristics from categories to categories. Moreover, this study shows that greenfield investment may not have an effect on individual companies. Yet with high variability in service industry, the number of the M&A activities has a robust negative effect on firms’ performance. Finally, the relationship between service value added in the U.S. and service industry firm’s financial performance is significantly positive. That represents people want a delicately valuable service rather than a mass production from a big brand.
Adriana Bruscato Bortoluzzo, Maria Pia de Siqueira Garcia, Dirk Michael Boehe and Hsia Hua Sheng (2012). Performance in cross-border mergers and acquisitions: An empirical analysis of the brazilian case.
Angwin, D. (2004). Speed in M&A Integration:: The First 100 Days. European Management Journal, 22(4), pp. 418-430.
Artur Klimek (2012). Greenfield Foreign Direct Investment Versus Cross-Border Mergers and Acquisitions. Eastern European Economics, 49(6), pp. 60-73
Blomstermo, A., Deo Sharma, D., & Sallis, J. (2006). Choice of foreign market entry mode in service firms. International Marketing Review, 23(2), pp.211-229.
Breusch, T., and Pagan, A. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Review of Economic Studies, 19(1), pp. 239-253.
Capron, L. (1999). The Long-Term Performance of Horizontal Acquisitions. Strategic Management Journal, 20(11), pp. 987-1018.
Cefis, E and Triguero, A (2016). Make, Buy, or Both: The Innovation Sourcing Strategy Dilemma after M&A.
César Calderón, Norman Loayza and Luis Servén (2004). Greenfield foreign direct investment and mergers and acquisitions: feedback and macroeconomic effects.
Chang, S.C. (2009). Horizontal and Vertical Intra-Industry Trade and Firm’s Investment Strategies: Evidence from the IT Industry in the Asian, EU and US Markets. Global Economic Review: Perspectives on East Asian Economies and Industries, 38(1), pp. 63-76.
Chang, S.-C. (2014). The determinants and motivations of China's outward foreign direct investment: A spatial gravity model approach.
Chen Feiqiong, Wang Yin (2014). Integration risk in cross-border M&A based on internal and external resource: empirical evidence from China.
Cheng, L. K., & Ma, Z (2007). China’s outward FDI: Past and Future.
Cheng, Selene, Andrew Ng, and Kang Chen(1998). Foreign Direct Investment: A Comparative Analysis of China and ASEAN. In East Asian Economic Issues, 4, pp. 201-216
Dikova, D. and Witteloostuijn, A.V. (2007). Foreign Direct Investment Mode Choice: Entry and Establishment Modes in Transition Economies. Journal of International Business Studies, 38(6), pp. 1013-1033.
Doidge, C., Karolyi, G. A., Lins, K. V., Miller, D. P., & Stulz, R. M. (2009). Private benefits of control, ownership, and the cross‐listing decision. The Journal of Finance, 64(1), 425-466.
Donghui Li, Fariborz Moshirian, and Ah‐Boon Sim. (2003). The Determinants of Intra‐Industry Trade in Insurance Services. Journal of Risk and Insurance, 70(2), pp.269-287.
Erramilli, M. K., & Rao, C. P. (1993). Service firms' international entry-mode choice: A modified transaction-cost analysis approach. The Journal of Marketing, pp.19-38.
Fang, E. and Zou, S. (2010). The effects of absorptive and joint learning on the instability of international joint ventures in emerging economies. Journal of International Business Studies, 41(5), pp. 906-924.
Florian Szücs (2015). The triggers and clustering properties of merger waves.
Garcia-Vega, M. and Huergo, E. (2011). Globalization, trade, FDI and the multinational firm.
Geeta Rani Duppati and Narendar V. Rao (2015). Cross-border mergers and acquisitions: Mature markets vs. emerging markets—with special reference to the USA and India.
Ghoshal, S. (1987). Global strategy: An organizing framework. Strategic Management Journal, 8(5), pp. 425-440.
Grosse, Robert, and Alejandro Fonseca (2012). Learning through imports in the internationalization process. Journal of International Management, 18(4), 366-378.
Gunby Phillip, Jin, Yinghua, Reed, W. Robert (2017). Did FDI really cause chinese economic growth? A meta-analysis.
Harry G. Barkema and Freek Vermeulen (1998). International Expansion through Start up or Acquisition: A Learning Perspective.
Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), pp. 1251-1271.
Hill (2000). International Business - Competing in the Global Marketplace. University of Washington: Irwin McGraw-Hill.
Hitt, M., Harrison, J., Ireland, R.D. and Best, A. (1998). Attributes of Successful and Unsuccessful Acquisitions of US Firms. British Journal of Management, 9(2), pp. 91-114.
Huang Yuanyuan, Xie En, Li Yu and Reddy, K.S. (2016). Does state ownership facilitate outward FDI of Chinese SOEs? Institutional development, market competition, and the logic of interdependence between governments and SOEs.
Isıl Sevilay and Ba ¸s ak Tanyeri (2016). Global Merger and Acquisition (M&A) activity: 1992–2011.
Jamie MacMahan, Jeff Brown, and Ed Thornton (2009). Low-Cost Handheld Global Positioning System for Measuring Surf-Zone Currents. Journal of Coastal Research. 25(3), pp. 744 – 754.
Joel Stiebale (2013). The impact of cross-border mergers and acquisitions on the acquirers' R&D—Firm-level evidence. International Journal of Industrial Organization, 31(4), pp.307-321.
KPMG (2016). China outlook 2016.
Krishna Erramilli, M. (1990). Entry mode choice in service industries. International marketing review, 7(5).
Kusewitt, J.B.,JR. (1985). An Exploratory Study of Strategic Acquisition Factors Relating to Performance. Strategic Management Journal, 6(2), pp. 151-169.
Kutner, M. H., Nachtsheim, C., and Neter, J. (2004). Applied Linear Regression Models. Mcgraw-Hill/Irwin.
Li Jian, Strange Roger, Ning Lutao, Sutherland Dylan (2016). Outward foreign direct investment and domestic innovation performance: Evidence from China.
Ling Zhao, Yaobin Lu, Long Zhang, and Patrick YK Chau (2012). Assessing the effects of service quality and justice on customer satisfaction and the continuance intention of mobile value-added services: An empirical test of a multidimensional model. Decision support systems, 52(3), 645-656.
Makino, Shige, Chung-Ming Lau, and Rhy-Song Yeh (2002). Asset-exploitation versus asset-seeking: Implications for location choice of foreign direct investment from newly industrialized economies. Journal of international business studies, 33(3), pp.403-421.
Marcu, Nicu, Silviu-Valentin Carstina, and Siminică Marian (2015). GDP Correlation Analysis with Structural Elements of Added Value. Procedia Economics and Finance. 22, pp.282-286.
Markino, S., & Inkpen, A. C. (2003). Knowledge seeking FDI and learning across borders. M. Easterby-Smith, MA Lyles, eds.
Maurizio Zollo & Harbir Singh (2004). Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers.
Meeks, G. and Meeks, J.G. (1981). Profitability Measures as Indicators of Post-Merger Efficiency. The Journal of Industrial Economics, 29(4), pp. 335-344.
Mesut Eren & Hong Zhuang (2015). Mergers and Acquisitions Versus Greenfield Investment, Absorptive Capacity, and Economic Growth: Evidence from 12 New Member States of the European Union.
Miller, D.J. (2006). Technological diversity, related diversification, and firm performance. Strategic Management Journal, 27(7), pp. 601-619.
Min Du, Agyenim Boateng, Xiuping Hua and Moshfique Uddin (2014). Home country macroeconomic factors on outward cross-border mergers and acquisitions: Evidence from the UK. Research in International Business and Finance, pp. 202-216
Muhammad Abdul Kamal, Zhaohua Li, Ghulam Akhmat, Malik Fahim Bashir and Khalid Khan (2014). What Determines China’s FDI Inflow to South Asia?
Mundlak, Y. (1978). On the Pooling of Time Series and Cross Section Data. Econometrica, 46(1), pp. 69-85.
Neena Sinha, K.P.Kaushik and Timcy Chaudhary (2010). Measuring Post Merger and Acquisition Performance: An Investigation of Select Financial Sector Organizations in India. International Journal of Economics and Finance. 2(4)
Paul Matthyssens and Koen Vandenbempt (2008). Moving from basic offerings to value-added solutions: Strategies, barriers and alignment. Industrial Marketing Management, 37(3), pp.316-328.
Peter J Buckley, L Jeremy Clegg, Adam R Cross, Xin Liu, Hinrich Voss and Ping Zheng (2007). The determinants of Chinese outward foreign direct investment.
Qin Guosheng, Lv Chen, Yu Pengyi (2013). Empirical Research of Cross-border Mergers and Acquisitions: Based on Strategic M&A Perspective.
Rigby, David L., Thomas Kemeny, and Abigail Cooke (2017). Plant exit and US imports from low-wage countries. International Economics, 149, 27-40.
Schijven M (2005). Curing the firm’s indigestion: organizational restructuring and the dynamics of acquisition performance. Proceedings of the Sixty-fifth Annual Meeting of the Academy of Management.
Singh, H. and Zollo, M. (1998). The impact of knowledge codification, experience trajectories and integration strategies on the performance of corporate acquisitions.
Smith JR., C.W. (1986). Investment banking and the capital acquisition process. Journal of Financial Economics, 15(1–2), pp. 3-29.
Sudarsanam, S. and Mahate, A.A. (2003). Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence. Journal of Business Finance & Accounting, 30(1), pp. 299-341.
Sudarsanam, S. and Mahate, A.A., (2003). Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence. Journal of Business Finance & Accounting, 30(1), pp. 299-341.
Susan Cartwright and Richard Schoenberg (2006). Thirty years of mergers and acquisitions research: Recent advances and future opportunities.
Thomas Müller (2007). Analyzing modes of foreign entry: Greenfield investment versus acquisition. Review of International Economics, 15(1), 93-111., 2007
UNCTAD (United Nations Conference on Trade and Development) (2016). World Investment Report 2016: New York: United Nations Presst. Global investment trends monitor.
Vardhana Pawaskar (2001). Effect of Mergers on Corporate Performance in India, 26 (1), pp.19-32
Wan, William P., and Daphne W. Yiu. (2009). From crisis to opportunity: Environmental jolt, corporate acquisitions, and firm performance. Strategic Management Journal, 30(7), 791-801.
Yanmin Shao & Yan Shang (2016). Decisions of OFDI Engagement and Location for Heterogeneous Multinational firms: Evidence from Chinese firms.
Zollo, M. and Meier, D. (2008). What Is M&A Performance? Academy of Management Perspectives, 22(3), pp. 55-77.
Zollo, M. and Singh, H. (2004). Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S. Bank Mergers. Strategic Management Journal, 25(13), pp. 1233-1256.
U.S. Securities and Exchange Commission (SEC) (https://www.sec.gov/index.htm)
Morningstar (http://www.morningstar.com/)
Stock-AI (https://stock-ai.com/)
China Investment Monitor (http://rhg.com/interactive/china-investment-monitor)