Strategic Revolution of China's SOEs Overseas M&As : Motivations, Actions, and Results
- 주제(키워드) China + SOE + M＆A + Motivition + Action + Performance
- 발행기관 고려대학교 국제대학원
- 지도교수 김정호
- 발행년도 2014
- 학위수여년월 2014. 8
- 학위구분 석사
- 학과 국제대학원 국제학과
- 원문페이지 69 p
- 실제URI http://www.dcollection.net/handler/korea/000000052091
- 본문언어 영어
- 제출원본 000045808714
초록/요약
Since the formal announcement of “Go Global” strategy in 2000, thirteen years later, China is the third largest ODI source worldwide, following the US and Japan, with 84.2 billion USD ODI flows in 2012. China’s SOEs are playing important roles in China’s “Go Global” strategy, covering over 65 percent projects and 90 percent value in China’s overseas M&As (completed). This article aims at exploring the strategy revolutions of China’s SOEs’ overseas M&A in 2000-2012 and tries to figure out the new changes in three parts: motivations, actions and the results. Based on the database cropped from Thomson One Merge and Acquisition Database and country-level motivation exploration model cited from traditional location choice studies, this article argues that there is no strategic revolution in China’s SOEs’ overseas M&As as natural resource seeking is still the main motivations because more than fifty percent of SOEs are in these natural resource industries. As the private firms are also included to distinguish the specialties of the SOEs, something unexpected is that there are obvious changes in private sectors when it comes to their motivations. There are some positive changes in China’s SOEs’ overseas M&As, such as new acquirers from new industries aiming at new targets (locations and industries), which diversifies the overseas investment of China, more flexible percentage sought in overseas M&As, which may be in favor of China’s overseas cooperation. The average abnormal returns model tells us that the responds in stock market toward China’s overseas M&As changed few in the past thirteen years. The respond is turning to be negative when it comes to China’s SOEs, which might be explained by the political factors in those cases.
more목차
I. Introduction 1
II. Literature Review and Hypotheses Development 8
2.1 Motivations of China’s SOEs overseas M&As 9
2.2 Actions of China’s SOEs overseas M&As 10
2.3 Results of China’s SOEs overseas M&As 11
III. The model and data 14
3.1 The country-level motivation exploration model and its database 16
3.2 The event-level abnormal returns models 19
3.2.1 The calculation of abnormal returns 20
3.2.2 The regression model of AAR exploration 22
IV. Results 25
4.1 The description of the changes in China’s SOEs’ overseas M&As,
2000-2012 25
4.1.1 The boost in amount 25
4.1.2 The exploration in new industries 27
4.1.3 The exploration in new destinations 30
4.1.4 The changes in share holding 31
4.1.5 Investor groups 33
4.2 The results of country-level motivation exploration model 34
4.3 The results of AAR 37
4.3.1 The description of the changes of AAR in 2000-2012 37
4.3.2 The results of the regression of AAR for further study 40
V. Conclusion 43
Bibliography 46
Appendices 53
