| ID | 134861 |
| Title Proper | Impact of Chinese cross-border outbound M&As on firm performance |
| Other Title Information | econometric analysis using firm-level data |
| Language | ENG |
| Author | Inui, Tomohiko ; Edamura, Kazuma ; Haneda, Sho ; Tan, Xiaofei, Todo, Yasuyuki |
| Summary / Abstract (Note) | 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. |
| `In' analytical Note | China Economic Review Vol.30, No. ; Sep.2014: p.169-179 |
| Journal Source | China Economic Review 2014-09 30 |
| Standard Number | China |