중국 기업의 사업경험과 인수대상 산업특성이 글로벌 인수합병 국가 선택에 미치는 영향

Purpose - This research attempts to examine how the choice of countries for international M&A (merger and acquisition) varies depending on the business experience of companies in developing countries, especially China, and the characteristics of the target industries. Design/methodology/approach - This research is exercised on the three variables of liquidity, i.e. the bid-ask spread, the depth, and the trading volume. This research used a paired difference test to measure the impact before and after the policy were imposed. Findings - As a result of analyzing 206 Chinese MNEs (multinational enterprises) using a probit estimation, we found that Chinese firms prefer to take over acquisitions as they have more experience in business, but they prefer to acquire companies located in developing countries. Research implications or Originality - It is expected that international M&As that are centered in developing countries such as China will grow further, and research on global M&A around developing countries is of great importance. Therefore, research is needed to understand the phenomenon of M&As from developing markets to developed markets, going beyond the developed countries-oriented discussions presented by previous international management studies. We confirmed that when target companies belong to the high-tech industry, acquirers in developing countries prefer to acquire companies located in developed countries. Also, it has been found that companies in developing countries have a lot of business experience and that high-tech companies prefer acquiring companies belonging to advanced countries.