Publications-Theses

題名 東亞併購市場:過去二十年大中華區跨國併購交易之研究
East Asian M&A: Determinants of Cross-Border Deal Value from Greater China
作者 安思河
Scott Anderson
貢獻者 傅冶天
安思河
Scott Anderson
關鍵詞 東亞併購市場
日期 2008
上傳時間 17-Sep-2009 18:53:42 (UTC+8)
摘要 過去二十年大中華區跨國併購交易之研究
This paper focuses on the trends and determinants of merger and acquisition (M&A) deal flows from acquiring firms located in China, Hong Kong and Taiwan to target firms across these boundaries. Based on gravity hypotheses – that larger target market sizes increase M&A activity and greater distance (cultural, administrative, geographic, and economic differences) between acquirer and target decrease activity – statistical techniques are used to provide a “first cut” identification of motivations for M&A activity and of tendencies for acquirer firms to pay more or less than a theoretical standardized M&A event based on the results.
參考文獻 Alan Heston, Robert Summers and Bettina Aten, Penn World Table Version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, September 2006. Available online at http://pwt.econ.upenn.edu/.
Anderson, J., and E. van Wincoop (2003), “Gravity with gravitas: A solution to the border puzzle,” American Economic Review 93: 170-192.
Bergstrand, J.H., and P. Egger (2007), “A knowledge-and-physical-capital model of international trade flows, foreign direct investment, and multinational enterprises,” Journal of International Economics 73: 278-308.
Blonigen, B.A., R.B. Davies, G.R. Waddell, H.T. Naughton (2007), “FDI in Space: Spatial autoregressive relationships in foreign direct investment”, European Economic Review, Vol.51, pp. 1303-1325.
Brakman, S. and H. Garretsen, eds. (2008), Foreign Direct Investment and the Multinational Enterprise, MIT Press, Cambridge Mass.
Brakman, S., G. Garita, H. Garretsen, and C. Van Marrewijk (2008), “The value of cross-border mergers and acquisitions,” CESIFO Working Paper, No. 2294, May. Available online at www.SSRN.com.
Chakrabarti, R., N. Jayaraman and S. Mukherjee (2006), “Mars-Venus marriages: culture and cross-border M&A,” working paper, December 2006.
Chinn, M., and H. Ito (2002), “Capital account liberalization, institutions and financial development: Cross-country evidence,” NBER working paper No. 8967.
Chinn, M., and H. Ito (2005), “What matters for financial development? capital controls, institutions, and interactions,” NBER working paper No. 11370.
Chinn, M. and H. Ito (2007), “A new measure of financial openness,” working paper, May.
Deardorff, A.V. (1998), “Determinants of bilateral trade: does gravity work in a neoclassical world?,” in Regionalization of the World Economy, J. A. Frankel ed., Chicago: University of Chicago Press, pp. 7-22.
di Giovanni, J. (2005), “What drives capital flows? the case of cross-border Mergers and Acquisitions activity and financial deepening,” Journal of International Economics 65:127-149.
Evenett, S. (2004), “The cross border merger and acquisitions wave of the late 1990s,” in: R. Baldwin and L. Winters (eds), Challenges to Globalization, Chicago, University of Chicago Press.
Franco, C., F. Rentocchini and G.V. Marzetti, (2008), “Why do firms invest abroad? An analysis of the motives underlying foreign direct investments,” Universita Delgi Studi Di Trento, Departimento Di Economia, Discussion Paper No. 17.
Garita, G., and C. van Marrewijk (2008), “Countries of a feather flock together in M&A activity,” mimeo, Erasmus University Rotterdam and Tinbergen Institute.
Garita, G., and C. van Marrewijk (2007), “Macroeconomic determinants of cross-border mergers and acquisitions,” working paper, Erasmus University Rotterdam, September.
Garretsen H. and J. Peeters (2008), “FDI and the Relevance of Spatial Linkages, Do Third Country Effects Matter for Dutch FDI?”, CESifo Working Paper, CESifo München, January 2008.
Ghemawat, P. (2008a) “Tommorow’s Global Giants? Not the Usual Suspects,” Harvard Business Review, November.
Ghemawat, P. (2008b) “Reconceptualizing international strategy and organization,” Strategic Organization, Vol. 6(2): 195-206.
Ghemawat, P. (2007) “Managing Differences: The Central Challenge of Global Strategy,” Harvard Business Review, March.
Ghemawat, P. (2003) “Semiglobalization and international business strategy,” Journal of International Business Studies, Vol. 34: 138-152.
Ghemawat, P. (2001) “Distance still matters: the hard reality of global expansion,” Harvard Business Review, September.
Helpman, E. (2006), “Trade, FDI and the organization of firms,” NBER working paper number 12091.
Helpman, E. (2006), “Trade, FDI and the organization of firms,” NBER working paper number 12091.
Helpman, E., M. Melitz, and Y. Rubenstein (2007), “Estimating trade flows: Trading partners and trading volumes,” mimeo. Cited in Brakman et al, 2008.
Hijzen, A., H. Görg, and M. Manchin (2006), “Cross-border mergers and acquisitions and the role of trade costs,” European Economy, European Commission, Directorate-General for Economic and Financial Affairs, Economic Papers, No. 242, February.
Kamaly, A. (2007), “Trends and determinants of mergers and acquisitions in developing countries in the 1990s,” International Research Journal of Finance and Economics, Issue 8.
Kogut, B. and H. Singh (1988), “The effect of national culture on the choice of entry mode,” Journal of International Business Studies, pp. 411-432, Fall 1988.
Markusen, J.R. (2002) Multinational Firms and the Theory of International Trade, Cambridge: MIT Press.
Navaretti Barba. G and Venables, A. (2004). Multinational Firms in the World Economy. Princeton University Press, NJ.
Neary, J.P. (2007), “Cross-border mergers as instruments of comparative advantage,” Review of Economic Studies 74: 1229-1257.
Neary, P. (2008), “Trade cost and Foreign Direct Investment”, in: S.Brakman and H.Garretsen (eds), Foreign Direct Investment and the Multinational Enterprise, MIT Press, Cambridge Mass., pp.13-39.
Nunnenkamp, P. (2002), “Determinants of FDI in developing countries: has globalization changed the rules of the game?,” Kiel Insititute for World Economics Working Paper No. 1122.
Ricart, J.E., M.J. Enright, P. Ghemawat, S.L. Hart and T. Khanna (2004), “New frontiers in global strategy,” Journal of International Business Studies, Vol. 35: 75-200.
Tinbergen, J (1962). Shaping the World Economy: Suggestions for an International Economic Policy. Twentieth Century Fund, New York
UNCTAD (2000), World Investment Report.
van Marrewijk, C. (2007), International economics: theory, application, and policy, Oxford University Press, Oxford, U.K.
Wong, Wei-Kang, 2007, “Comparing the Fit of the Gravity Model for Different Cross-Border Flows,” Working Paper, Department of Economics, National University of Singapore.
World Bank. “A new database on foreign direct investment.” Available online at http://www1.worldbank.org/economicpolicy/globalization/data.html.
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
94933029
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094933029
資料類型 thesis
dc.contributor.advisor 傅冶天zh_TW
dc.contributor.author (Authors) 安思河zh_TW
dc.contributor.author (Authors) Scott Andersonen_US
dc.creator (作者) 安思河zh_TW
dc.creator (作者) Scott Andersonen_US
dc.date (日期) 2008en_US
dc.date.accessioned 17-Sep-2009 18:53:42 (UTC+8)-
dc.date.available 17-Sep-2009 18:53:42 (UTC+8)-
dc.date.issued (上傳時間) 17-Sep-2009 18:53:42 (UTC+8)-
dc.identifier (Other Identifiers) G0094933029en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/33950-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理碩士班(IMBA)zh_TW
dc.description (描述) 94933029zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 過去二十年大中華區跨國併購交易之研究zh_TW
dc.description.abstract (摘要) This paper focuses on the trends and determinants of merger and acquisition (M&A) deal flows from acquiring firms located in China, Hong Kong and Taiwan to target firms across these boundaries. Based on gravity hypotheses – that larger target market sizes increase M&A activity and greater distance (cultural, administrative, geographic, and economic differences) between acquirer and target decrease activity – statistical techniques are used to provide a “first cut” identification of motivations for M&A activity and of tendencies for acquirer firms to pay more or less than a theoretical standardized M&A event based on the results.en_US
dc.description.tableofcontents Abstract                           1

Introduction                         1

What is FDI?                          2

Decomposing FDI                       5

Explosive Growth in Cross-Border M&A             6

Understanding M&A                     10

Data                            12

Methodology and Estimation Strategy             16

Explanatory Variables                    17

RESULTS                         22

CONCLUSIONS – AN EXTENDED RESEARCH AGENDA    31

References                         35

Appendix 1.1: Gravity Model Variable Description        38

Appendix 2: Hofstede Cultural Index              40

Appendix 3: Chinn-Ito Openness Index             41

Appendix 4.1: Regression Results                42

Appendix 4.2: Descriptive Statistics               48

Appendix 5: Datasets for an Extended Research Agenda      51
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094933029en_US
dc.subject (關鍵詞) 東亞併購市場zh_TW
dc.title (題名) 東亞併購市場:過去二十年大中華區跨國併購交易之研究zh_TW
dc.title (題名) East Asian M&A: Determinants of Cross-Border Deal Value from Greater Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Alan Heston, Robert Summers and Bettina Aten, Penn World Table Version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, September 2006. Available online at http://pwt.econ.upenn.edu/.zh_TW
dc.relation.reference (參考文獻) Anderson, J., and E. van Wincoop (2003), “Gravity with gravitas: A solution to the border puzzle,” American Economic Review 93: 170-192.zh_TW
dc.relation.reference (參考文獻) Bergstrand, J.H., and P. Egger (2007), “A knowledge-and-physical-capital model of international trade flows, foreign direct investment, and multinational enterprises,” Journal of International Economics 73: 278-308.zh_TW
dc.relation.reference (參考文獻) Blonigen, B.A., R.B. Davies, G.R. Waddell, H.T. Naughton (2007), “FDI in Space: Spatial autoregressive relationships in foreign direct investment”, European Economic Review, Vol.51, pp. 1303-1325.zh_TW
dc.relation.reference (參考文獻) Brakman, S. and H. Garretsen, eds. (2008), Foreign Direct Investment and the Multinational Enterprise, MIT Press, Cambridge Mass.zh_TW
dc.relation.reference (參考文獻) Brakman, S., G. Garita, H. Garretsen, and C. Van Marrewijk (2008), “The value of cross-border mergers and acquisitions,” CESIFO Working Paper, No. 2294, May. Available online at www.SSRN.com.zh_TW
dc.relation.reference (參考文獻) Chakrabarti, R., N. Jayaraman and S. Mukherjee (2006), “Mars-Venus marriages: culture and cross-border M&A,” working paper, December 2006.zh_TW
dc.relation.reference (參考文獻) Chinn, M., and H. Ito (2002), “Capital account liberalization, institutions and financial development: Cross-country evidence,” NBER working paper No. 8967.zh_TW
dc.relation.reference (參考文獻) Chinn, M., and H. Ito (2005), “What matters for financial development? capital controls, institutions, and interactions,” NBER working paper No. 11370.zh_TW
dc.relation.reference (參考文獻) Chinn, M. and H. Ito (2007), “A new measure of financial openness,” working paper, May.zh_TW
dc.relation.reference (參考文獻) Deardorff, A.V. (1998), “Determinants of bilateral trade: does gravity work in a neoclassical world?,” in Regionalization of the World Economy, J. A. Frankel ed., Chicago: University of Chicago Press, pp. 7-22.zh_TW
dc.relation.reference (參考文獻) di Giovanni, J. (2005), “What drives capital flows? the case of cross-border Mergers and Acquisitions activity and financial deepening,” Journal of International Economics 65:127-149.zh_TW
dc.relation.reference (參考文獻) Evenett, S. (2004), “The cross border merger and acquisitions wave of the late 1990s,” in: R. Baldwin and L. Winters (eds), Challenges to Globalization, Chicago, University of Chicago Press.zh_TW
dc.relation.reference (參考文獻) Franco, C., F. Rentocchini and G.V. Marzetti, (2008), “Why do firms invest abroad? An analysis of the motives underlying foreign direct investments,” Universita Delgi Studi Di Trento, Departimento Di Economia, Discussion Paper No. 17.zh_TW
dc.relation.reference (參考文獻) Garita, G., and C. van Marrewijk (2008), “Countries of a feather flock together in M&A activity,” mimeo, Erasmus University Rotterdam and Tinbergen Institute.zh_TW
dc.relation.reference (參考文獻) Garita, G., and C. van Marrewijk (2007), “Macroeconomic determinants of cross-border mergers and acquisitions,” working paper, Erasmus University Rotterdam, September.zh_TW
dc.relation.reference (參考文獻) Garretsen H. and J. Peeters (2008), “FDI and the Relevance of Spatial Linkages, Do Third Country Effects Matter for Dutch FDI?”, CESifo Working Paper, CESifo München, January 2008.zh_TW
dc.relation.reference (參考文獻) Ghemawat, P. (2008a) “Tommorow’s Global Giants? Not the Usual Suspects,” Harvard Business Review, November.zh_TW
dc.relation.reference (參考文獻) Ghemawat, P. (2008b) “Reconceptualizing international strategy and organization,” Strategic Organization, Vol. 6(2): 195-206.zh_TW
dc.relation.reference (參考文獻) Ghemawat, P. (2007) “Managing Differences: The Central Challenge of Global Strategy,” Harvard Business Review, March.zh_TW
dc.relation.reference (參考文獻) Ghemawat, P. (2003) “Semiglobalization and international business strategy,” Journal of International Business Studies, Vol. 34: 138-152.zh_TW
dc.relation.reference (參考文獻) Ghemawat, P. (2001) “Distance still matters: the hard reality of global expansion,” Harvard Business Review, September.zh_TW
dc.relation.reference (參考文獻) Helpman, E. (2006), “Trade, FDI and the organization of firms,” NBER working paper number 12091.zh_TW
dc.relation.reference (參考文獻) Helpman, E. (2006), “Trade, FDI and the organization of firms,” NBER working paper number 12091.zh_TW
dc.relation.reference (參考文獻) Helpman, E., M. Melitz, and Y. Rubenstein (2007), “Estimating trade flows: Trading partners and trading volumes,” mimeo. Cited in Brakman et al, 2008.zh_TW
dc.relation.reference (參考文獻) Hijzen, A., H. Görg, and M. Manchin (2006), “Cross-border mergers and acquisitions and the role of trade costs,” European Economy, European Commission, Directorate-General for Economic and Financial Affairs, Economic Papers, No. 242, February.zh_TW
dc.relation.reference (參考文獻) Kamaly, A. (2007), “Trends and determinants of mergers and acquisitions in developing countries in the 1990s,” International Research Journal of Finance and Economics, Issue 8.zh_TW
dc.relation.reference (參考文獻) Kogut, B. and H. Singh (1988), “The effect of national culture on the choice of entry mode,” Journal of International Business Studies, pp. 411-432, Fall 1988.zh_TW
dc.relation.reference (參考文獻) Markusen, J.R. (2002) Multinational Firms and the Theory of International Trade, Cambridge: MIT Press.zh_TW
dc.relation.reference (參考文獻) Navaretti Barba. G and Venables, A. (2004). Multinational Firms in the World Economy. Princeton University Press, NJ.zh_TW
dc.relation.reference (參考文獻) Neary, J.P. (2007), “Cross-border mergers as instruments of comparative advantage,” Review of Economic Studies 74: 1229-1257.zh_TW
dc.relation.reference (參考文獻) Neary, P. (2008), “Trade cost and Foreign Direct Investment”, in: S.Brakman and H.Garretsen (eds), Foreign Direct Investment and the Multinational Enterprise, MIT Press, Cambridge Mass., pp.13-39.zh_TW
dc.relation.reference (參考文獻) Nunnenkamp, P. (2002), “Determinants of FDI in developing countries: has globalization changed the rules of the game?,” Kiel Insititute for World Economics Working Paper No. 1122.zh_TW
dc.relation.reference (參考文獻) Ricart, J.E., M.J. Enright, P. Ghemawat, S.L. Hart and T. Khanna (2004), “New frontiers in global strategy,” Journal of International Business Studies, Vol. 35: 75-200.zh_TW
dc.relation.reference (參考文獻) Tinbergen, J (1962). Shaping the World Economy: Suggestions for an International Economic Policy. Twentieth Century Fund, New Yorkzh_TW
dc.relation.reference (參考文獻) UNCTAD (2000), World Investment Report.zh_TW
dc.relation.reference (參考文獻) van Marrewijk, C. (2007), International economics: theory, application, and policy, Oxford University Press, Oxford, U.K.zh_TW
dc.relation.reference (參考文獻) Wong, Wei-Kang, 2007, “Comparing the Fit of the Gravity Model for Different Cross-Border Flows,” Working Paper, Department of Economics, National University of Singapore.zh_TW
dc.relation.reference (參考文獻) World Bank. “A new database on foreign direct investment.” Available online at http://www1.worldbank.org/economicpolicy/globalization/data.html.zh_TW