| Author Name | INUI Tomohiko (Nihon University) /EDAMURA Kazuma (NISTEP) /Xiaofei TAN (University of Tokyo) /TODO Yasuyuki (Faculty Fellow, RIETI) /HANEDA Sho (Nihon University) |
|---|---|
| Creation Date/NO. | March 2013 13-P-005 |
| Research Project | East Asian Firm-Level Productivity Project |
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Abstract
Chinese cross-border outbound mergers and acquisitions (M&As) of firms in developed countries have been expanding rapidly since the mid-2000s. The major motives are expansion to 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, applying econometric analysis to large firm-level data. We find that sales, productivity, and tangible and intangible assets of acquiring firms increase substantially after M&A deals, while the research and development (R&D) intensity remains the same. These results suggest that Chinese firms on average achieve their intended goals of outbound M&As.
