Download or read book An Empirical and Analytical Study of Chinese Mergers and Acquisitions written by Xiaojing Song and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last several years (and especially since China's admission to the World Trade Organisation in 2001) merger and acquisition (M&A) activities in China have increased significantly as a result of the rapid growth in the Chinese economy and the measures which the Chinese government has taken to modernise the laws and regulations which govern its securities markets. Despite this, only a few researchers have studied M&A activities in China in any depth. Moreover, such research as has been conducted on Chinese M&A activities is mainly concerned with the laws and regulations affecting the area and not with their economic consequences. Hence, the particular concern of this dissertation is with the economic benefits that accrue to the shareholders of Chinese acquiring and target firms from the M&A activities that have occurred in the People s Republic of China over the last twenty years. In particular, our study encompasses a theoretical, institutional and empirical analysis of Chinese M&A activities. M&A activities in China are governed by a number of laws and regulations of which the Takeover Measures, 2006, is undoubtedly the most important. Our analysis in the early part of the dissertation summarises the legal framework under which M&A activities are conducted in China. In particular, the Takeover Measures, 2006 aim to make Chinese laws in the M&A area more compatible with best international practice. Furthermore, a new Anti-Monopoly Law, which addresses the anti-trust issues associated with mergers and acquisitions came into force on 1 August 2008. Amongst other things, this new Anti-Monopoly Law addresses issues of anti-trust and declaration thresholds in M&A activities in China. Besides these issues, the early chapters of the dissertation summarise the Chinese laws dealing with cross-border mergers and acquisitions, the laws relating to the issue of new shares, the laws relating to share swap transactions and the important provisions affecting the regulation of special purpose companies (SPCs). The dissertation then turns to an empirical analysis of the economic benefits which accrue to the shareholders of Chinese target and Chinese acquiring firms as a result of their M&A activities. Our analysis is based on the standard market model methodology using both the Dimson (1979) and Ordinary Least Squares (OLS) estimates of equity betas. We also employ an hitherto unused nonparametric testing procedure based on the Corrado (1989) rank test in order to enhance the robustness of our empirical analysis. Suffice it to say that the empirical analysis summarised in the dissertation shows that there are significant abnormal returns around the takeover announcement date for the holders of equity securities in Chinese target firms. This is a result which mirrors much of the empirical research conducted on M&A activities in western economies. Interestingly, however, a significant proportion of these abnormal returns decay away within a few weeks following the takeover announcement date. In contrast, there are few, if any, economic benefits for the holders of equity securities in Chinese acquiring firms from their M&A activities. In this respect our results for Chinese acquiring firms are very similar to those obtained by researchers for western acquiring firms, although there are some important differences. In particular, there appear to be statistically significant and positive abnormal returns for shareholders of Chinese acquiring firms around the takeover announcement date but these generally decay away over the next ten to fifteen trading days thereby leaving the shareholders of Chinese acquiring firms with no significant benefits from their M&A activities. We provide some possible explanations for this phenomenon by linking our empirical results with the Chinese political, economic and capital systems. A fundamental decision the directors of acquiring firms must make is whether the mode of consideration for takeovers ought to be in cash or some alternative medium of exchange. Prior research in western countries shows that the mode of consideration used in takeovers can have a significant impact on the abnormal returns which accrue to the shareholders of both acquiring and target firms. Our empirical analysis of this issue shows that when the mode of consideration is purely in cash the abnormal returns which accrue to the shareholders of Chinese target firms around the takeover announcement date are positive and significantly different from zero. In contrast, there are no economic benefits (and indeed, probably economic losses) for the shareholders of Chinese target firms when the consideration for takeovers is other than purely in cash. For Chinese acquiring firms there are significant positive abnormal returns when the consideration for takeovers is other than purely in cash. However, when cash is used as the sole mode of consideration by Chinese acquiring firms there are very few, if any, economic benefits for their shareholders. The concluding sections of the dissertation note that our calculation of the abnormal returns that accrue to firms involved in Chinese M&A activities is based exclusively on the standard market model - which is empirical counterpart of the Capital Asset Pricing Model (CAPM). In recent years, however, Fama and French (1992, 1993, 1995, 1996) amongst other authors have suggested that the CAPM has serious deficiencies and that these deficiencies flow through to the standard market model on which the empirical analysis of Chinese M&A activities summarised in this dissertation is based. We show, however, that the Fama and French Asset Pricing Model (1992, 1993, 1995, 1996) has numerous deficiencies of its own and that to base the calculation of abnormal returns upon this model has the potential to lead to a seriously flawed analysis of the abnormal returns which accrue to the shareholders of Chinese firms involved in M&A activities and on which our empirical analysis is based. Key Words: M&A activities, Modified Corrado test, Corrado test, Patell test, average abnormal returns (AARs), cumulative average abnormal returns (CAARs), mode of consideration, A shareholders, B shareholders, H shareholders, Chinese target firms, Chinese acquiring firms.

Download or read book Analytical Study on the Mergers and Acquisitions of Chinese Real Estate Developers written by Zhi Gang Jin and published by . This book was released on 2013 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2014-09-16 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series focuses on three characteristics - studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. The collections published each year provide cutting edge ideas by leading scholars on a global scale.

Download or read book Internationalisation of Chinese Enterprises written by Jia Zongda and published by Taylor & Francis. This book was released on 2021-05-30 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates cross-border mergers and acquisitions (M&A) conducted by Chinese enterprises seeking to evaluate the pivotal factors that influence the results of this dominant form of China’s outbound direct investment. In contrast to previous studies, the author places a particular focus on the provenance of the supply side as a determinant of overseas M&A, comparing acquisitions where target companies originate from developed and developing countries. Other major indices identified include cultural and industrial differences between targets and buyers, enterprise ownership, deal payment forms, types of consolidation and the market environment. Based on investment theories, quantitative analyses and several in-depth case studies, the book elucidates how these factors synergistically determine the success or failure of an acquisition attempt and the short- and long-term performance of Chinese companies’ M&A undertakings. This work will be a practical reference for M&A practitioners as well as academics interested in transnational corporations and mergers, capital market and international investment.

Download or read book Chinese Acquisitions in Developed Countries written by Alessandra Vecchi and published by Springer. This book was released on 2018-12-15 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assesses Chinese acquisitions in developed countries, evaluates the drivers and opportunities and, above all, explores the major operational challenges. It discusses topics such as cross-cultural issues, integration strategies, risk and resilience, the influence of emerging technologies, servitization, impacts on reshoring, corporate social responsibility, branding strategies, knowledge management, and transfer of best practices. While emerging market multinational corporations’ (EMNCs) use of mergers and acquisitions as a strategic vehicle has received considerable attention, much less is known about their post-entry activities, such as the implementation of post-acquisition and integration strategies. It can be expected that, compared with their Western counterparts, EMNCs will face radically different challenges that may undermine the success of their products, brands and marketing. Addressing these issues by means of a case study approach, this book is an ideal teaching resource for a variety of courses at both undergraduate and postgraduate level. It also appeals to academics, researchers, and practitioners with a keen interest in manufacturing industry.

Download or read book The Role of Tax Law in Mergers and Acquisitions written by Chunyang Zhang and published by Kluwer Law International B.V.. This book was released on 2022-08-08 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: Series on International Taxation, Volume 82 The economic value of China’s mergers and acquisitions (M&A) market is exceeded only by that of the United States. However, China’s rapid and somewhat chaotic economic transformation has made the task of taxing M&A transactions in a consistent and prudent manner difficult, leading to a patchwork of fragmented rules that are hard to grasp not only for taxpayers but even for tax professionals and tax officials. Responding to this complex situation, this groundbreaking book explores in detail how income derived from M&A transactions is taxed in China. Using empirical studies in order to provide a first-hand understanding of the context in which the tax law operates, the book critically examines China’s income tax regime for M&A and, based upon this examination, sets out reform proposals. In six informative chapters of great practical relevance, the author thoroughly describes and explains the intersection of such aspects as the following: M&A transactions in the eyes of tax law; disparities between ordinary and special tax treatment; eligibility for special tax treatment; applying taxation principles such as neutrality and equity; continuity of interest doctrine; stock acquisition versus asset acquisition; and adjustment to tax basis. In addition to its empirical research, the analysis makes use of an examination of the rules and theories on taxing M&A in other jurisdictions such as Australia and the United States as part of its proposed blueprint for improving China’s M&A taxation. Drawing on commonly recognized taxation principles, this book definitively sets up the normative criteria for evaluating the income taxation of M&A and reveals the fundamental problems encountered by China’s current regime. Its comprehensive analysis of the Chinese income tax rules for M&A and detailed disclosure of how they are both divergent from and convergent with that of some other major economies will prove of immeasurable value to in-house counsel for multinational corporations, business enterprises with interests in China, taxation consultants, taxation academics, and taxation authorities worldwide.

Download or read book Chinese M as in Germany written by Jan Y. Yang and published by Springer. This book was released on 2019-11-23 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chinese companies have been increasingly active in outbound investment in recent years, with Germany the third largest destination in Europe. Adopting an analytical approach and utilizing case studies and expert interviews, this book examines Chinese mergers and acquisitions (M&As) in Germany, with a focus on the companies' business growth, particularly the integration process and subsequent growth after acquisition. The authors contend that Chinese investors take a different approach than their western counterparts, by fostering a long-term orientation toward their investments and placing greater emphasis on co-evolution with the acquired firms rather than transfer of knowledge back to China. This book offers readers a behind-the-scenes story of three separate M&A cases, shedding light on the growth models that ensue from mergers and acquisitions, and the endeavors of Chinese and German managers to grow the businesses together.

Download or read book Investment Merger and Acquisition in China written by Jinquan Xiao and published by . This book was released on 2005 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Searching for the Motives and Effectiveness of Chinese Mergers and Acquisitions written by Xiaokun Wang and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Searching for the Motives and Effectiveness of Chinese Mergers and Acquisitions" by Xiaokun, Wang, 王曉坤, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Searching for the Motives and Effectiveness of Chinese Mergers and Acquisitions Submitted By Xiaokun Wang For the Degree of Doctor of Philosophy at the University of Hong Kong in June 2007 This thesis researches the motives and effectiveness of Chinese mergers and acquisitions by analyzing the relationship between corporate governance, earnings management and the performance and valuation of acquiring firms. First, we summarize the basic characteristics of M&As in Chinese listed companies such as the yearly, regional and industry distributions, the type of acquisitions and method of payment. It is obvious that acquisitions increase with time and have penetrated in every industry in China. Furthermore, the regional economic development only plays a part role in determining the frequency of acquisitions by listed companies. Overall, acquirers in Chinese stock markets mainly use cash to purchase shares of non-listed target firms, which usually have relevant operations or products and locate in the same province with acquirers. Then, we review the relevant literature in the aspects of the performance and valuation of acquiring firms, the motives of acquisitions, corporate IIgovernance and earnings management. Basing this, we propose two hypotheses. Hypothesis I postulates that if M&As are driven by the synergy motive, the long-term performance and valuation of acquiring firms will be enhanced significantly, and corporate governance of acquiring firms will be improved significantly and has positive effect on the long-term performance and valuation. Hypothesis II assumes if M&As are driven by the agency or hubris motive, the long-term performance and valuation of acquiring firms will decrease significantly, and earnings management by managers will be obvious and only has significantly effect on the short-term performance and valuation. Using a sample of 618 acquisitions in Chinese listed companies, we test these hypotheses. We use three groups of indicators including the market performance, operating performance and market valuation to measure the effectiveness of M&As. In each group, the most representative and effective variables are selected and computed rigorously. We also employ the robust methods such as Principal Component Analysis to measure the corporate governance and earnings management of acquiring firms. The empirical evidence suggests the market performance, operating performance and market valuation of acquiring firms in Chinese stock markets decrease significantly after the acquisition. Corporate governance of acquiring firms is not improved after the acquisition and has no significant effect on the market performance, operating performance and market valuation. However, earnings management of acquiring firms is obvious and has significantly positive effect on the short-term operating performance and market performance, but significantly negative effect on the market valuation. Therefore, M&As in Chinese listed companies are mainly driven by the agency or hubris motive, and the synergy effect is not realized basically. III DOI: 10.5353/th_b3848181 Subjects: Corporate governance Organizational effectiveness Corporate profits - Management Consolidation and merger of corporations - China

Download or read book STUDY ON THE IMPACTS OF M As ON THE PERFORMANCE OF LISTED COMPANIES IN CHINA S CULTURAL INDUSTRY written by Li Xu and published by . This book was released on 2020 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence of cultural industry is strongly supported by the Chinese government. Policy support andtechnology-driven considerations have stimulatedrapid mergers and acquisitions (M&As) in China's cultural industry. The burgeoning scale of industrial M&As, however, has not necessarily improved the quality. In the case of impending market saturation, advancing M&Asin violation of market rules may lead to bubble accumulation in the capital market. In addition, dominated by intangible assets, the cultural industry features relatively unstable products and immature industries, which can lead to a deviation in the valuation of M&A assets from the real value. Once the M&A targetexperiences operational issues, it will suffer greater losses than those brought by M&Asin traditional industries. Therefore, the cultural industry is exposed toa high valuation risk. In addition, its structure differs greatly from other industries because it has a high degree of product line differentiation, which makesit difficult for value chain coupling after companies in the cultural industry merge with other industries. There is also much uncertainty about cross-industry M&A stimulating performance. These uncertainties may hinder the growth of China's cultural industry. Therefore, mystudy focuses on the cultural industry. This study examines the M&A performance of listed companies in China's cultural industry through empirical analysis and provides suggestions for its development.Thisstudy first discusses the main types, characteristics,and reasons for surge in M&Asin China's cultural industry, and then empiricallyanalyzes the M&A performance of listed companies in the cultural industry from the perspectives of stock performance and financial returns. On the one hand, based on the event studymethod, this empirical study analyzes the impacts of M&Asin the cultural industry on the short-term and long-term abnormal stock return of theactiveacquirerthrough the CAPM modelandthe Fama-French 3-factormodel; on the other hand, an empirical analysis is made on the impacts of M&Asin cultural industry on the company's future financial return using the propensity score matchingand difference-in-difference (DID)methods.This study finds that the short-term abnormal return after the M&Asin cultural industry is iiisignificant, but not the long-term cumulative abnormal stock returns. Therefore, it is concluded that the impact of M&Asof listed companies in cultural industry on short-term abnormal stock returns is only a result of market overreaction, and the market will be rational in the long run. This study also examines whether the M&A is cross-industry or whether the acquirer is a cultural enterprise has anysignificant impact on the long-term cumulative abnormal stock returns.Concurrently, the study examines the factors leading to abnormal returns from M&As, and finds from the analysis on factors leading to short-term abnormal returns that the size of market value, the extent of valuation,and whether the company is a state-owned company have a significant impact on the short-term abnormal market returns from M&As.On the other hand, this study finds that the financial returns of sample companies have not improved after M&Asin cultural industry, but have declined instead. This is likely because the two companies cannot coordinate andmerge well after M&A, which instead increases frictions and results in a decline in financial returns.Based on the features of M&Asin China's cultural industry and the empirical results of the decline in financial returns of listed companies after M&Asin cultural industry, this study suggests plausibleimprovementsin M&A performance of listed companies in China's cultural industryat the level of government, intermediary agent, industry guidance and enterprise.This study hasfour chapters: Chapter 1 is the introduction, which introduces the research background, methods, significance,and related literature review. Chapter 2 introduces the current situation of M&Asin China's cultural industryand presents an analysis of the main types and characteristics of and reasons behind the new wave of M&Asin China's cultural industry. Chapter 3 presents the empirical analysis. Based on various empirical research methods, this study analyzes the impacts of M&Asin cultural industry on the short-term and long-term abnormal stock returns and financial returns. Chapter 4 concludesand makes suggestions for policy makers.

Download or read book MERGER AND INTEGRATION OF COMMERCIAL BANKS INTERNATIONAL EXPERIENCE AND ITS IMPLICATIONS FOR CHINA written by Xiaojian Ren and published by . This book was released on 2021 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1990s, the mergers and acquisitions (M&A) of commercial banks have been at a climax throughout the world, and the mode of M&A has been accepted by western countries, bringing new opportunities for the development of the banking industry. In a majority of the countries of the world, the banking industry is involved in a wave of economic M&A. Developed countries, such as the United States and those in Europe, have made significant gains through mergers and reorganizations of commercial banks, whetting the appetite of many developing countries' commercial banks to become involved in such activities.In the 21st century, through the development of the world economy and the bank and its special position in this economy, its development model has attracted significant attention. Banks will struggle to maintain their profits as the global economy slows and credit risks increase. China's interest rate liberalization is a major challenge that commercial banks are faced with, including the arduous task of smoothly adapting to the change. The banking industry contains countless bodies, and the business scope is homogenized. Moreover, fierce market competition constantly increases the management pressure in the banking industry. M&A activities have become the strategic choice of many banks. With the widening and deepening of the opening-up and competition degree of China's financial market, domestic banks are continuously penetrated by foreign capital and are facing great challenges, and the inherent desire of M&A is constantly presented. Compared with European and American commercial banks, the commercial banks in China are in a special situation: weak market competition, too much government intervention, more M&A aimed at preventing regional financial risks, and fewer M&A cases due to the requirements and motivations of commercial banks in the M&A activities. The growth mode of commercial banks includes an endogenous growth model of self-accumulation and a leapfrog growth mode of equity acquisition. Until now, western commercial banks have experienced five waves of M&A activity. The development and expansion of internationally active banks are usually inseparable from equity M&A. M&A activities have become important to international commercial banks seeking to realize leapfrog growth. After reforming, listing, and expanding its capital strength, China's commercial banking industry is actively attempting to realize leapfrog growth through equity M&A. These banks are also gradually transitioning from an endogenous growth mode relying on internal accumulation to a growth mode valuing both endogenous growth and leapfrog development through and external M&A activities. This paper summarizes the rules of the development and expansion of foreign commercial banks through strategic M&A activity by using a systematic analysis of the five waves of international commercial banks' M&A activity. This paper then puts forward the strategies of China's commercial banks as related to strategic M&A activities. Taking the acquisition of Shenzhen Development Bank (hereinafter referred to as SDB) by Ping An Insurance (Group) Company of China (hereinafter referred to as "Ping An Group" or "Ping An") as an example, this paper summarizes the background, motivation and process of the M&A of both parties, and focuses on the analysis of synergies after the M&A. Through analysis, this paper finds that all indicators of the two companies have obvious synergies, and Ping An Group, the leading party, has been significantly improved in terms of operation, finance, corporate culture and management after merger and reorganization. To study the efficiency of M&A, this paper takes M&A of Wing Lung Bank by China Merchants Bank's as a case, and draws a conclusion and summarizes the suggestions of Chinese banks to improve the efficiency of merger and acquisition through empirical analysis, case study and other methods. Based on Ping An Group's acquisition of SDB, this paper puts forward recommendations for the merger activity undertaken by China's commercial banks at the end of the paper. These recommendations consider future M&A trends in China's banking industry, the strategic choice related to future M&A activities, and the role of the government in mergers and reorganizations, particularly related to relevant policy formulations, regulatory coordination, the role that control plays, and so on. The objective of this paper is twofold. First, this paper analyzes the current competitive pattern of China's commercial banking industry and at the same time studies the development process and M&A history of the American and overseas banking industry to demonstrate the M&A opportunities in China's commercial banking industry. Second, this paper uses a case study to discuss the M&A strategy, synergistic effects, and M&A efficiency of Chinese commercial banks. Key Words: M&A strategy, Synergistic effect, M&A performance.

Download or read book Chinese Outbound Cross Border Mergers and Acquisitions in Europe written by Nadine Mulan Bartz and published by . This book was released on 2019 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this thesis is to link China's firm-based and institution-based motives to key governmental strategies in China's outbound mergers and acquisitions (M&A) in Europe. China's unique standing as a 'National Strategic Buyer' stems from its historical past and its ambitious long-term objectives. China's heavy state intervention in the form of macroeconomic agendas and strategic target sectors results in asymmetric motivations for both its state-owned and privately-owned enterprises. Due to the prevailing trade conflict with the United States since 2018, China has increasingly targeted Europe. Besides possessing strategic tangible and intangible assets, the European market became highly relevant for China to achieve its national political agendas and leapfrog several steps of development. As China continues its state-backed buying spree, more and more key European technologies are being acquired for a price premium, resulting in growing discontent of target countries. Since China in its role as an ambitious acquirer is a recent phenomenon and only became a focal research topic during the last years, research material for this thesis are primarily taken after 2015. Overall, the present work assesses the multi-faceted motivations of Chinese investors and provides a critical outlook on China's dynamic strategic tools when facing uncertain economic situations and future trends. Thereby, the present work contributes to the ongoing debate and controversy about China's transformation from a low-end basic goods manufacturer to a high-end technology-focused global acquirer.

Download or read book China s Mergers Acquisitions written by Huiping Zhou (S.M.) and published by . This book was released on 2010 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions are widely researched in the United States. The M&A in China, however, is not so clear. There are plenty of successful companies in the United States growing by M&A to global powerhouse, which is seldom to see in China. This thesis presents the current status of China's M&A from a holistic perspective through comparison with global M&A. By a detailed case study of Cisco and the Bank of America, I settled a benchmark for China's peer companies through analysis covering from corporate strategy selection to M&A deal making process to operational integration. To make these findings relevant to China's context, I researched two Chinese firms, Ping An of China and Shanghai Fosun, both of which are growing fast by serial M&A. A comparison is employed throughout both companies in the United States and China. The finding implies significant lessons for Chinese firms in these industries as well as others in a broad base regarding M&A in China.

Download or read book An Analysis of Acquirers Returns of Cross border Mergers and Acquisitions by Chinese Firms written by Min Du and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Preparation of the Environment written by U. S. Military and published by Independently Published. This book was released on 2018-08-08 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, the People's Republic of China has increasingly used its economic might as a means of influence to pursue grand strategic objectives that some scholars believe are aimed at countering U.S. presence and influence in the Asia-Pacific region. This thesis examines two aspects of Chinese economic strategy, foreign direct investment and development aid, in the context of the Philippines, which represents the primary U.S. foothold in the region. Using geospatial, link, and social network analysis techniques to examine a data set of Chinese investments in the Philippines from 2006 to 2016, this thesis attempts to answer the following question: What evidence does China's investment in the Philippines contribute to the understanding of China's grand strategic objectives? We find that these Chinese investments support and expand China's ability to monitor and control South China Sea access points, and provide interpersonal channels for Chinese influence over Philippine decision-making through the cultivation of allies within the economic arena. We recommend that U.S. diplomatic and defense officials view these and other Chinese international investments as a type of economic preparation of the environment designed to establish access/forward presence and build strategic relationships for future military and/or diplomatic exploitation. I. INTRODUCTION AND LITERATURE REVIEW * A. IMPORTANCE * 1. Research Question * 2. The Way Ahead * B. LITERATURE REVIEW * 1. Chinese Grand Strategy * 2. Implementation of Grand Strategy: The Economic Dimension * 3. Capital Flows and Sino-Philippine Relations * II. METHODOLOGY AND DATA * A. CHINA'S STRATEGIC APPROACH TO THE PHILIPPINES * B. UNIQUE CHARACTERISTICS OF CHINESE INTERNATIONAL INVESTMENT * C. CHINESE INVESTMENT IN THE PHILIPPINES 2006-2016 * D. GEOSPATIAL PATTERNS OF CHINESE INVESTMENT IN THE PHILIPPINES * E. RELATIONAL ANALYSIS OF CHINESE INVESTMENT IN THE PHILIPPINES * F. DATA SOURCES AND COLLECTION * G. DATA STRUCTURE * III. CHINESE STRATEGIC APPROACHES TO THE PHILIPPINES * A. CHINA'S STRATEGY IN SOUTHEAST ASIA * B. CHINESE STRATEGY IN THE PHILIPPINES * C. SINO-PHILIPPINE CONFRONTATION DURING THE AQUINO ADMINISTRATION * D. SINO-PHILIPPINE COOPERATION DURING THE ARROYO AND DUTERTE ADMINISTRATIONS * IV. UNIQUE CHARACTERISTICS OF CHINESE CAPITAL FLOWS * A. REGULATORY FRAMEWORK AND STATE GUIDANCE * 1. State Guidance * 2. Preferential Treatment * 3. Central Approvals Process * 4. Foreign Aid * B. THE CHINESE COMMUNIST PARTY AND STATE-OWNED ENTERPRISES * 1. Parallel CCP Structure * 2. CCP Appointment * 3. CCP Advancement * 4. SOE Leadership and Foreign Policy * V. EMPIRICAL ANALYSIS OF CHINESE INVESTMENT IN THE PHILIPPINES * A. CONSTRUCTION CONTRACTING AND INFRASTRUCTURE PROJECTS * B. DIRECT INVESTMENT: MERGERS AND ACQUISITIONS * C. INTERNATIONAL SERVICE PROVISION * D. CHINESE COMMERCIAL ACTORS: STATE OWNED OR PRIVATE * E. CHINESE INVESTMENT AND PHILIPPINE DEVELOPMENT PRIORITIES * F. CANCELLED INVESTMENTS AND THEIR IMPLICATIONS * VI. CHINESE INVESTMENTS, GEOPOLITICAL ADVANTAGES, AND CHANNELS FOR INFLUENCE * A. GEOSPATIAL ANALYSIS * B. RELATIONAL ANALYSIS * VII. CONCLUSION, IMPLICATIONS, AND RECOMMENDATIONS * A. IMPLICATIONS AND DISCUSSION * B. RECOMMENDATIONS * C. CONCLUDING THOUGHTS

Download or read book Practical Framework by Using Active Mergers and Acquisitions Strategy for Corporate Growth in China written by Jun Chen and published by . This book was released on 2003 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Chinese Mergers Acquisitions in Germany written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the turn of the millennium Chinese companies have gradually increased their activities in the German M&A market. In 2012 Chinese companies acquired 23 German targets. This was the highest number reported for Chinese M&A in Germany since its first occurrence in 1996. Two central questions are most relevant for understanding this phenomenon: What factors influence Chinese M&A in Germany and how can the development be explained by these factors? The intention of the thesis is to comprehensively answer these questions. A number of selected macro- and micro-level factors are evaluated concerning their influence on Chinese M&A in Germany. Subsequently the results of the evaluation are verified by an analysis of the data of all the past 118 Chinese M&A deals in Germany. The most important factors influencing these M&A deals are China's economic policy, the technology and know-how of German companies, the financial situation of German firms and the specific motivation of the Chinese acquirer. The answer to the first question is then used as a basis for a typological analysis. The resulting evolutionary typology is capable of explaining the development of Chinese M&A in Germany. For this purpose Chinese M&A in Germany in each policy phase are characterized by four different types of acquirers and six types of underlying motivations.