Download or read book Intercultural aspects of Mergers Acquisitions in consideration of the Chinese market written by Sebastian Hermann and published by GRIN Verlag. This book was released on 2008-07-30 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Miscellaneous, grade: 1,8, University of Applied Sciences Essen, language: English, abstract: For many years the number and value of cross-border mergers and acquisitions (M&A) has increased. Although cross-border M&A seem to be a very attractive mode of entering foreign markets by having the aim to increase market power, improve efficiency through synergy, size, risk diversification or financial motivations, most M&A waste shareholders' value. This Bachelor Thesis illustrates the risk potential of M&A by analysing problems due to cultural differences in China.

Download or read book Mergers and Acquisitions and Takeovers in China written by Cristiano Rizzi and published by Kluwer Law International B.V.. This book was released on 2012-07-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This hugely informative book - unique in its overarching emphasis on the laws governing M&As and takeovers in China - not only shows those interested in investing in China how to avoid legal mistakes and miscalculations. In addition to offering singular interpretive analysis of strictly legal matters, the authors concentrate extensively on the all-important cultural and environmental factors that can make business in China daunting for the uninitiated. Extending this double emphasis on cultural understanding and M&A and takeover expertise, the authors clearly explain such elements of how to enter the Chinese market (or expand a presence in it) as the following: concepts of guanxi and mienzi; understanding China’s rising middle class; valuation of state-owned assets; maximum permitted debt-to-equity ratios; key PRC government agencies involved in the approval of transactions; taxation framework for enterprise restructuring in China; employees as an asset; share swaps; prohibited trading activities when acquiring a listed company; legal framework for dispute resolution; administrative proceedings; liabilities for breach of contract; and responding to intellectual property rights abuse. The authors provide precise details on the characteristics of, and procedures involved in, the wide range of investment options available in China, with knowledgeable guidance on the choice of investment options and protection of investor interests. Because China is clearly a major global economic force and will continue to be so in the foreseeable future, this thorough but down-to earth guide is of immeasurable practical value to foreign investors of every kind, from multinational corporations to individual venture capitalists.

Download or read book A Global View on Intercultural Management written by Jürgen Rothlauf and published by Walter de Gruyter GmbH & Co KG. This book was released on 2014-12-11 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whatever their industry of origin, all companies are facing the same challenge to a greater or lesser degree: globalization. It is becoming more and more evident that companies need to plan ahead and anticipate coming developments if they are to be successful in the future. Today, it is crucial to establish a solid competitive position in the global arena. There is no doubt that a corporate culture that is open to innovation and shaped by global thinking, plays a key role in this context. A culture in which representatives of different countries und cultures can come together, anticipating and understanding the cultural challenges, creates the foundation of any international business. A global view on intercultural management will be the key to successfully doing business in diverse cultural environments.

Download or read book Mergers Acquisitions And Partnerships In China written by Olivier Coispeau and published by World Scientific. This book was released on 2015-03-23 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers & Acquisitions and Partnerships in China provides a fast and accessible framework to external growth in China, and is an attempt to accurately describe the main operative conditions and in particular the most common pitfalls for foreign businessmen. The business cases in this book illustrate real business situations, including different outcomes and a thorough analysis of the reasons for success or failure of the case. The authors provide all the necessary tools to better master the negotiation and transaction process, and provide in particular, detailed explanation on the due diligence process and the regulatory framework to help readers successfully lead acquisitions in China. Written by well-known experts in finance, law, and management, who all have deep business knowledge of China, the book aims to help practitioners, such as law firms, audit and advisory firms, and entrepreneurs to start or grow their businesses in China through successful partnerships, and acquisitions and mergers by explaining how these aspects are regulated by a complex web of laws, regulatory, and political practices in a context where the state plays a key role in the approval of important transactions.

Download or read book Mergers and Acquisitions in China with Special Focus on the Financial Industry written by Hannes Mungenast and published by GRIN Verlag. This book was released on 2007-08 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject South Asian Studies, South-Eastern Asian Studies, grade: 87, Dongbei University of Finance and Economics (School of International Business), course: Chinese Financial System, 31 entries in the bibliography, language: English, abstract: China is a fast growing economy. Therefore a lot of companies intend to enter this market. Mergers & Acquisitions (M&A) are a useful tool to do so. First of all, it is important to understand the key principles of M&A. Therefore chapter 2 gives a summary of the most important aspects of mergers and acquisitions in general. Chapter 3 gives an introduction to the Chinese M&A market. It will deal with statistics concerning inbound and outbound deals, FDI and an overview of M&A advisory and investment banks. Chapter 4 will focus on the current situation of M&A activity and foreign direct investment (FDI) in China. FDI is another method for entering a market and is a competing tool to M&A. It will also present some examples of M&A where Chinese companies were involved. Chapter 5 deals with the importance of the stock market for M&A activity. After that, the most important aspects of M&A activities in the Chinese financial industry will be shown. First, an overview of the banking industry in China will be presented and the problems will be shown. After presenting the reasons for foreign companies to enter the Chinese financial market, the M&A activities in that sector will be shown and evaluated.

Download or read book Intercultural Aspects of Managing Corporate Mergers written by Jan-Henrik Thomas and published by GRIN Verlag. This book was released on 2010-02-02 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2009 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Applied Sciences Essen, course: Intercultural Competences, language: English, abstract: The following term paper deals with the topic of managing intercultural aspects in corporate mergers and acquisitions. It focuses on the intercultural aspects of human resistance to change in the PMI phase of corporate mergers. „Those who underestimate or ignore the human factor do so at their peril.“ Over the last two decades mergers & acquisitions are increasingly used to protect and to strengthen the market positions of companies. Due to the continuing globalization of markets, mergers and acquisitions have become a part of daily business. To survive in high competitive markets evermore companies use the possibility to merge or acquire a competitor because this is seen as a relatively fast and efficient method of expanding in new markets and of implementing new technology. In a highly flexible market environment, as it is nowadays, organisations have to be efficient, profitable, future orientated and adaptable to the fast development of the global economy. Otherwise they would not have the option to play a dominant and leading role in their markets. Therefore companies depended on a successful M&A process which is manly influenced by the capabilities and skills of managing and implementing the change effectively, although this is a major challenge. As figure 1 shows, companies are highly aware of financial objectives like the increase of sales or the reduction of costs. It is often the case that companies’ financial prospects seem to be excessively high, which in the end leads to multiple missed objectives and even to entirely failed PMIs. Whereas some cases can be explained by financial or market based reasons, there is noticeable amount based on the neglect of human resource issues. Many companies are aware of these facts and thus conduct well structured analysis to satisfy the needs of their employees and at the same time to reach their strategic and financial goals. Nevertheless, they tend to ignore the “people issues” because these soft factors are difficult to measure quantitatively. As various companies gladly give lip services like “our employees are the most important resource”, divers studies prove that these deliberations play a subordinated role in reality.

Download or read book Mergers and Acquisitions in China written by Jianxun Chen and published by Edward Elgar Publishing. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses cross-border mergers and acquisitions (M&A) by Chinese companies, mainly to clarify their strategies and the effect of their M&A at an international level. Chien-Hsun Chen and Hui-Tzu Shih also explore the strategies and considerations of Chinese companies or international companies - including those from Taiwan - who conduct M&A in China. This is an invaluable study on the acquisition and transfer of technology, branding and marketing channels within the context of competitive cooperation on development targets for foreign, Taiwanese and Chinese companies.

Download or read book Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People s Republic of China written by Lusong Zhang and published by . This book was released on 2007 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its accession to the World Trade Organization (WTO), China has undertaken stronger initiatives toward adapting its legal system to support the development of a market-oriented economy. However, in this important new study the author contends that Chinaand’s steps in this direction are not sufficient. Although barriers to merger and acquisition (Mand&A) targeting of state-owned enterprises (SOEs) have been significantly reduced, excessive administrative intervention continues to discourage foreign Mand&Ainvolving domestic listed companies. This book proposes changes in Chinese law, including a new full-scale regulatory scheme, which would enhance and expand such foreign direct investment. The discussion proceeds from the perspectives of company law, securities law, antimonopoly law, and foreign investment law. Based on the analysis of the market situation and policy background in China, and on a comparison among the relevant aspects of the legal systems of China and other jurisdictions, the book addresses the Chinese legal system for foreign Mandamp;A involving listed companies, including its policy support. The analysis highlights such aspects as the following: and• features and structures of the current Chinese foreign Mandamp;A market; and• China's state-owned enterprise reform and• functions of the Chinese stock market; and• Chinese foreign investment policy; and• components of the Chinese legal system specific to foreign Mand&A; and and• comparative studies of foreign Mandamp;A regulation and experience (US, EU, UK, and Russia) and what may be useful in each for China. The authorand’s detailed recommendations for the improvement of the Chinese legal system primarily concern the regime of state ownership exercise, the establishment of an antitrust scheme, the improvement in the regulation of corporate takeovers, and national treatment of foreign investors under the WTO system. This is in every way a ground-breaking contribution to the literature of international trade law. The authorand’s deeply informed and cogent analysis will be of immeasurable value to policy makers and academics across a range of fields, and the bookand’s practical value to business persons everywhere with an eye on China cannot be overestimated.

Download or read book Mergers Acquisitions in China written by Chris Devonshire-Ellis and published by Springer Science & Business Media. This book was released on 2011-07-17 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide takes a detailed look at all aspects of purchasing part or all of a business in China. Written specifically for businesses to understand all the nuances of China M&A, it details the complete regulatory processes involved as well as the differences that arise when handling M&A between private Chinese companies, Chinese State-Owned Enterprises, and Chinese Listed Corporations. It also deals with the acquisition of bankrupt assets and auction procedures. China Briefing's guides are leaders in their field, provide practical and pragmatic legal and tax information for foreign investors in the PRC and are of specific interest to all businessmen, lawyers, accountants, advisors and academics working in this field.

Download or read book Corporate Acquisitions and Mergers in China written by Maarten Roos and published by Kluwer Law International B.V.. This book was released on 2020-04-20 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: Derived from Kluwer’s multi-volume Corporate Acquisitions and Mergers, the largest and most detailed database of M&A know-how available anywhere in the world, this work by highly experienced partners in the leading international law firm R&P China Lawyers provides a concise, practical analysis of current law and practice relating to mergers and acquisitions of public and private companies in China. The book offers a clear explanation of each step in the acquisition process from the perspectives of both the purchaser and the seller. Key areas covered include: structuring the transaction; due diligence; contractual protection; consideration; and the impact of applicable company, competition, tax, intellectual property, environmental and data protection law on the acquisition process. Corporate Acquisitions and Mergers is an invaluable guide for both legal practitioners and business executives seeking a comprehensive yet practical analysis of mergers and acquisitions in China. Equivalent analyses of M&A law and practice in some 50 other jurisdictions, all contributed by leading law firms, are accessible on-line at www.kluwerlawonline.com under Corporate Acquisitions and Mergers.

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 Chinese Acquisitions in Developed Countries written by Alessandra Vecchi and published by . This book was released on 2019 with total page 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 China s Expanding Role in Global Mergers and Acquisitions Markets written by Charles Wolf, Jr. and published by RAND Corporation. This book was released on 2011-11-22 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors evaluate the risks and benefits of increased Chinese foreign investment, aiming to improve understanding of its investment patterns and strategy. They consider how U.S. national security might be compromised as well as how the United States and China can benefit from such investment, providing a way to assess national security risks and benefits and examining Chinese investment patterns in both the United States and elsewhere.

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 Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People s Republic of China written by Lusong Zhang and published by . This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People's Republic of China" by Lusong, Zhang, 張露松, 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 thesis entitled Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People's Republic of China Submitted by ZHANG Lusong for the degree of Doctor of Philosophy at The University of Hong Kong in June 2006 Due to its advantages in enabling transnational corporations (TNCs) to make full use of existing domestic productive forces and markets and thus being conducive to cost-savings in entering a host country, mergers and acquisitions (M&As) are often preferred by TNCs in pursuing investment in a foreign market worldwide. However, China's foreign M&A market does not flourish despite its high level of foreign direct investment (FDI) inflows. For a variety of reasons, China should promote the growth of its foreign M&A market. In fact, foreign M&A involving listed companies is increasing in China due to the potential of its domestic market and its desire to integrate itself into the global economy (evidenced recently by China's accession to the WTO). In this situation, the regulation of foreign M&A involving listed companies is an increasingly important consideration in the country. To appropriately encourage and support foreign M&A, China needs to improve its legal environment. In order to do so, certain policy questions must be addressed first. The writer argues that for a socialist country that practiced a centrally planned economy for several decades and that has determined to develop a market economy, in which M&A is a typical business activity, the Chinese government must in the first place separate its two roles of regulator and representative of state ownership due to the fact that the state is the largest shareholder in the majority of listed companies. In other words, the government should avoid utilizing its administrative power in exercising shareholder rights in enterprises. China should further diversify the mode of exercise of state ownership and reduce its control over competitive industries. At the same time, the state should refrain from unnecessary intervention in the market and make every effort to support and encourage the due function of market mechanisms. Moreover, China needs to change its FDI policy from adopting both favorable treatment and strict controls to national treatment of foreign investors in the context of M&A. In improving its legal system for foreign M&A on the basis of the above policy adjustments, China needs to pay special attention to four aspects: state assets administration, antitrust regulation, enhancement of corporate and securities regimes, and foreign investment control. When doing so, China should base the legal system upon its own social and economic characteristics and at the same time learn from other jurisdictions' experiences. DOI: 10.5353/th_b3719050 Subjects: Consolidation and merger of corporations - Law and legislation - China Consolidation and merger of corporations - China Corporations, Foreign - China Investments, Foreign - China

Download or read book Mergers and Acquisitions in China written by Stamford Law Corporation and published by . This book was released on 2006 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides information on the legal framework, forms and structures of merger and acquisition transactions, government approval and due diligence processes, as well as alternative dispute resolutions. Topics covered in this book include: Political and economic overview; Free trade and its impact on mergers and acquisitions in China; Foreign investment enterprises; Types of acquisitions in China; Approvals and consents; Documentation and negotiation in merger and acquisition transactions; Employment issues; Tax implications; Exchange control; Intellectual property; Post-acquisition issues; Mergers and acquisitions of listed companies; Mergers and acquisitions of state-owned enterprises; Civil litigation; Arbitration and alternative dispute resolution.

Download or read book Mergers and Acquisitions in China written by Lutz-Christian Wolff and published by . This book was released on 2009 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: