韩国企业跨国购并的实证分析

The Empirical Study on the Cross-border M&A of Korean Enterprises

运用Logistic方法 ,对 1 986年～ 1 996年期间韩国企业跨国经营的状况和购并战略选择可能性进行了实证研究 ,认为韩国企业在进行对外直接投资时 ,国内购并的经验、总资产规模、设立当地法人的他国数量、销售额增加率以及总资产规模等对采取跨国购并的可能性有正的影响 ,其中国内购并的经验和总资产规模最为显著 ,而企业的出口额所占比例及汇率水平对企业采取跨国购并的可能性影响不显著。

Using the method of Logistic, this paper empirically analy ze s the cross-border businesses and possibilities for M&A strategy selection of Ko rean enterprises from 1986-1996. It concludes that with respect to f oreign direct investment of Korean enterprises, their domestic M&A experiences, total asset scale, amount of local legal persons and sales growth rate have posi tive effects on the possibility of M&A, among which domestic M&A experience and total asset scale is the most significant. Export proportion of enterprise and e xchange rate have little effects on the cross-border M&A possibility.