해외인수금융의 사례와 법적 쟁점

윤여균 국제거래법학회 2011 國際去來法硏究 Vol.20 No.2

The strategy for funding a merger and acquisition has become a determining factor in the success of a transaction. Based on notable recent cases of cross-border acquisitions, it appears that funding structures are becoming more complicated. In the case of cross-border acquisitions, the preferred method is for the actual acquirer to (i) establish a special purpose company (“SPC”), (ii) fund contributions in the SPC and (iii) make the SPC the borrower of the acquisition financing. The main reason for this approach is to limit the investment failure risk at the SPC level. The ability to sell the SPC shares as an exit plan is also another major consideration. LBO transactions for cross-border acquisitions take place through an SPC. A majority of the cases require that the target company merge with the SPC after the acquisition. Thereby the merged surviving entity will assume the acquisition debt. There are instances where a structure with 2 SPCs will be adopted due to the ability to raise funds from various investors with differing risk appetites through structural subordination. If we look at cross-border acquisitions by Korean companies in the last couple of years, funding structures with SPCs were used without exception. In addition,the conventional “merger” LBO structure was only adopted in the recent Acushnet acquisition financing and such structure has been modified to accommodate the needs and characteristics of each transaction. In a cross-border acquisition transaction, the governing law and jurisdiction (venue) needs to be considered carefully taking into account the recognition and enforcement of foreign judgments in each relevant jurisdiction. In addition, if there are any guarantees or security granted by the target company, a review must be undertaken to determine whether there are any financial assistance or other prohibitions and if so, any methods for overcoming such prohibitions (e.g. whitewash procedures). It is also necessary to consider in each jurisdiction whether a security trust can be formed over the security in favor of the syndicate of lenders. As funds will be remitted across borders, issues such as withholding tax (or exemptions under double tax treaties) or exchange control provisions relating to the payment of foreign currency, provision of guarantee or security needs to also be checked with care.

한국기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과에 미치는 영향: 문화적 거리, 관련형 인수의 조절효과를 중심으로

박영렬,박정민,송윤아 국제지역학회 2010 국제지역연구 Vol.14 No.3

This study empirically examined the effect of ownership on cross-border acquisition performance. This study analyzed 284 international acquisitions undertaken by Korean public companies between 1986 and 2008. This study showed that the ownership had a negative impact on cross-border acquisition performance. Furthermore, this study found that the interaction between the ownership and cultural distance had a negative impact on cross-border acquisition performance. This study also showed support that the interaction between the ownership and acquisition relatedness had a negative impact on cross-border acquisition performance. This study improved the understanding of roles of the ownership and complemented previous research on the relationship among cultural distance, acquisition relatedness, and cross-border acquisition performance. 본 연구는 1986년부터 2008년까지 해외기업을 인수한 284개 한국의 상장기업들을 대상으로 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병(M&A) 성과에 미치는 영향에 대하여 실증 분석하였다. 본 연구의 분석결과, 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과와 음(-)의 관계가 있음을 보여주었다. 또한 피인수기업에 대한 통제수준과 문화적 거리의 상호작용은 국제 인수합병 성과와 음(-)의 관계가 있으며, 피인수기업에 대한 통제수준과 관련형 인수의 상호작용도 국제 인수합병 성과와 음(-)의 관계가 있는 것으로 나타났다. 즉, 본 연구는 문화적 거리가 클수록 또는 관련형 인수일수록 피인수기업에 대한 통제수준은 국제 인수합병 성과에 더욱 부정적인 영향을 주는 것을 보여주었다. 이러한 결과는 국제 인수합병 성과의 결정요인으로서 피인수기업에 대한 통제수준의 역할에 대한 이해를 높이는 것은 물론, 문화적 거리 및 관련형 인수와 국제 인수합병 성과간의 관계에 대한 설명에 있어서도 피인수기업에 대한 통제수준을 고려함으로써 기존 연구들을 보완해 주고 있다.

국제경영 : 한국기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과에 미치는 영향; 문화적 거리, 관련형 인수의 조절효과를 중심으로

박영렬 ( Young Ryeol Park ),박정민 ( Jung Min Park ),송윤아 ( Yun Ah Song ) 국제지역학회 2010 국제지역연구 Vol.14 No.3

본 연구는 1986년부터 2008년까지 해외기업을 인수한 284개 한국의 상장기업들을 대상으로 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병(M&A) 성과에 미치는 영향에 대하여 실증 분석하였다. 본 연구의 분석결과, 인수기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과와 음(-)의 관계가 있음을 보여주었다. 또한 피인수기업에 대한 통제수준과 문화적 거리의 상호작용은 국제 인수합병 성과와 음(-)의 관계가 있으며, 피인수기업에 대한 통제수준과 관련형 인수의 상호작용도 국제 인수합병 성과와 음(-)의 관계가 있는 것으로 나타났다. 즉, 본 연구는 문화적 거리가 클수록 또는 관련형 인수일수록 피인수기업에 대한 통제수준은 국제 인수합병 성과에 더욱 부정적인 영향을 주는 것을 보여주었다. 이러한 결과는 국제 인수합병 성과의 결정요인으로서 피인수기업에 대한 통제수준의 역할에 대한 이해를 높이는 것은 물론, 문화적 거리 및 관련형 인수와 국제 인수합병 성과간의 관계에 대한 설명에 있어서도 피인수기업에 대한 통제수준을 고려함으로써 기존 연구들을 보완해 주고 있다. This study empirically examined the effect of ownership on cross-border acquisition performance. This study analyzed 284 international acquisitions undertaken by Korean public companies between 1986 and 2008. This study showed that the ownership had a negative impact on cross-border acquisition performance. Furthermore, this study found that the interaction between the ownership and cultural distance had a negative impact on cross-border acquisition performance. This study also showed support that the interaction between the ownership and acquisition relatedness had a negative impact on cross-border acquisition performance. This study improved the understanding of roles of the ownership and complemented previous research on the relationship among cultural distance, acquisition relatedness, and cross-border acquisition performance.

기업간 관련성과 인수 후 통합수준의 상호작용이 국제 M&A 성과에 미치는 영향

박정민(Jung-Min Park),최순규(Soon-Kyoo Choe),박영렬(Young-Ryeol Park) 한국무역학회 2009 한국무역학회 세미나 및 토론회 Vol.2009 No.8

본 연구는 1986년부터 2008년까지 한국 기업들이 추진한 183개의 국제 인수합병을 연구대상으로 설문 조사를 실시하여, 인수-피인수기업간 외적 관련성, 내적 관련성과 인수 후 통합수준의 상호작용이 국제 인수합병(M&A) 성과에 미치는 영향을 실증적으로 분석하였다. 본 연구의 분석 결과, 인수-피인수기업간 외적 관련성이 국제 M&A 성과에 직접적인 영향을 미치지 못하는 반면, 인수-피인수기업간 내적 관련성은 국제 M&A 성과에 직접적으로 긍정적인 영향을 준다는 것을 보여주었다. 그리고 인수-피인수기업간 외적 관련성과 인수 후 통합수준의 상호작용은 유의미하게 국제 M&A 성과에 영향을 미치는 것을 보여주었다. 이는 인수-피인수기업간 외적 관련성이 낮거나 높을 경우 인수 후 통합수준이 높을수록 국제 M&A 성과에 긍정적인 영향을 준다는 것을 나타낸다. 그리고 인수-피인수기업간 내적 관련성의 경우 인수-피인수기업간 내적 관련성이 높을수록 인수 후 통합수준이 높으면 국제 M&A 성과에 더욱 긍정적인 영향을 준다는 것도 보여주었다. 결국 본 연구는 인수-피인수기업간의 관계에서 발생하는 상황들이 다르기 때문에 각각의 상황에 맞는 적절한 인수 후 통합수준을 선택함으로써 국제 M&A 성과를 높일 수 있음을 발견하였다. This study examines the effect of the interaction between relatedness and post-acquisition integration process on cross-border acquisition performance. This study analyzes a sample of 183 cross-border acquisitions from 1986 to 2008 by Korean firms. This study shows that the U-shaped interaction between external relatedness and post acquisition integration process and the positive interaction between internal relatedness and post acquisition integration process have a positive impact on cross-border acquisition performance. This study tried to resolve the mixed empirical findings regrading the effects of inter-firm relatedness on the performance of foreign acquisitions. This study finds that the level of post-acquisition integration moderates the relationship between the inter-firm relatedness and cross-border acquisition performance. Previous research has focused on the Question how different facets of internal and external relatedness affect M&A success. In contrast, this study analyzes how the interaction between external and internal relatedness and post acquisition integration process affects cross-border acquisition performance. As a result, this study shows that inter-firm relatedness affects how firms should be integrated rather than having a direct effect on cross-border acquisition performance.

기업간 관련성과 인수 후 통합수준의 상호작용이 국제 M&A 성과에 미치는 영향

박정민(Jung-Min Park),최순규(Soon-Kyoo Choe),박영렬(Young-Ryeol Park) 한국인사조직학회 2009 한국인사ㆍ조직학회 발표논문집 Vol.2009 No.2

본 연구는 1986년부터 2008년까지 한국 기업들이 추진한 183개의 국제 인수합병을 연구 대상으로 설문 조사를 실시하여, 인수-피인수기업간 외적 관련성, 내적 관련성과 인수 후통합수준의 상호작용이 국제 인수합병(M&A) 성과에 미치는 영향을 실증적으로 분석하였다. 본 연구의 분석 결과, 인수-피인수기업간 외적 관련성이 국제 M&A 성과에 직접적인 영향을 미치지 못하는 반면,인수-피인수기업간 내적 관련성은 국제 M&A 성과에 직접적으로 긍정적인 영향을 준다는 것을 보여주었다. 그리고 인수-피인수기업간 외적 관련성과 인수 후 통합수준의 상호작용은 유의미하게 국제 M&A 성과에 영향을 미치는 것을 보여주었다. 이는 인수-피인수기업간 외적 관련성이 낮거나 높을 경우 인수 후 통합수준이 높을수록 국제 M&A 성과에 긍정적인 영향을 준다는 것을 나타낸다. 그리고 인수-피인수기업간 내적관련성의 경우 인수-피인수기업간 내적 관련성이 높을수록 인수 후 통합수준이 높으면 국제 M&A 성과에 더욱 긍정적인 영향을 준다는 것도 보여주었다. 결국 본 연구는 인수-피인수기업간의 관계에서 발생하는 상황들이 다르기 때문에 각각의 상황에 맞는 적절한 인수 후통합수준을 선택함으로써 국제 M&A 성과를 높일 수 있음을 발견하였다. This study examines the effect of the interaction between relatedness and post-acquisition integration process on cross-border acquisition performance. This studyanalyzes a sample of 183 cross-border acquisitions from 1986 to 2008 by Korean firms. This study shows that the U-shaped interaction between external relatedness and post acquisition integration p rocess and the positive interaction between internal relatedness and post acquisition integration process have a positive impact on cross-border acquisition performance. This study tried to resolve the mixed empirical findings regrading the effects of inter-firm relatedness on the performance of foreign acquisitions. This study finds that the level of post-acquisition integration moderates the relationship between the inter-firm relatedness and cross-border acquisition performance. Previous research has focused on the question how different facets of internal and external relatedness affect M&A success. In contrast, this study analyzes how the interactionbetween external and internal relatedness and post acquisition integration process affects cross-border acquisition performance. As a result, this study shows that inter-firm relatedness affects how firms should be integrated rather than having a direct effect oncross-border acquisition performance

Can Chinese Target Firms Raise Value through Cross-border M&As? The Role of Cross-border Mergers and Acquisitions in China

Ahn, Ok hwa,Yang, Yuchuan 한국재무학회 2007 한국재무학회 학술대회 Vol.2007 No.05

We provide empirical evidence on how cross-border acquisitions from the perspective of an foreigner acquirer differ from domestic transactions, based on stock and operating performance measures. We analyze the shareholder wealth effects of 663 domestic and international acquisitions announced by Chinese corporations between 1993 and 2006. We find some difference between national and cross-border mergers. We find that foreign acquirers experience significantly higher stock and operating performance than for domestic transactions. Higher target gains for cross-border transactions are consistent with the acquirer's ability to correctly value or capture synergies in cross-border takeovers. We also analyze the role of corporate governance in cross- border acquisitions. Consistent with our hypothesis, we find that for cross-border acquisitions, the abnormal returns to the target firm stockholders are increasing in the ownership of the state and entrepreneur. However, we find that takeover premiums are decreasing in the domestic acquirer’s with the increasing of the state owned shares. This result suggests that foreign acquirers have to compensate target firm shareholders for exposing them to worse corporate governance regimes. These results suggest that corporate governance practices have valuation effects. We also examine the sources of wealth gains in Chinese targets of foreign acquirers. We find that exchange and taxes are important in justifying the target premium in foreign takeovers than in domestic takeovers. Taken together, our results suggest that the realization of synergy is the main motive behind foreign takeovers. A probit analysis suggests that takeovers of foreign firms less likely to make deals in which shareholders have positive change in ROE. How ever, interestingly, the dummy for B Shares or H shares is positively related with domestic takeover premium, indicate that the financial transparency and adequate information disclosure are crucial in transition economies.

Religion and Cross-Border Mergers and Acquisitions

Frederick Dongchuhl Oh,Donglim Shin 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05

This study examines the effect of religion on cross-border mergers and acquisitions (M&As). We measure the religious distance between countries and find that cross-border M&A activity is lower for country pairs with greater religious distance. This finding remains intact after a host of variables affecting M&A activity are controlled for and when instrumental variables are used for religious distance. Moreover, the negative effect of religious distance on cross-border M&A activity is more pronounced if the people living in either the acquirer or target country are more religious. Overall, our results suggest that differences in religious beliefs impose an additional coordination cost on merging firms and thereby inhibit cross-border M&A activity. (JEL G34, Z12)

Can Chinese Target Firms Raise Value through Cross-border M&As? The Role of Cross-border Mergers and Acquisitions in China

Ok Hwa Ahn,Yu Chuan Yang 한국경영학회 2007 한국경영학회 통합학술발표논문집 Vol.2007 No.8

We provide empirical evidence on how cross-border acquisitions from the perspective of an foreigner acquirer differ from domestic transactions, based on stock and operating performance measures. We analyze the shareholder wealth effects of 663 domestic and international acquisitions announced by Chinese corporations between 1993 and 2006. We find some difference between national and cross-border mergers. We find that foreign acquirers experience significantly higher stock and operating performance than for domestic transactions. Higher target gains for cross-border transactions are consistent with the acquirer`s ability to correctly value or capture synergies in cross-border takeovers. We also analyze the role of corporate governance in cross-border acquisitions. Consistent with our hypothesis, we find that for cross-border acquisitions, the abnormal returns to the target firm stockholders are increasing in the ownership of the state and entrepreneur. However, we find that takeover premiums are decreasing in the domestic acquirer`s with the increasing of the state owned shares. This result suggests that foreign acquirers have to compensate target firm shareholders for exposing them to worse corporate governance regimes. These results suggest that corporate governance practices have valuation effects. We also examine the sources of wealth gains in Chinese targets of foreign acquirers. We find that exchange and taxes are important in justifying the target premium in foreign takeovers than in domestic takeovers. Taken together, our results suggest that the realization of synergy is the main motive behind foreign takeovers. A probit analysis suggests that takeovers of foreign firms less likely to make deals in which shareholders have positive change in ROE. How ever, interestingly, the dummy for B Shares or H shares is positively related with domestic takeover premium, indicate that the financial transparency and adequate information disclosure are crucial in transition economies.

Chinese MNCs as Risk Avoiders in Cross-Border Acquisition

Grimm Noh(노그림),Dongyoub Shin(신동엽) 한국전략경영학회 2016 전략경영연구 Vol.19 No.1

본 논문은 국제인수합병에서 중국 다국적 기업들의 진입대상 국가 선택에 영향을 미치는 요인들을 분석하였다. 중국 다국적 기업들이 1992년에서 2008년 사이에 행한 국제인수합병을 실증 분석한 결과, 중국 기업들은 과거에 이미 진입한 경험이 있거나 문화적 거리가 가까운 국가를 선택하는 것으로 나타났다. 이러한 결과는 기존 연구들에서 나타난 중국 다국적 기업들의 위험선호자적 이미지와는 대치되는 것으로, 중국 기업들의 국제인수합병에 있어서의 위험회피 노력을 보여준다. 그러나 이러한 위험회피 성향은 중국정부의 ‘Go Global’ 정책의 실행에 따라 조절되는 경향이 나타났는데, 이는 정부가 필드 수준에서의 위험감소 메커니즘을 제공함으로써 기업의 경험적 학습에 대한 의존도가 상대적으로 낮아지는 현상을 보여준다. This paper examined the factors that may affect the location choice of Chinese MNCs when they expand abroad through cross-border acquisitions, focusing on effects of risk-reduction behaviors. Through the empirical analysis of cross-border acquisitions by Chinese MNCs, 1992~2008, we have found that the location choice of Chinese MNCs are affected positively by the focal firm’s previous experience in the host country and negatively by the cultural distance between the host country and China. Both findings suggest that unlike the conventional image of Chinese MNCS as aggressive risk takers, they attempt to reduce the risk of cross-border acquisition. We also found that the Go Global policy by Chinese government reduces the positive effect of the Chinese MNC’s previous experience in host countries, suggesting that the relative importance of firm-level knowledge decreases as the government introduces a risk-reducing mechanism at the field level.

Key Drivers of Value Creation Following Cross-Border Brand Changes

오한모 한국국제경영관리학회 2013 국제경영리뷰 Vol.17 No.3

Brand-equity strategy is a key marketing decision for international firms that attempt to expand into foreign consumer markets. Those firms can achieve competitive advantage in their target markets, which in turn leads to superior financial performance, by developing and/or acquiring an effectiveness-enhancing portfolio of brands. Although firms often build their brand portfolios internally, international firms can efficiently and effectively invade foreign markets as well as enhance their product portfolios while lowering risk by acquiring cross-border brands. Despite the strategic importance of cross-border acquisitions, there has been little understanding of the determinants of successful cross-border brand acquisitions. Underpinning the belief that the stock return to a marketing strategy signifies the long-term financial performance, the present study attempts to find the drivers of value creation following cross-border brand changes. Using the resource-advantage theory of competition as an underlying framework, the current study develops an empirically testable model that can explain how firms should wisely undertake cross-border brand acquisitions. The model was tested with a comprehensive dataset drawn from the Securities Data Company Platinum Database and other secondary data sources. The findings of the study show that value creation following cross-border brand changes is based on the acquired brand’s equity, brand fit, acquirer’s diversification, and acquirer’s brand management capability.