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研究生:黃莉雯
研究生(外文):Li-WenHuang
論文名稱:中國加入東南亞國協對多國籍公司跨國購併之影響研究
論文名稱(外文):Effects of China Join ASEAN on MNCs Cross-border M&A
指導教授:康信鴻康信鴻引用關係莊雙喜莊雙喜引用關係
指導教授(外文):Hsin-Hong KangShuang-Shii Chuang
學位類別:博士
校院名稱:國立成功大學
系所名稱:企業管理學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:英文
論文頁數:51
中文關鍵詞:東南亞國協中國引力模型政府管制金融自由化
外文關鍵詞:ASEANChinaGravity ModelGovernment RegulationFinancial Liberalization
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本文應用引力模型加以分析跨國購併活動及資本流動由購併國流向東南亞國協加入中國 (東協十加一國)。隨著中國經濟快速成長,中國影響亞洲區域經濟,也成為區域經濟整合的領導者。尤其在2010年1月1日中國更正式和東協十國建立東協-中國自由貿易區協定,更計劃於2015年推行亞洲經濟共同體。東協十加一國已為最具成長潛力及吸引國際投資者。

為了衡量中國與東協策略聯盟對跨國貿易之影響程度,本文採取時間序列及橫斷面模型,將針對在東協十加一國成立前及成立後之政府管制及金融自由化程度對於跨國購併交易之影響加以探討 (東協十加一國成立前:2002年1月1日~ 2009年12月31日;東協十加一國成立後2010年1月1日~2011年12月31日)。

本文依據貿易理論將針對以下因素加以探討:資訊成本、貿易成本、匯率、政府管制與貪污、金融自由化,實證結果顯示當中國加入東協後,金融自由化與政府管制對跨國購併其影響力顯著減少。
This thesis analyzes cross-border M&A activities and capital flows from the countries of the acquiring corporations to the Association of Southeast Nations (ASEAN) plus one (ASEAN plus one) using the gravity model. Rapid economic growth in China is influencing the Asia-Pacific regional economy and China has become the leader of the Asia-Pacific regional economy. Cross-border trade settlement between China and the ASEAN established a strategic partnership and the ASEAN member states and build the ASEAN–China Free Trade Area as of January 1, 2010. The settlement also pushed for the implementation of the ASEAN Economic Community by 2015.
The ASEAN plus one have huge potential for economic growth and are very attractive to international investors. To measure the cross-border trade since the beginning of the strategic partnership between China and the ASEAN, a time series scale and a cross-sectional scale model with two periods, the pre- and post-establishment of the ASEAN-China Free Trade Area period (January 1, 2002 to December 31, 2009 and January 1, 2010 to December 31, 2011), is used.

This investigation, based on trade theory, considers the effects of information costs, trade costs, exchange rates, financial liberalization, as well as government regulations and corruption on capital inflows associated with foreign direct investment in target countries. Empirical results show that financial liberalization and government regulations have a decrease significantly in influencing cross-border M&A activities following the establishment of the ASEAN–China Free Trade Area.

TABLE OF CONTENTS
Chapter 1. Introduction 1
1.1 Research Motives 1
1.1.1 Effects of Free Trade Area on Cross-border M&A 1
1.1.2 Government Regulation and Financial Liberalization in Emerging Countries 3
1.2 Research Objectives 4
Chapter 2. Literature Review 6
2.1 Gravity Model and Indicators of Information Cost 6
2.2 Trade indicator 7
2.3 Exchange Rates 8
2.4 Financial liberalization 9
2.5 Regulations and Corruption 11
Chapter 3. Data and Methodology 13
3.1 Data 13
3.2 HeteroskdasticityTest 13
3.3 Period 14
3.4 Research scope 15
3.5 Empirical Model 15
Chapter 4. Estimation and Empirical Results Analysis 19
Chapter 5.RobustnessCheck 33
Chapter 6. Conclusion 41
References 43
APPENDIX 50
LIST OF TABLES
Table 1 20
Table 2 22
Table 3a 26
Table 3b 31
Table 4a 35
Table 4b 50
LIST OF FIGURES
Figure 1 Map of the Association of Southeast Asian Nations (ASEAN) Countries 49
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