Does State Ownership Drive M&A Performance? Evidence from China

被引：73

作者：

Zhou, Bilei ^{[1
]}

Guo, Jie ^{[2
]}

Hua, Jun ^{[3
]}

Doukas, Angelos J. ^{[4
]}

机构：

[1] Cent S Univ, Sch Business, Changsha 410083, Hunan, Peoples R China

[2] Univ Durham, Inst China Dev & Res, Durham Business Sch, Durham DH1 3LB, England

[3] Orient Secur Co Ltd, Shanghai, Peoples R China

[4] Amer Coll Greece, Deree Coll, Athens, Greece

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2015年 / 21卷 / 01期

关键词：

state ownership; mergers and acquisitions; market valuations; Chinese market; POLITICAL CONNECTIONS; CORPORATE GOVERNANCE; PRICE INFORMATIVENESS; GOVERNMENT OWNERSHIP; MARKET VALUATION; FIRM VALUE; FINANCE; PRIVATIZATION; INVESTMENT; SHAREHOLDER;

D O I：

10.1111/j.1468-036X.2012.00660.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the role of state ownership in mergers and acquisitions by analysing the short- and long-term performance of Chinese state-owned enterprise (SOE) acquirers relative to privately owned enterprise (POE) peers from 1994 to 2008. The empirical results show that SOE acquirers outperform POE acquirers in terms of long-run stock performance and operating performance. In addition, consistent with previous literature, our results suggest that the gains from government intervention outweigh the inefficiency of state ownership in Chinese mergers and acquisitions.

引用

页码：79 / 105

页数：27

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