State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms

被引：165

作者：

Du, Min ^{[1
]}

Boateng, Agyenim ^{[2
]}

机构：

[1] Univ Nottingham, Sch Business, Nottingham NG7 2RD, England

[2] Glasgow Caledonian Univ, Finance Accounting & Risk, Glasgow G4 0BA, Lanark, Scotland

来源：

INTERNATIONAL BUSINESS REVIEW | 2015年 / 24卷 / 03期

关键词：

Cross-border mergers & acquisitions; Institutions; State ownership; Value creation; NATIONAL CULTURAL DISTANCE; M-AND-AS; FINANCIAL CONSTRAINTS; GOVERNMENT OWNERSHIP; FOREIGN ACQUISITIONS; EMPIRICAL-ANALYSIS; PRIVATIZED FIRMS; UNITED-STATES; PERFORMANCE; STRATEGY;

D O I：

10.1016/j.ibusrev.2014.10.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper considers the effects of state ownership and institutional influences on value creation through cross-border mergers & acquisitions by Chinese firms during the period using a sample of 468 firms. The findings indicate that Chinese bidders experience wealth gains ranging from 0.4771% to 1.5210% over a 10-day event window. The cross-sectional analysis indicates that state ownership, formal institutional distance, reforms in the foreign currency approval system exert significant impact on shareholder value. By considering the state ownership and institutions, this study provides evidence that government and institutions play a huge role in value creation of emerging market firm internationalisation through cross-border mergers & acquisitions (CBM&A). (C) 2014 Elsevier Ltd. All rights reserved.

引用

页码：430 / 442

页数：13

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