Home>Results

  • Complex
  • Title
  • Keyword
  • Abstract
  • Scholars
  • Journal
  • ISSN
  • Conference
成果搜索

[期刊论文]

Research on the impact of cross-border mergers and acquisitions on investment efficiency: evidence from Chinese listed companies

Share
Edit Delete 报错

author:

Liu, Kun (Liu, Kun.) [1] (Scholars:刘琨) | Zhu, Ying (Zhu, Ying.) [2] | Su, Xiao (Su, Xiao.) [3] | Unfold

Indexed by:

SSCI AHCI

Abstract:

Compared to domestic mergers and acquisitions (M&As), the implementation of cross-border M&As by firms faces more uncertainties, and the risks of both M&A decisions and resource integration will increase. Using a sample of cross-border M&As from 2007 to 2020 in Chinese listed companies, this paper combines normative analysis and empirical tests to investigate the relationship between cross-border M&A and corporate investment efficiency. It further explores the regulatory mechanism of cross-border M&A on corporate investment efficiency. The results show that (1) cross-border M&As do not enhance the investment efficiency of Chinese enterprises; (2) cross-border M&As do not impact the investment efficiency of state-owned enterprises (SOEs) but exacerbate the inefficient investment of non-state-owned enterprises (non-SOEs), particularly in terms of over-investment. Heterogeneity tests reveal that the effect of cross-border M&As on investment efficiency is contingent upon various factors, including the type of property rights, financial constraints, and equity concentration of the merging companies. Furthermore, the level of economic development and governance in the host country and the degree of interconnectivity between the host and home nations also exert a notable influence.

Community:

  • [ 1 ] [Liu, Kun]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China
  • [ 2 ] [Zhu, Ying]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China
  • [ 3 ] [Su, Xiao]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China
  • [ 4 ] [Lu, Lingchen]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China
  • [ 5 ] [Fu, Rui]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China

Reprint 's Address:

  • 刘琨

    [Liu, Kun]Fuzhou Univ, Coll Econ & Management, Fuzhou, Peoples R China

Show more details

Source :

HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS

Year: 2025

Issue: 1

Volume: 12

3 . 7 0 0

JCR@2023

Cited Count:

WoS CC Cited Count:

30 Days PV: 0

Online/Total:328/10061997
Address:FZU Library(No.2 Xuyuan Road, Fuzhou, Fujian, PRC Post Code:350116) Contact Us:0591-22865326
Copyright:FZU Library Technical Support:Beijing Aegean Software Co., Ltd. 闽ICP备05005463号-1