期刊
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
卷 39, 期 -, 页码 377-388出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ribaf.2016.09.005
关键词
Outbound M&As; SOEs; POEs; Financing distortion; China
This study offers novel theoretical and empirical insights into the financing of China's outbound mergers and acquisitions (M&As). We examine whether the financing of Chinese outbound M&As is distorted between state-owned enterprises (SOEs) and privately owned enterprises (POEs). We conduct an empirical study using a dataset of 224 outbound M& A deals. We find that SOEs enjoy a higher level of financing capacity in terms of debt and equity compared with POEs, although SOEs demonstrate lower stock performance, which implies that there are financing distortions in Chinese outbound M& As. Furthermore, we find that state ownership compensates for the poor M& A performance of SOEs through positively moderating the effect of debt financing, which leads to a fictional prosperity for SOEs. This result denies our theoretical prediction that builds on a Western theory concerning the disciplining function of debt financing on firm value; it provides evidence that the positive effect of debt financing in Chinese outbound M& As is derived from financing discrimination. (C) 2016 Elsevier B. V. All rights reserved.
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