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[组图]NO.325  Government intervention and corporate MA transactions Evidence from China
发布时间:2015-12-7 来源:本站原创  


NO.325  Government intervention and corporate MA transactions Evidence from China

 

 

124日下午,来自Deakin UniversityGang TIAN应邀来我院开展了一场题为“Government intervention and corporate MA transactions Evidence from China”的学术分享,学院师生到场交流讨论。

 

主要内容:This study examines the impact of government intervention on mergers and acquisitions (M&A) decisions and post-M&A performance of Chinese listed firms. We documents that government intervention through majority ownership distorts M&A decisions in SOEs. In order to fulfill its social responsibilities, SOEs conduct more socially desired M&As, i.e., they are more likely to acquire local and politically connected targets and targets controlled state. These M&As reduce firm value which are indicated by the worse market reactions around the announcement of M&As. Our results further indicate that government strengthens its control power over SOEs by appointing politically affiliated managers in SOEs. The impact of government intervention is enhanced when local governments have a stronger intervening motivation. Overall, our results illustrate that the ‘grabbing hand’ of government reduces firm value in listed SOEs in China. The M&As is one of the possible channels through which government extracts resources from listed SOEs to accomplish social and political objectives.

 

 

 

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