کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5107024 1377559 2017 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Effects of foreign acquisitions on financial constraints, productivity and investment in R&D of target firms in China
ترجمه فارسی عنوان
اثرات جذب خارجی بر محدودیت های مالی، بهره وری و سرمایه گذاری در تحقیق و توسعه شرکت های هدف در چین
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
This paper examines whether foreign acquisitions lessen financial constraints, improve investment in research & development (R&D) and productivity of the target firms in China based on a sample of 914 cross-border mergers and acquisitions (CBM&A) over the period of 1994-2011. Using investment to cash-flow sensitivity to measure financial constraints, we find that foreign acquisitions in China are associated with a reduction of target firms' financial constraints, irrespective of the ownership type of the target firm. However, the extent of financial constraint reduction is pronounced for non-SOEs compared to state-owned enterprises (SOEs). This study also provides evidence that foreign acquisitions improve Chinese target firms' productivity and investment in R&D.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Business Review - Volume 26, Issue 4, August 2017, Pages 640-651
نویسندگان
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