کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5107054 | 1377560 | 2017 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms
ترجمه فارسی عنوان
آیا ادغام و جذب بیش از حد مرزی باعث افزایش عملکرد بازار کوتاه مدت می شود؟ مورد شرکت های چینی
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کلمات کلیدی
شرکت های چینی، ادغام و ادغام مرزهای مرزی، واکنش بازار بورس ریسک سیاسی، مالکیت،
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Despite the new momentum in cross-border mergers and acquisitions (M&As) by emerging market firms, we have a limited understanding of the impact of these activities. Drawing on signalling theory and the institution-based view, this paper examines the extent of stock market reactions to the announcement of cross-border M&A deals, based on an event study of a sample of Chinese firms during the period 2000-2012. The findings indicate that the announcement of cross-border M&As results in a positive stock market reaction; this effect is more significant in the mainland Chinese stock markets (Shanghai and Shenzhen) than that in the Hong Kong market. The shareholders of Chinese firms that acquire a target firm in a host country with a low level of political risk gain higher cumulative abnormal returns than those firms targeting companies in countries with a high level of political risk. The shareholders of Chinese state-owned enterprises experience lower abnormal returns compared with those of Chinese privately owned firms when engaging in cross-border M&A deals.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Business Review - Volume 26, Issue 1, February 2017, Pages 189-202
Journal: International Business Review - Volume 26, Issue 1, February 2017, Pages 189-202
نویسندگان
Fang Tao, Xiaohui Liu, Lan Gao, Enjun Xia,