Does being included in an entity list enhance regulated firms ' mergers and acquisitions? Evidence from Chinese high-tech firms

被引：1
|
作者：
Liu, Bingyang [1 ]
Xiong, Liyang [2 ]
Wang, Minghui [3 ]
Sun, Yanqi [4 ]
机构：
[1] Zhejiang Financial Coll, Sch Accounting, 118 Xueyuan St, Hangzhou, Zhejiang, Peoples R China
[2] Chungnam Natl Univ, 99 Daehak Ro, Daejeon 34134, South Korea
[3] Shandong Univ, Sch Management, South Shanda Rd, Jinan 250103, Peoples R China
[4] Beijing Inst Petrochem Technol, Sch Econ & Management, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 62卷
基金：
中国国家自然科学基金;
关键词：
Entity list; Mergers and acquisitions; Trade war; Factor of production; PERFORMANCE;
D O I：
10.1016/j.frl.2024.105213
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a sample of Chinese high-tech firms, we document that firms included in the entity list by the U.S. enhance their mergers and acquisitions (M &As) investments. Mechanism tests indicate that the inclusion of Chinese firms in the entity list has disrupted their reliance on imported factors of production, thereby motivating their M &A decisions that aim to secure resources. Additional tests show that being included in the entity list motivates firms to enhance specific types of M &As such as technological and domestic M &As. Meanwhile, national industrial policy plays an important role in supporting these firms ' M &As.
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页数：10
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