Are Chinese Acquirers Discriminated against in Cross-border Mergers and Acquisitions? An Analysis Based on Covered Transactions Filed with CFIUS

被引：6
|
作者：
Chen, Sichong [1 ,2 ]
Li, Wenxue [1 ]
Wang, Qi [1 ]
机构：
[1] Zhongnan Univ Econ & Law, Sch Finance, Wuhan, Hubei, Peoples R China
[2] Zhongnan Univ Econ & Law, Collaborat Innovat Ctr Ind Upgrading & Reg Financ, Wuhan, Hubei, Peoples R China
来源：
CHINA & WORLD ECONOMY | 2020年 / 28卷 / 02期
基金：
中国国家自然科学基金;
关键词：
CFIUS covered transaction; cross-border M&A; deterrent effect; fair treatment; ECONOMIC NATIONALISM;
D O I：
10.1111/cwe.12320
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study employs a sample of covered transactions filed with the Committee on Foreign Investment in the United States (CFIUS) of cross-border mergers and acquisitions targeting American companies based on publicly available news reports and announcements to examine the heterogeneity hypothesis in the CFIUS review process. A comparative analysis of case studies and an empirical analysis of logit regressions are performed. We also explore how CFIUS reviews may have an impact on corporations' future mergers and acquisitions decisions in a panel data model setting. The results show that both unfair treatment in CFIUS review and the deterrent effect of CFIUS interventions have contributed to the recent sharp decline in China's direct investment in the US.
引用
收藏
页码：37 / 58
页数：22
相关论文
共 50 条
  • [1] Political Connections, Government Intervention and Acquirer Performance in Cross-border Mergers and Acquisitions: an Empirical Analysis Based on Chinese Acquirers
    Yang, Liuyong
    Zhang, Jingjing
    [J]. WORLD ECONOMY, 2015, 38 (10): : 1505 - 1525
  • [2] Distance and the completion of Chinese cross-border mergers and acquisitions
    Dong, Lijun
    Li, Xin
    McDonald, Frank
    Xie, Jiaguo
    [J]. BALTIC JOURNAL OF MANAGEMENT, 2019, 14 (03) : 500 - 519
  • [3] CROSS-BORDER MERGERS AND ACQUISITIONS: AN ANALYSIS OF ACTIVITY
    Burksaitiene, Daiva
    [J]. 6TH INTERNATIONAL SCIENTIFIC CONFERENCE BUSINESS AND MANAGEMENT 2010, VOLS I AND II, 2010, : 30 - +
  • [4] Trends and Regional Patterns of Cross-Border Mergers and Acquisitions: A Case of Malaysian and Indonesian Acquirers
    Jedin, Mohd Haniff
    [J]. JOURNAL OF INTERNATIONAL STUDIES-JIS, 2012, 8 : 99 - 113
  • [5] Dynamics of Chinese emerging multinationals in cross-border mergers and acquisitions
    Ng, Artie W.
    Chatzkel, Jay
    Lau, K. F.
    Macbeth, Douglas
    [J]. JOURNAL OF INTELLECTUAL CAPITAL, 2012, 13 (03) : 416 - 438
  • [6] The Herd Effect and Cross-Border Mergers and Acquisitions by Chinese Firms
    Liu, Haiyue
    Wang, Yile
    Zhang, Lei
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2022, 58 (06) : 1537 - 1549
  • [7] Belt and road initiative and Chinese cross-border mergers and acquisitions
    Zhang, Chi
    Kandilov, Ivan
    Walker, Mark
    [J]. WORLD ECONOMY, 2022, 45 (06): : 1978 - 1996
  • [8] Empirical Analysis of Chinese Listed Companies Cross-border Mergers and Acquisitions Performance
    Liu Renzhong
    Wang Ge
    [J]. RECENT ADVANCE IN STATISTICS APPLICATION AND RELATED AREAS, PTS 1 AND 2, 2011, : 351 - 355
  • [9] Experiential learning for Chinese companies to complete cross-border acquisitions: the case of Chinese acquirers
    Wang, Le
    Schweizer, Lars
    Michaelis, Bjoern
    [J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2021, 16 (04) : 674 - 695
  • [10] Acquirers' carbon risk, environmental regulation, and cross-border mergers and acquisitions: evidence from China
    Guo, Jianquan
    Cheng, He
    [J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024, 26 (06) : 15861 - 15904
12345