The Impact of Financialization on Mergers and acquisitions:Evidence from Chinese Manufacturing Listed Firms

被引：2

作者：

Li, Shuangyan ^{[1
]}

Liu, Chang ^{[1
]}

Peng, Xinyu ^{[2
]}

机构：

[1] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian, Shaanxi, Peoples R China

[2] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 11期

关键词：

Financialization; merger and acquisition; manufacturing firms; INVESTMENT; FINANCIALISATION;

D O I：

10.1080/1540496X.2022.2031969

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies a correlation between financialization and mergers and acquisitions (M&As). Using firms-level panel data of Chinese manufacturing listed firms over the period from 2013 to 2018, we find that financialization has a statistically significant reducing effect on the number of M&A deals. In addition, we find in non-stated-owned enterprises that the negative impact of financialization on M&A deals is more significant than that of state-owned enterprises (SOEs). Lastly, the regression models and independent variables are changed to demonstrate the robustness of the conclusions.

引用

页码：3152 / 3163

页数：12

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