The influence mechanism of industrial policies on Chinese companies' cross-border M&A decision-making

被引：0
|
作者：
Yalan Shen
Mengqi Yang
Hongyu An
Kailun Li
机构：
[1] University of International Business and Economics,School of Finance
[2] Anhui University of Finance and Economics,School of Journalism and Communication
[3] Shanghai International Studies University,School of Management Engineering and Business
[4] Hebei University of Engineering,undefined
来源：
Scientific Reports | / 13卷
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摘要：
This study explored the potential links between Chinese industrial policy and cross-border mergers and acquisitions by Chinese firms from 2009 to 2019. Based on describing China's industrial strategy and evaluating the then-current situation of Chinese enterprises' cross-border mergers and acquisitions, this empirical study constructed a two-way fixed-effect panel model and an intermediate effect model to assess the mechanism of industrial policy's influence on Chinese enterprises' cross-border mergers and acquisitions decisions. The findings were as follows: (1) Industrial policy could promote the implementation of cross-border mergers and acquisitions of Chinese enterprises; (2) By easing financial restrictions, industrial policy could improve firms' access to capital and encourage cross-border mergers and acquisitions. (3) Industrial policies could promote the high political relevance of state-owned enterprises, thus promoting the success of transnational mergers and acquisitions of enterprises. Therefore, it was significant to promote the transformation of industrial policy from subsidy-oriented to performance-oriented and rationally evaluate the risks and benefits of M&A for enterprises to complete cross-border M&A.
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