Can the improvement of competitive adequacy and fairness reduce discriminatory M&A behavior? Evidence from the market access negative list pilot in China

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2024-03-01 DOI:10.1016/j.cjar.2023.100340

Xiongyuan Wang , Jing Xu , Shuai Wang

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引用次数: 0

Abstract

Corporate mergers and acquisitions (M&As) are subject to skewed logic due to excessive government regulation. China is progressively adopting the Market Access Negative List (MANL) pilot to transfer the power of resource allocation from the government to the market. Using the DID method, we examine the impact of relaxing market access regulation on firms’ M&A behavior against China’s institutional background and the M&A events of listed companies from 2012 to 2019. The MANL significantly increases firms’ M&A tendency and amount and strengthens the competitive adequacy and fairness of market-oriented M&A decisions. Post-M&A financial performance does not increase, but human capital productivity, innovation effectiveness and total factor productivity do, demonstrating the dynamic balance of profit and efficiency in M&As.

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提高竞争充分性和公平性能否减少歧视性并购行为？来自中国市场准入负面清单试点的证据

由于政府监管过度，企业并购（M&As）的逻辑出现偏差。中国正在逐步开展市场准入负面清单（MANL）试点，将资源配置权从政府转移到市场。我们运用DID方法，结合中国的制度背景和2012-2019年上市公司并购事件，考察了放松市场准入管制对企业并购行为的影响。结果表明，市场准入法明显提高了企业的并购倾向和并购金额，增强了市场化并购决策的竞争充分性和公平性。并购后的财务绩效并没有提高，但人力资本生产率、创新效率和全要素生产率却提高了，这表明了并购中利润与效率的动态平衡。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.