Effects of the shift in the offshore debt issuance regime on the performance of M&A firms

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107732

Dongjun Zhu

引用次数: 0

Abstract

This study investigates the impact of changes in the foreign bond issuance system on the performance of Chinese cross-border M&A firms from 2001 to 2019. We find that these changes reduce both operational performance and completion rates of M&A deals. Additional analysis shows that the changes lower firm performance by alleviating financing constraints, with baseline results varying based on firm size and host country income.

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离岸债券发行制度的转变对并购公司绩效的影响

本研究考察了2001 - 2019年境外债券发行制度变化对中国跨国并购企业绩效的影响。我们发现，这些变化降低了并购交易的经营绩效和完成率。其他分析表明，这些变化通过缓解融资限制而降低了企业绩效，其基线结果因企业规模和东道国收入而异。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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