Fleeing from systemic risk at home through cross-border acquisitions

IF 2.2 4区管理学 Q3 BUSINESS

Multinational Business Review Pub Date : 2023-01-26 DOI:10.1108/mbr-02-2022-0026

L. Shao, Liang Wang, Zaiyang Xie, Hua Zhou

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引用次数: 0

Abstract

Purpose Viewing the domestic downside risk as a “pushing” factor for outward foreign direct investment (OFDI), this study aims to examine the surge in Chinese cross-border acquisitions (CBAs) between 2008 and 2017, a unique window when private firms in China were allowed to conduct CBAs. Design/methodology/approach This study examines the effect of down-side risk on cross-border acquisition performance by using the sample of Chinese A-share listed companies from 2008 to 2017. Specifically, this study considers three kinds of systemic risk, systematic risk and idiosyncratic risk, and respectively examines their impact on CBAs activities; this study also investigates their subsequent results after CBAs activities. The contingency effect of state ownership on the above relationship is also discussed. Findings The findings reveal that pre-CBA systemic risk explains the volume of CBA activities; CBAs are followed by a reduction in systemic risk; the interactions between systemic risk and CBAs decrease with the level of state ownership; and the above results do not hold for traditional risk measures (i.e. systematic risk and idiosyncratic risk). Originality/value This study contributes to the literature by revealing the role of systemic risk as a “pushing” factor in the context of OFDI and suggesting an alternative explanation for CBAs from China: Chinese firms (especially private firms) took advantage of the rare opportunity between 2008 and 2017 given by the government to transfer assets overseas through CBA.

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通过跨境收购逃避国内的系统性风险

本研究将国内下行风险视为对外直接投资(OFDI)的“推动”因素，旨在考察2008年至2017年间中国跨境收购(cba)的激增，这是中国民营企业获准进行cba的一个独特窗口。设计/方法/方法本研究以2008 - 2017年中国a股上市公司为样本，考察下行风险对跨国并购绩效的影响。具体而言，本研究考虑了系统性风险、系统性风险和特质风险三种类型，并分别考察了它们对中央银行活动的影响;本研究还调查了他们在cba活动后的后续结果。本文还讨论了国有制对上述关系的偶然性效应。研究发现:CBA前的系统性风险解释了CBA活动的数量;cba之后是系统性风险的降低;随着国有制水平的提高，系统性风险与cba之间的相互作用逐渐减弱;上述结果不适用于传统的风险度量(即系统风险和特殊风险)。本研究通过揭示系统风险在对外直接投资背景下作为“推动”因素的作用，并对中国的CBA提出了另一种解释:中国企业(尤其是民营企业)利用2008年至2017年政府给予的难得机会，通过CBA向海外转移资产，从而对文献做出了贡献。

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

Multinational Business Review BUSINESS-

CiteScore

5.40

自引率

14.80%

发文量

期刊介绍： Multinational Business Review publishes high quality and innovative peer-review research on the strategy, organization and performance of multinational enterprise (MNE), international business history, geography of international business, and the impact of international business on economic growth and development. The journal encourages papers that are cross-disciplinary in nature, and that address new and important issues in international business. Multinational Business Review also promotes research on under-represented regions such as Africa, Central and Eastern Europe, Latin America, and South East Asia and their MNEs, as well as under-studied topics such as the role of trade, investment and other public policies. Specific topics of interest include innovation and entrepreneurship in an international context; corporate governance and ownership; social, environmental and political risk; the role of multilateral institutions; and the nature of emerging market multinationals. The title seeks strong conceptual studies, contributing to the advancement of theories and frameworks, and sound empirical work, whether qualitative or quantitative, suggesting managerial, economic or government policy recommendations. The journal encourages replication studies that contribute to our understanding of the reliability and validity of current knowledge. Finally, Multinational Business Review welcomes proposals for perspectives pieces that offer critical and challenging viewpoints; surveys of the literature particularly those that use new and innovative bibliometric methods; and special issues on topics of relevance to Multinational Business Review.