不确定性与中国跨国并购

IF 1.4 4区经济学 Q3 ECONOMICS

Journal of the Asia Pacific Economy Pub Date : 2022-06-18 DOI:10.1080/13547860.2022.2088511

Yanming Sun, Shuhan Duan, Lili Wang, Caili Yang

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引用次数: 0

摘要

摘要本研究探讨了不确定性与中国跨国并购的关系。基于2002 - 2018年中国企业在130个国家和地区进行的1847笔跨境并购交易，我们发现，当目标国家的不确定性较高时，中国收购方进行跨境并购交易的可能性较低。结果对替代样本和不确定度的测量是稳健的。此外，我们发现不确定性对中国的跨国并购具有动态影响。经济环境的变化在接近公告时间时对并购交易最终发生的影响要大于较远时期的经济环境变化。最后，市场状况对于不确定性对并购的影响也很重要。在金融市场和政府监管较弱、开放程度较低的国家，不确定性的负面影响更大。

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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Uncertainty and China’s cross-border mergers and acquisitions

Abstract This study examines the relationship between uncertainty and China’s cross-border mergers and acquisitions (M&As). Based on 1847 cross-border M&A deals made by Chinese firms in 130 countries and regions over the period of 2002 − 2018, we find that Chinese acquirers are less likely to conduct cross-border M&A deals when uncertainty is high in the target country. The results are robust to alternative samples and measures of uncertainty. Furthermore, we find that uncertainty has a dynamic impact on China’s cross-border M&As. Variations in the economic environment close to the time of an announcement have a greater influence on affecting the final occurrence of M&A transactions than those in a more distant period. Lastly, market conditions are important in shaping the effects of uncertainty on M&As. The negative effects of uncertainty are larger in countries with weaker financial markets and government regulation and lower levels of openness.

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来源期刊

Journal of the Asia Pacific Economy ECONOMICS-

CiteScore

3.70

自引率

7.10%

发文量

期刊介绍： Journal of the Asia Pacific Economy (JAPE) is concerned primarily with the developing economies within Pacific Asia and South Asia. It aims to promote greater understanding of the complex factors that have influenced and continue to shape the transformation of the diverse economies in this region. Studies on developed countries will be considered only if they have implications for the developing countries in the region. The journal''s editorial policy is to maintain a sound balance between theoretical and empirical studies. JAPE publishes research papers in economics but also welcomes papers that deal with economic issues using a multi-disciplinary approach. Submissions may range from overviews spanning the region or parts of it, to papers with a detailed focus on particular issues facing individual countries. JAPE has a broad readership, which makes papers concerned with narrow and detailed technical matters inappropriate for inclusion. In addition, papers should not be simply one more application of a formal model or statistical technique used elsewhere. Authors should note that discussion of results must make sense intuitively, and relate to the institutional and historical context of the geographic area analyzed. We particularly ask authors to spell out the practical policy implications of their findings for governments and business. In addition to articles, JAPE publishes short notes, comments and book reviews. From time to time, it also publishes special issues on matters of great importance to economies in the Asia Pacific area.