Post-takeover financing activities under financial repression: Evidence from China
Publication in refereed journal


香港中文大学研究人员 ( 现职)

杜巨澜教授 (经济学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1111/j.2041-6156.2012.01075.x

引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/0WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/0Scopus source URL

其它资讯

摘要In China's state-dominated financial system, many firms, especially non-state-owned or private organizations, face serious restrictions in gaining access to bank and equity market financing. This kind of highly discriminatory financial repression policy has induced some unique post-takeover financing activities, which are consistent with the desire to acquire firms in order to capitalize on their privileges in getting access to external finance. Specifically, takeovers by acquirers facing more serious financing obstacles (private acquirers) tend to show less salient symptoms of tunneling and display patterns of more efficient investment than takeovers by acquirers suffering less serious financing obstacles (state acquirers). Market reaction analysis suggests that these takeovers pose different implications for acquirers' shareholder value, with takeovers by private acquirers being viewed as value enhancing but takeovers by state acquirers being viewed as value reducing. ? 2http://aims.cuhk.edu.hk/converis/portal/Publication/012 Korean Securities Association.

着者Du J., Rui O.M., Wong S.M.L.
期刊名称Asia-Pacific Journal of Financial Studies
出版年份2http://aims.cuhk.edu.hk/converis/portal/Publication/012
月份1
日期1
卷号41
期次3
出版社John Wiley and Sons Ltd
出版地United Kingdom
页次313 - 346
国际标準期刊号2http://aims.cuhk.edu.hk/converis/portal/Publication/041-9945
语言英式英语

关键词China, Financial repression, Takeovers