主题：Government intervention and corporate M&A transactions: Evidence from China
主讲人：澳大利亚Macquarie University 田钢教授
主持人：西南财经大学经济与管理研究院 尚华副教授
时间：2015年12月11日（周五）下午14:00—16:00
地点：西南财经大学颐德楼H513
主办单位：经济与管理研究院 科研处
主讲人简介：
Gary (Gang) Tian is Professor and Chair of Department of Actuarial Studies and Applied Finance, School of Business and Economics in Macquarie University, Australia. His area of research interests includes CEO compensation/turnover, Political connections, social network and corporate policy, Ownership-control divergence, state ownership and family control, IPOs and private equity, Bank relationship and lending decisions and Intraday data, liquidity and volatility patterns. He has published papers in journals including Journal of Corporate Finance, Journal of Banking and Finance, European Accounting Review, Pacific Basin Finance Journal, International Review of Finance, International Review of Financial Analysis and etc.
内容提要：
This study examines the impact of government intervention on mergers and acquisitions (M&A) decisions and post-M&A performance of Chinese listed firms. We documents that government intervention through majority ownership distorts M&A decisions in SOEs. In order to fulfill its social responsibilities, SOEs conduct more socially desired M&As, i.e., they are more likely to acquire local and politically connected targets and targets controlled state. These M&As reduce firm value which are indicated by the worse market reactions around the announcement of M&As. Our results further indicate that government strengthens its control power over SOEs by appointing politically affiliated managers in SOEs. The impact of government intervention is enhanced when local governments have a stronger intervening motivation. Overall, our results illustrate that the ‘grabbing hand’ of government reduces firm value in listed SOEs in China. The M&As is one of the possible channels through which government extracts resources from listed SOEs to accomplish social and political objectives.
