By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. M...By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways： to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.展开更多
Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation...Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation. They consequently reduce the private benefits of controlling shareholders （La Porta, 1999）. This study aims to investigate tunneling in the context merger and acquisition （M＆A） and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder＇s firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.展开更多
In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to c...In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.展开更多
Focusing on the fast growth of BRICS＇ outward foreign direct investment （OFDI） and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average i...Focusing on the fast growth of BRICS＇ outward foreign direct investment （OFDI） and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average in the global economy and has become significant and fast-growing direct investors abroad. A sample of such （thirteen） new-wave emerging countries （NWECs） is gathered on the criterion of being ranked among the most significant foreign direct investors in the global economy. The literature review exhibits only very few articles existing on such a topic so far. Descriptive statistics enable tracing OFDI by NWECs-based multinational companies back to the 1970s, checking its geographical orientation and industrial structure, and assessing the relative importance of cross-border mergers and acquisitions. Econometric estimation exhibits that direct investment moving off the NWECs is explained by so-called push factors such as the home country＇s GDP, GDP per capita, GDP rate of growth, the share of high-technology exported products in overall export, the number of technological patents registered, and how much inward foreign direct investment discussed in the light of Dunning＇s investment development hypothesis. stock has previously been hosted. These results are path model and Matthews＇ linkage-leverage learning展开更多
基金The National Natural Science Foundationof China (No.70372057)
文摘By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways： to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.
文摘Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation. They consequently reduce the private benefits of controlling shareholders （La Porta, 1999）. This study aims to investigate tunneling in the context merger and acquisition （M＆A） and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder＇s firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.
基金The General Program of National Natural Science Foundation“Outward Foreign Direct Investment Mode Choice of Chinese Enterprises and Internationalization Features Studies”(71973112).
文摘In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.
文摘Focusing on the fast growth of BRICS＇ outward foreign direct investment （OFDI） and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average in the global economy and has become significant and fast-growing direct investors abroad. A sample of such （thirteen） new-wave emerging countries （NWECs） is gathered on the criterion of being ranked among the most significant foreign direct investors in the global economy. The literature review exhibits only very few articles existing on such a topic so far. Descriptive statistics enable tracing OFDI by NWECs-based multinational companies back to the 1970s, checking its geographical orientation and industrial structure, and assessing the relative importance of cross-border mergers and acquisitions. Econometric estimation exhibits that direct investment moving off the NWECs is explained by so-called push factors such as the home country＇s GDP, GDP per capita, GDP rate of growth, the share of high-technology exported products in overall export, the number of technological patents registered, and how much inward foreign direct investment discussed in the light of Dunning＇s investment development hypothesis. stock has previously been hosted. These results are path model and Matthews＇ linkage-leverage learning
