Abstract:
Is it failed for cross-border M&A of Chinese firms? The paper substitutes effective of firms as productivity, R&D and new products. We investigate the relationship between cross-border M&A and development of effective using BVD database in 2003-2008. By data matching we use different-in-different and counterfactual to estimate above questions. So we find several results. Firstly, cross-border M&A contributes the productivity of firms. Secondly, cross-border M&A helps the firms R&D. Thirdly, cross-border M&A is helpful for the development of new products. Beside that we also find that cross-border M&A has long effect on the effective of the firms.
蒋冠宏. 我国企业跨国并购真的失败了吗？——基于企业效率的再讨论[J]. 金融研究, 2017, 442(4): 46-60.
JIANG, Guanhong. Cross-border Merger and Acquisitions of Chinese Firms is Failed or Not:Evidence from Effective of Industrial Firms. Journal of Financial Research, 2017, 442(4): 46-60.
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