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| Do Foreign Acquisitions Boost Performance of Target Firms in China？ |
| LV Ruosi, LIU Qing, HUANG Can, HU Haiyan, LU Jinyong
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| School of Public Administration/School of International Trade and Economics, University of International Business and Economics;School of Economics, Capital University of Economics and Business;School of Public Finance and Taxation, Zhongnan University of Economics and Law |
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Abstract In this paper, we investigate the impact of foreign acquisitions on performance of target firms in China using a unique dataset. We use OLS model as baseline, and also apply propensity score matching (PSM) combined with difference-in-differences (DID) approach to overcome endogeneity caused by foreign acquisitions. The empirical results consistently show that foreign acquisitions have significantly improved TFP, value-added, EBIT, etc, of target firms. In addition, the impact of foreign acquisitions is more significant in targets acquired by OECD acquirers, with foreign majority ownership and one-off deals. These findings have policy implications concerning industrial upgrading and foreign acquisitions in China.
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Published: 10 January 2018
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