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The long-term performance of cross-border mergers and acquisitions: Evidence from the Chinese stock market

机译:跨国并购的长期表现:来自中国股市的证据

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Purpose - The purpose of this paper is to examine Chinese firms' long-term value creation derived from cross-border mergers and acquisitions (CBMAs). Design/methodology/approach - The authors collected a sample of 140 CBMAs conducted by Chinese firms listed in Shenzhen and Shanghai stock markets between 1997 and 2010. Long-horizon event study methodology was used to test hypotheses. Findings - The authors find Chinese firms gain long-term value from CBMAs. In particular, the authors find that Chinese firms tend to gain more value from targets from developed countries, and Chinese state-owned firms are more capable of gaining value from CBMAs than Chinese private firms. Originality/value - Given Chinese firms are increasingly acquiring targets outside of China in recent years, it is still unclear about whether Chinese firms gain value from these very expensive cross-border deals. This is one of the first studies that address the question: What are the long-term performance outcomes of Chinese CBMAs in recent years?
机译:目的-本文的目的是研究中国企业从跨国并购(CBMA)中获得的长期价值创造。设计/方法/方法-作者收集了1997年至2010年间由在深圳和上海证券交易所挂牌的中国公司进行的140份CBMA样本。使用了长期事件研究方法来检验假设。调查结果-作者发现中国公司从CBMA获得长期价值。尤其是,作者发现,中国公司往往从发达国家的目标中获得更多的价值,而中国国有公司比中国私营公司更能从CBMA中获得价值。原创性/价值-鉴于近年来中国公司越来越多地在中国境外收购目标,目前尚不清楚中国公司是否从这些非常昂贵的跨国交易中获得价值。这是针对以下问题的首批研究之一:近年来,中国CBMA的长期绩效结果如何?

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