CROSS-BORDER M&As AND FIRM VALUE: A COMPARISON OF CHINA- AND US-JAPAN M&As
CROSS-BORDER M&As AND FIRM VALUE: A COMPARISON OF CHINA- AND US-JAPAN M&As
复制标题
DOI：
10.1111/coep.12129
复制
发表时间：
2016-04-01
影响因子：
1.5
通讯作者：
Yokoyama, Ai
中科院分区：
文献类型：
--
作者：
Chikamoto, Keisuke;Takeda, Fumiko;Yokoyama, Ai
我们研究了美国和中国投标人进行的并购（美日并购和中日并购）对日本目标公司股价的影响。我们发现，两种类型的并购都倾向于提高日本目标公司的股价，并且美日并购的市场反应明显大于中日并购。此外，与其他结构相比，资本参与对中日并购产生的市场反应更大，而收购在美日并购中产生这种效应。我们的结果与之前的研究结果一致，表明对于在拥有高质量机构和公司治理的发达国家开展业务的投标人而言，市场反应会有所增加。 （捷尔 G32、G34）
We examine the effect of M&As conducted by U.S. and Chinese bidders (US-Japan and China-Japan M&As) on the stock prices of Japanese targets. We find that both types of M&As tend to increase the stock prices of the Japanese targets and that market reactions are significantly greater for US-Japan M&As than for China-Japan M&As. Additionally, capital participation produces greater market reactions to China-Japan M&As than other structures, while acquisition produces this effect in US-Japan M&As. Our results are consistent with previous research indicating that market reactions increase for bidders operating in a developed country with high-quality institutions and corporate governance. (JEL G32, G34)