Cross-Country Determinants of Mergers and Acquisitions
Cross-Country Determinants of Mergers and Acquisitions
复制标题
DOI：
10.2139/ssrn.395020
复制
发表时间：
2003-05
期刊：
影响因子：
--
通讯作者：
Stefano Rossi;P. Volpin
中科院分区：
文献类型：
--
作者：
Stefano Rossi;P. Volpin
本文通过关注各国法律法规的差异，研究了20世纪90年代全球并购的决定因素。我们发现，在投资者保护更好的国家，并购活动的规模和支付的溢价明显更大。这一结果表明，在投资者保护较好的国家，活跃的并购市场是公司治理机制中更重要的组成部分。我们还表明，在跨境交易中，被收购方通常来自投资者保护程度低于收购方的国家。因此，跨境交易通过提高对目标公司内部投资者的保护程度来发挥治理作用。这一发现表明，跨境交易的增加可能会导致全球公司治理体系的趋同。
This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity and the premium paid are significantly larger in countries with better investor protection. This result indicates that an active market for mergers and acquisitions is a more important component of the corporate governance regime of countries with better investor protection. We also show that in cross-border deals, the targets are typically from countries with poorer investor protection than the acquirers. Hence, cross-border transactions play a governance role by improving the degree of investor protection within target firms. This finding suggests that an increase in cross-border transactions may generate a worldwide convergence of corporate governance systems.