What drives Chinese overseas M&A investment? Evidence from micro data
What drives Chinese overseas M&A investment? Evidence from micro data
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是什么驱动中国人海外M
DOI：
10.1111/roie.12566
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发表时间：
2021-07
影响因子：
1
通讯作者：
Xing Jing
中科院分区：
文献类型：
--
作者：
Fuest Clemens;Hugger Felix;Sultan Samina;Xing Jing
近年来，中国的海外收购大幅增加。在欧洲和美国，这些投资经常受到批评。批评人士认为，中国投资者在政府的帮助下出价高于其他投资者，这些收购导致了不受欢迎的技术转让，或者可能对目标公司的员工产生负面影响。我们使用了一个关于跨境收购的大型交易数据集，以调查中国的海外收购是否与来自其他国家的跨境投资不同。我们发现，相对于非中国投资者，中国收购者确实在某些方面有所不同。他们专注于债务水平较高、盈利能力较低的目标。与此同时，他们似乎并没有为具有特定特征的目标支付更多，质疑他们获得补贴以击败其他投资者的观点。“一带一路”倡议和“中国制造2025”等政策倡议影响了国有投资者，但对中国私人投资者没有影响，这表明地缘政治或技术利益发挥了作用。在收购后的几年里，被中国投资者收购的目标公司的资本生产率增长较低，但员工薪酬增长较高。
In recent years Chinese foreign acquisitions have increased significantly. In Europe and the US, these investments are often criticized. Critics argue that Chinese investors outbid other investors with help from their government, that the acquisitions lead to undesirable technology transfer or that they may have negative consequences for the employees of the target firm. We use a large deal-level dataset on cross-border acquisitions to investigate whether Chinese foreign acquisitions differ from cross-border investment coming from other countries. We find that relative to non-Chinese investors, Chinese acquirers indeed appear to be different in some dimensions. They focus on targets with higher debt levels and lower profitability. At the same time, they don’t seem to pay more for targets with given characteristics, questioning the view that they are subsidized to outbid other investors. Policy initiatives like the Belt and Road Initiative and Made in China 2025 influence state-owned but not private Chinese investors, suggesting that geopolitical or technology interests play a role. In the years after the takeover, target companies acquired by Chinese investors exhibit lower growth in capital productivity but a higher growth of employee compensation.
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影响因子：
3.3
作者：
Chang-tai Hsieh;Ralph Ossa
通讯作者：
Chang-tai Hsieh;Ralph Ossa
新兴经济体跨国企业区位战略的制度影响：来自中国跨境并购的证据
影响因子：
2.9
作者：
Yu, Pei;Liu, Qing;Munjal, Surender;Tao, Pan
通讯作者：
Tao, Pan
影响因子：
5.4
作者：
Hainmueller, Jens
通讯作者：
Hainmueller, Jens
DOI：
10.2139/ssrn.395020
发表时间：
2003-05
期刊：
American Finance Association Meetings (AFA)
影响因子：
--
作者：
Stefano Rossi;P. Volpin
通讯作者：
Stefano Rossi;P. Volpin
影响因子：
6.1
作者：
Abadie, Alberto;Imbens, Guido W.
通讯作者：
Imbens, Guido W.