Abstract
This paper investigates the successful Cross-Border M&A (Merger and Acquisition)cases of Chinese non-financial listed enterprises during 2002–2012. The effect of investor protection levels in destination countries on the acquirers’short-term performance has been analyzed from the angle of “Law and Finance”. Additionally, the acquiring enterprises’ownership as well as the acquired enterprises’listing status has been controlled to test whether they have moderating effect. The major findings are as follows: (1) Chinese listed enterprises get a positive wealth effect from M&A transactions in general. (2) Chinese enterprises get more returns in the country with better investor protection. (3) Whether or not the acquired enterprise is listed and the ownership rights of the acquirer have a negative adjustment effect on the relationship between investor protection and M&A performance.
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Acknowledgements
This work was supported by The National Natural Science Foundation of China (No. 61563044); The Soft Science Fund of Sichuan Province (2016ZR0017); Ministry of Education (17YJC790094). The usual disclaimer applies.
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Liu, H., Jiang, J., Jin, L., Tang, Y. (2019). Investors’ Protection and Performance of Cross-Border Mergers and Acquisitions—An Empirical Study Based on Chinese Listed Enterprises. In: Xu, J., Cooke, F., Gen, M., Ahmed, S. (eds) Proceedings of the Twelfth International Conference on Management Science and Engineering Management. ICMSEM 2018. Lecture Notes on Multidisciplinary Industrial Engineering. Springer, Cham. https://doi.org/10.1007/978-3-319-93351-1_135
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DOI: https://doi.org/10.1007/978-3-319-93351-1_135
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