互补性(分子生物学)
业务
生产力
产业组织
倾向得分匹配
匹配(统计)
计量经济学分析
货币经济学
并购
商业
经济
财务
计量经济学
统计
宏观经济学
生物
遗传学
数学
作者
Kazuma Edamura,Sho Haneda,Tomoyuki Inui,Xiaofei Tan,Yasuyuki Todo
标识
DOI:10.1016/j.chieco.2014.06.011
摘要
Chinese cross-border outbound mergers and acquisitions (M&As) have been expanding rapidly since the mid-2000s with target firms in developed countries. The primary motives for such M&As are expansion into new markets and sourcing of knowledge and strategic assets. This study is the first attempt to examine the effects of Chinese outbound M&As on firm performance by applying propensity score matching estimations to a large set of firm-level data. We find that the sales, productivity, and tangible as well as intangible assets of the acquiring firms increase substantially after M&A transactions, which suggest that Chinese firms on average achieve their intended goals of outbound M&As. Further, outbound M&As do not increase research and development (R&D) intensity, implying complementarity, rather than overlapping, between R&D activities of the acquiring and acquired firms.
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