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本期主要介绍中国企业跨国并购研究的最新论文，以及过往与该研究相关的论文，具体如下： 1.Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections Journal of Corporate Finance Volume 57, August 2019 Denis Schweizer Concordia University Thomas Walker Concordia University Aoran Zhang Concordia University This paper explores whether and how political connections affect the likelihood of completing a cross-border M&A deal for Chinese publicly listed, but privately-owned enterprises (POEs) and the resulting firm performance. In line with our proposed political connection trade-off theory, we find that POEs with politically connected top managers are more likely to complete a cross-border M&A deal than POEs with no such connections, but that this comes at the cost of negative announcement returns and subsequent lower accounting performance. These findings support the idea that politically connected top managers engage in “political empire building” behavior at the cost of shareholders' wealth. 2.State Ownership, Cross-Border Acquisition, and Risk-Taking: Evidence from China’s Banking Industry Journal of Banking & Finance Volume 71, October 2016, Pages 133–153 Wenyu Zhu Renmin University of China Jiawen Yang The George Washington University Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in general associated with higher risks. In addition, we find that banks controlled by the central government have the highest credit risk, while those owned by local governments have the lowest capital adequacy ratio and liquidity ratio. By compiling a complete list of cross-border acquisitions in China’s banking sector, we investigate the impact of foreign acquisition on state-owned banks’ risk-taking using differences-in-differences and matching estimators. We find that foreign acquisition has a reducing effect on state-owned banks’ risk-taking and this effect is particularly significant for banks that are controlled by central or local government. We also find that this risk-reducing effect depends on the percentage of foreign ownership, the local business involvement of the foreign investors, and the number of foreign members on the banks’ boards of directors. 3.Economic impact of political barriers to cross-border acquisitions: An empirical study of CNOOC's unsuccessful takeover of Unocal Journal of Corporate Finance Volume 15, Issue 4 September 2009, Pages 447–468 Kam-Ming Wan University of Texas at Dallas Ka-fu Wong University of Hong Kong In 2005, the US Congress challenged the acquisition by CNOOC (a Chinese state-owned enterprise) of Unocal (a US firm). This challenge creates a political barrier for foreign companies to acquire US oil companies. This paper examines the stock price reaction of US oil companies to this political opposition. Using an event study methodology, we find that this political barrier resulted in a substantial decline in the market value of US oil companies. For a period of 44 days, during which six anti-CNOOC-takeover political events occurred, the cumulative decline in the market value of a portfolio of 13 US oil refining firms was $47.5 billion and that of a portfolio of 66 US oil and gas exploration firms was $11.4 billion. This study is the first to analyze and quantify the stock price reaction of US non-merging firms to political barriers to cross-border acquisitions. It also has a policy implication regarding the recent enactment of the Foreign Investment and National Security Act of 2007. http://www./science/article/pii/S0929119909000339 |
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