Intra-industry Information-signaling of Foreign Acquisitions: Evidence from China

摘要：

Foreign acquisition may transfer information about competition pressure or acquisition probability to targets rivals in the industry. In this study, we empirically examine the information contents delivered by foreign acquisition, with the sample of 89 foreign acquisitions of Chinese public companies. We find that targets rivals reacted negatively to foreign acquisition proposal announcements and positively to termination announce ments. The result suggests that foreign acquisitions in China signaled a change in the competitive balance in the acquired industries, consistent with competitive hypothesis. The further analysis of the long-term operating performance measures also shows that the acquired firms outperformed their industry counterparts in the post-acquisition period.

关键词： Foreign Acquisitions Information Signaling Competitive Effects

作者: Yamin ZENG Li LIAO

作者单位: School of Economics and Management,Tsinghua University,China

会议类型: 国际会议

会议名称: 第六届企业跨国经营国际研讨会——转型经济中的企业管理

会议地点: 南京

会议语种:英文

页码: 426-433

在线出版日期: 2008-06-06（万方平台首次上网日期，不代表论文的发表时间）