Do M&A funds create value in Chinese listed firms?

被引：0

作者：

Huang, Ying Sophie ^{[1
,4
]}

Guo, Feng ^{[2
]}

Ma, Lina ^{[3
]}

机构：

[1] Zhejiang Univ, Sch Management, Hangzhou 310058, Zhejiang, Peoples R China

[2] Zhejiang Shuren Univ, Sch Innovat & Entrepreneurship, Hangzhou 310015, Zhejiang, Peoples R China

[3] Zhejiang Univ Finance & Econ, Sch Accounting, Hangzhou 310018, Zhejiang, Peoples R China

[4] Zhejiang Univ, Capital Market Res Ctr, Hangzhou 310058, Zhejiang, Peoples R China

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2023年 / 79卷

关键词：

M&A funds; Stock returns; Stock liquidity; Investor sentiment; STOCK-MARKET LIQUIDITY; PRIVATE EQUITY; INVESTOR SENTIMENT; CROSS-SECTION; RETURNS; ACQUISITION; MERGERS; ILLIQUIDITY; PERFORMANCE; INCENTIVES;

D O I：

10.1016/j.pacfin.2023.102035

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of the establishment of mergers and acquisitions (M&A) funds by Chinese listed firms and their subsequent investments on the stock market value of these firms. The results indicate that M&A funds, in general, do not create value for listed firms. The investments made by these funds also have a dampening effect on the market value of listed firms, particularly when investor sentiment is high, which leads to lower short-term stock returns. However, this negative effect diminishes during stronger overall market conditions. These findings suggest that listed firms need to address market perception challenges associated with M&A funds.

引用

页数：19

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