The role of venture capital in merger and acquisition performance

被引：0

作者：

Song, He ^{[1
]}

Wan, Shan ^{[2
]}

机构：

[1] Shanghai Univ Int Business & Econ, Sch Finance, Shanghai, Peoples R China

[2] Shanghai Univ Int Business & Econ, Sch Business, Shanghai 201620, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2023年 / 30卷 / 06期

关键词：

Merger and acquisition performance; venture capital; information asymmetry; China;

D O I：

10.1080/13504851.2021.2024492

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the effects of venture capital (VC) backing on the market responses to M&A events among a group of Chinese firms listed on ChiNext. We find a positive market response to M&A carried out by the companies backed by venture capital and this effect is robust after we address the endogeneity by employing Heckman two-stage approach. Our results support the notion that the involvement of VCs in their portfolio companies alleviates the information asymmetry problem.

引用

页码：822 / 826

页数：5

共 18 条

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