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sidenav header background[3月28日]管理学workshop
发布日期：2019-03-25 05:36 来源：
Time: March 28th, 2019(Thursday) 10:00-11:30
Location: Zhifuxuan Meeting Room, National School of Development, Peking University
Speaker: Prof. Zhu Zhang
State Ownership and Cross-Border M&As: Evidence from Chinese MNCs
Zhu Zhang (University of International Business and Economics)
Xuanli Xie (Peking University)
Abstract
Based on data of cross-border M&As conducted by Chinese public-listed firms, we study the performance effect of cross-border M&As at different stages. By distinguishing between private firms and State-owned enterprises (SOEs), we find the performance of private firms and SOEs are different in several aspects. Compared with private firms, SOEs tend to acquire larger targets, receive negative market reaction, experience lower likelihood of M&A completion, and worse financial returns. In the post-acquisition period, we find that SOEs can achieve growth and gain resources from the government. The findings contribute to the literature on SOEs and the emerging literature on state-owned multinationals companies (MNCs). It indicates that state-owned MNCs’ cross-border M&As may be driven by SOE managers’ career promotion goals.
About the Speaker
Zhu Zhang is an assistant professor at Business School of University of International Business and Economics. She received her PhD in strategic management from Guanghua School of Management, Peking University. Her research interests include strategic management, international business, innovation strategy, and corporate governance. She has published several papers in European Journal of International Management, The Journal of Comparative Economic Studies, Nankai Business Review, and Research on Economics and Management etc.
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首页
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教学项目展开 / 收起
sidenav background教学项目
sidenav header background[3月28日]管理学workshop
发布日期：2019-03-25 05:36 来源：
Time: March 28th, 2019(Thursday) 10:00-11:30
Location: Zhifuxuan Meeting Room, National School of Development, Peking University
Speaker: Prof. Zhu Zhang
State Ownership and Cross-Border M&As: Evidence from Chinese MNCs
Zhu Zhang (University of International Business and Economics)
Xuanli Xie (Peking University)
Abstract
Based on data of cross-border M&As conducted by Chinese public-listed firms, we study the performance effect of cross-border M&As at different stages. By distinguishing between private firms and State-owned enterprises (SOEs), we find the performance of private firms and SOEs are different in several aspects. Compared with private firms, SOEs tend to acquire larger targets, receive negative market reaction, experience lower likelihood of M&A completion, and worse financial returns. In the post-acquisition period, we find that SOEs can achieve growth and gain resources from the government. The findings contribute to the literature on SOEs and the emerging literature on state-owned multinationals companies (MNCs). It indicates that state-owned MNCs’ cross-border M&As may be driven by SOE managers’ career promotion goals.
About the Speaker
Zhu Zhang is an assistant professor at Business School of University of International Business and Economics. She received her PhD in strategic management from Guanghua School of Management, Peking University. Her research interests include strategic management, international business, innovation strategy, and corporate governance. She has published several papers in European Journal of International Management, The Journal of Comparative Economic Studies, Nankai Business Review, and Research on Economics and Management etc.
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