Market Rule or Equal Opportunity Rule:An Empirical Analysis Based on Acquisitions of Chinese Listed Companies  

作　　者：Wenting CHEN Wenxin LIU Pengyi YU 

机构地区：[1]Guangdong University of Foreign Studies,Guangzhou 510006,China

出　　处：《Journal of Systems Science and Information》2024年第2期191-211,共21页系统科学与信息学报（英文）

基　　金：Supported by Guangdong Province Philosophy and Social Science Planning Project(GD22CGL41,GD23XGL062,GD24CYJ20);Guangdong Basic and Applied Basic Research Foundation(2021A1515011479)。

摘　　要：This paper examines the data of A-share listed companies in China from 2002 to 2017,drawing on the theory of equal opportunity and market rules in M&A transactions.This paper investigates the correlation between changes in tender offer policy and M&A tendencies and performance.The findings suggest that following the policy shift and the adoption of market rules,companies that secure an exemption from the mandatory tender offer obligation not only exhibit stronger M&A tendencies but also improved long-term M&A performance.This indicates that market rules are more suitable for China and contribute to enhancing the efficiency of the M&A market.The paper also presents evidence of a moderating effect,demonstrating that exemptions from the mandatory tender offer obligation positively influence the relationship between policy change and M&A performance.Lastly,this paper finds that state-owned and large-scale firms tend to exhibit a higher degree of M&A tendencies.

关 键 词：takeover regulation equal opportunity rule market rule mandatory tender offer 

分 类 号：F271[经济管理—企业管理] F274[经济管理—国民经济] F832.51