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.
基金
Supported by Guangdong Province Philosophy and Social Science Planning Project(GD22CGL41,GD23XGL062,GD24CYJ20)
Guangdong Basic and Applied Basic Research Foundation(2021A1515011479)。
