Chinese enterprise’s wealth effect of cross-border M&A
School of Business, Huanggang Normal University, Huanggang, Hubei, China
Hubei Collaborative Innovation Center for the Characteristic Resources Exploitation of Dabie Mountains, Huanggang, Hubei, China
* Corresponding author: firstname.lastname@example.org
This paper explores the Chinese enterprises’ wealth effect of cross-border M&A and the factors which impact it. The results indicate that in the [-10, 10] event window Chinese enterprises’ get wealth effect from cross-border M&A, but in the longer event windows this wealth effect doesn’t exist. And high R&D density of the acquirer enterprises, acquisitions experience and host country’s high level of innovation have positive influence to this cumulative abnormal return, while large asset scale, high growth speed, high equity centralized degrees and horizontal acquisition mode have significant negative effects.
Key words: Cross-border M & A / wealth effect / Chinese enterprises
© Owned by the authors, published by EDP Sciences, 2016
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