Do cross-border mergers and acquisitions create value? Evidence from Chinese firms
Following the extensive prior studies of the performance in cross-border mergers and acquisitions (M&A), this dissertation tested whether Chinese acquirers can generate value in Chinese outbound mergers and acquisitions and the main factors which might affect the value creation. A sample of 322...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2018
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| Online Access: | https://eprints.nottingham.ac.uk/54871/ |
| _version_ | 1848799080515371008 |
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| author | Yang, Yadi |
| author_facet | Yang, Yadi |
| author_sort | Yang, Yadi |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | Following the extensive prior studies of the performance in cross-border mergers and acquisitions (M&A), this dissertation tested whether Chinese acquirers can generate value in Chinese outbound mergers and acquisitions and the main factors which might affect the value creation. A sample of 322 outward M&A transactions undertaken by 224 Chinese firms during the period from 2000 to 2017 was examined. The research is based on the event study method and regression analysis. The results show that on average, Chinese overseas M&A can generate a positive excess return for acquirers in short term. The findings of cross-sectional regression analysis present that cash payment exerts a significant positive effect on value creation, while cultural distance, state ownership and industry relatedness fail to make a significant impact on shareholders’ value. |
| first_indexed | 2025-11-14T20:29:59Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-54871 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T20:29:59Z |
| publishDate | 2018 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-548712022-11-25T15:44:10Z https://eprints.nottingham.ac.uk/54871/ Do cross-border mergers and acquisitions create value? Evidence from Chinese firms Yang, Yadi Following the extensive prior studies of the performance in cross-border mergers and acquisitions (M&A), this dissertation tested whether Chinese acquirers can generate value in Chinese outbound mergers and acquisitions and the main factors which might affect the value creation. A sample of 322 outward M&A transactions undertaken by 224 Chinese firms during the period from 2000 to 2017 was examined. The research is based on the event study method and regression analysis. The results show that on average, Chinese overseas M&A can generate a positive excess return for acquirers in short term. The findings of cross-sectional regression analysis present that cash payment exerts a significant positive effect on value creation, while cultural distance, state ownership and industry relatedness fail to make a significant impact on shareholders’ value. 2018-12-01 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/54871/1/Dissertation_Yadi%20Yang.docx Yang, Yadi (2018) Do cross-border mergers and acquisitions create value? Evidence from Chinese firms. [Dissertation (University of Nottingham only)] |
| spellingShingle | Yang, Yadi Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title | Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title_full | Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title_fullStr | Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title_full_unstemmed | Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title_short | Do cross-border mergers and acquisitions create value? Evidence from Chinese firms |
| title_sort | do cross-border mergers and acquisitions create value? evidence from chinese firms |
| url | https://eprints.nottingham.ac.uk/54871/ |