M&AS AND PRICE MANIPULATIONS IN CHINA

• Autorzy: Cuiping Chen , Fidrmuc Jarko , Reck Fabian
• Języki publikacji: EN

Abstrakty

EN

In recent years, M&As have become popular among Chinese companies, with many of them receiving a high premium. This paper empirically analyses the motivation of high-premium M&As from the perspective of price manipulations. The sample consists of 1,013 Chinese companies, listed on the Shanghai and Shenzhen stock exchange, and covers the period from 2013 to 2018. Our results indicate that benefit seeking of major shareholders on the costs of minor investors is a key determinant for the merger of companies. In comparison, economic synergy effects are not the predominant factor of M&As. Therefore, legal reforms by the Chinese Market Supervisory Department are necessary to protect smaller investors.

Słowa kluczowe

EN

M&AS; ECONOMIC SYNERGY; PRICE MANIPULATIONS; CHINESE MARKET

• Wydawca: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Czasopismo: Ekonomický časopis (Journal of Economics)
• Rocznik: 2021
• Tom: 69
• Numer: 3
• Strony: 223 – 236

Twórcy

autor

Cuiping Chen

• Shanghai University, School of Economics, No. 99, Shangda Road, China,

autor

Fidrmuc Jarko

autor

Reck Fabian

Identyfikatory

DOI

https://doi.org/10.31577/ekoncas.2021.03.01