The Impact of Financialization on Mergers and acquisitions:Evidence from Chinese Manufacturing Listed Firms

Shuangyan Li, Chang Liu and Xinyu Peng

Emerging Markets Finance and Trade, 2022, vol. 58, issue 11, 3152-3163

Abstract: This paper studies a correlation between financialization and mergers and acquisitions (M&As). Using firms-level panel data of Chinese manufacturing listed firms over the period from 2013 to 2018, we find that financialization has a statistically significant reducing effect on the number of M&A deals. In addition, we find in non-stated-owned enterprises that the negative impact of financialization on M&A deals is more significant than that of state-owned enterprises (SOEs). Lastly, the regression models and independent variables are changed to demonstrate the robustness of the conclusions.

Date: 2022
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DOI: 10.1080/1540496X.2022.2031969

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