Effects of the shift in the offshore debt issuance regime on the performance of M&A firms

Dongjun Zhu

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This study investigates the impact of changes in the foreign bond issuance system on the performance of Chinese cross-border M&A firms from 2001 to 2019. We find that these changes reduce both operational performance and completion rates of M&A deals. Additional analysis shows that the changes lower firm performance by alleviating financing constraints, with baseline results varying based on firm size and host country income.

Keywords: Mergers and acquisitions; Offshore debt issuance; Firm performance; Financing constraints; M&A completion rate (search for similar items in EconPapers)
JEL-codes: F13 F14 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009900

DOI: 10.1016/j.frl.2025.107732

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