Investigating the linkages between industrial policies and M&A dynamics: Evidence from China
| Autor: | Manli Huang, Chiara Pollio, Shenglei Pi, Elisa Barbieri, Lauretta Rubini |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Economics and Econometrics
China M&A; China Planning policies Emerging sectors Selective policies Horizontal integration Restructuring M&A China Planning policies Emerging sectors Selective policies SH1_2 SH1_5 Settore SECS-P/06 - Economia Applicata Industrial policy SH1_9 SH1_10 Economica Dynamics (music) Mergers and acquisitions Economic geography Business M&A Finance M& |
| Popis: | Mergers and acquisitions (M&As hereafter) have been widely examined in the economic and business literature under many perspectives. However, the industry-level view, specifically the relation between industrial policies and M&A waves at the sectoral level, has remained rather unexplored. This article contributes to fill this gap by empirically investigating the relation between selective industrial policies and M&A waves at the industry level in China. Referring to the four Five Year Plans covering the period 1996–2015, we explore whether being identified as an emerging sector in these plans generates positive or negative changes in the number of M&As. We reiterate the analysis according to the different types of M&As (vertical, horizontal or conglomerate) and the different natures of the acquirer (SOEs or private). Our results suggest that policies can differentially affect M&A waves according to the type of M&A. Moreover, while private firms are more responsive to both horizontal and vertical integration in emerging sectors, SOEs are more prone to engage in vertical M&As. We discuss the possible rationales behind the different behaviors. We also draw general policy implications on strategic industrial policy and market restructuring. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|