Research on Cross-Border M&A Performance of Chinese Metallurgical Enterprises from the Perspective of LBO Financing

DOI

10.2991/assehr.k.210407.113How to use a DOI?

Keywords

Chinese metallurgical enterprises, cross-border M&As performance, LBO financing

Abstract

Based on the data of cross-border M&As from 2005 to 2016, the effect of LBO financing on the performance of cross-border M&A of metallurgical enterprises in China was investigated by using DID and PSM-DID estimation. Results show that LBO financing improves the market performance of Chinese metallurgical enterprises, but has no significant effect on the sustainable development ability, profitability and market share, and can significantly reduce the operational efficiency, which implies that after LBO financing, there is deviation between market performance and financial performance of Chinese metallurgical enterprises; State-owned metallurgical enterprises are more inclined to choose LBO financing, indicating that state-owned metallurgical enterprises have more external financing advantages.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - FENG Zhengqiang
AU  - XIE Siman
PY  - 2021
DA  - 2021/04/08
TI  - Research on Cross-Border M&A Performance of Chinese Metallurgical Enterprises from the Perspective of LBO Financing
BT  - Proceedings of the 2021 6th International Conference on Social Sciences and Economic Development (ICSSED 2021)
PB  - Atlantis Press
SP  - 579
EP  - 582
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.210407.113
DO  - 10.2991/assehr.k.210407.113
ID  - Zhengqiang2021
ER  -