The policy uncertainty of investment target location is an important factor affecting cross-regional mergers and acquisitions(M&A).By using the turnover of China provincial government officials to measure regional policy uncertainty and adopting the cross-provincial M&A events of China listed companies from 2007 to 2018,this study examines the impact and mechanism of policy uncertainty on the scale of corporate cross-regional M&A,and investigates the moderating effect of business environment difference on the relationship between the two.It is found that policy uncertainty significantly reduces the scale of cross-regional M&A,and the greater the difference in business environment between the location of the acquiring company and the location of the target company,the weaker the inhibitory effect of policy uncertainty on the scale of cross-regional M&A;and that policy uncertainty affects the scale of M&A through competition protection mechanism and inefficient evaluation mechanism,and this inhibitory effect is only significant in private enterprises rather than in state-owned enterprises.The performance test results indicate that policy uncertainty in the target location significantly reduces the performance of corporate cross-regional M&A.Accordingly,enterprises should pay attention to policy uncertainty risks in cross-regional M&A in practice,formulate reasonable M&A program,and reduce the impact of uncertainty.The government should continue to perfect the mechanism of assessing and promoting officials,optimize the business environment,and provide institutional guarantees for enterprises to invest in other places.
关键词
政策不确定性/异地并购/官员更替/政府竞争/价值评估
Key words
policy uncertainty/cross-regional merger and acquisition/official turnover/government competition/value assessment
维普
万方数据