Ownership Type, Home‐Country Government‐Directed Investment Policies and Firm Value in Strategic Sectors: Evidence from Chinese Acquiring Firms
研究中国企业在战略行业的跨国并购中，母国政府投资政策与所有权类型如何影响收购方企业价值，发现国企表现优于私企，且利率减免、税收优惠和直接补贴是价值来源。
Abstract Using data of Chinese acquirers in strategic sectors, we assess the role of home government and the effects of the interaction between ownership type and government‐directed investment policies on acquiring firm value in cross‐border acquisitions (CBAs). We find that CBA activities in strategic sectors encouraged by the home‐country government through its investment policies experience significant increase in acquiring firm value. We also find that firms investing in government‐designated strategic sectors generate wealth for acquirers, but contrary to efficiency logic rooted in agency theory, state‐owned enterprises appear to outperform private‐owned enterprises. Further analysis indicates that three financial incentives associated with government‐directed policies – namely, interest‐rate reduction, tax incentives and direct subsidies – constitute sources of firm value. Our results raise several policy implications, including the need for transparent and rule‐based policies and governance systems to be developed and implemented by governments in the home and host countries to regulate state‐supported firms investing in sensitive strategic sectors.