期刊文献+
共找到1篇文章
< 1 >
每页显示 20 50 100
Financing Constraints and the Mode of Outward Foreign Direct Investment:Cross-Border Mergers and Acquisitions or Greenfield Investment
1
作者 guanhong jiang Jing Zeng 《China Finance and Economic Review》 2020年第4期46-66,共21页
In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to c... In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode. 展开更多
关键词 financing constraints outward foreign direct investment cross-border mergers and acquisitions greenfield investment
下载PDF
上一页 1 下一页 到第
使用帮助 返回顶部