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Jiaqi Chen
College of Management and Economics, Tianjin University, Tianjin 300072, China

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Journal article
Published: 11 April 2020 in Sustainability
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Mergers and acquisitions (M&A) are an essential way for enterprises to achieve sustainable development. As large sums of money are typically involved in M&A transactions, financing is a vital factor in outcomes. This study examines the relation between equity and debt financing of M&A on subsequent performance, and the effect of ownership (state-owned enterprises versus private-owned enterprises) on M&A performance in China. We are motivated to examine the relation between financing methods and M&A performance in China because the differences in ownership, resource availability and policy support by the government for many firms may affect subsequent performance. Using a large sample of Chinese A-share listed companies between 2009 and 2016, we find that equity-financed M&A transactions lead to significantly better performance than debt-financed transactions. Equity-financed M&A transactions of state-owned enterprises (SOEs) perform significantly better as compared to debt-financed M&A, whereas equity-financed M&A transactions of private-owned enterprises (POEs) have little effect on their performance. This study extends our insights into the relation between M&A financing types and firm performance under different ownership types in the context of emerging markets.

ACS Style

Jiaqi Chen; Xi Zhao; Xiaotong Niu; Ying Han Fan; Grantley Taylor. Does M&A Financing Affect Firm Performance under Different Ownership Types? Sustainability 2020, 12, 3078 .

AMA Style

Jiaqi Chen, Xi Zhao, Xiaotong Niu, Ying Han Fan, Grantley Taylor. Does M&A Financing Affect Firm Performance under Different Ownership Types? Sustainability. 2020; 12 (8):3078.

Chicago/Turabian Style

Jiaqi Chen; Xi Zhao; Xiaotong Niu; Ying Han Fan; Grantley Taylor. 2020. "Does M&A Financing Affect Firm Performance under Different Ownership Types?" Sustainability 12, no. 8: 3078.