【主讲人】陕晨煜 教授
【主持人】高明 长聘副教授
【报告题目】Market for Corporate Control in China: Engine for Growth or Value Destruction

【报告摘要】We study mergers and acquisitions (M&As) involving listed firms in China over the period 2000-2022. Firms in the domestic (A-share) market have higher stock returns and better operating performance after they acquire a target, usually an unlisted firm, than Hong Kong listed Chinese acquirers. Since stock issuance must be approved by the regulators and participating investors have a longer lockup period than those in developed markets, we hypothesize that M&A deals financed by the acquirer's stock have better prospects than non-stock deals. Accordingly, stock-financed acquisitions via private placements are associated with better stock and accounting performance than non-stock acquisitions. When a listed firm becomes the target of partial acquisition by outside institutional investors, its stock and accounting performance improves following the acquisition, and the performance improvement is greater if a larger block is acquired.

【主讲人介绍】上海财经大学金融学院、滴水湖高级金融学院双聘教授，中美富布赖特学者，香港大学金融学博士。入选国家高层次青年人才计划。研究领域包括气候金融、公司金融和银行。研究论文发表于Journal of Finance、Journal of Accounting and Economics、Management Science、Review of Finance、《金融研究》等国内外高水平顶级期刊。论文曾多次入选美国西部金融年会(WFA)、欧洲金融年会(EFA)、金融中介研究年会(FIRS)等学术会议；获得上海市哲学社会科学优秀成果二等奖、中国国际金融年会（CICF）最佳论文奖、美国西南金融年会杰出论文奖、华人金融协会最佳论文奖、亚太金融市场年会杰出论文奖、中国ESG学术论坛杰出论文奖等。主持多项国家自然科学基金项目，担任国家自然科学基金专项项目子课题负责人。担任Corporate Governance: An International Review (CGIR) 期刊编委，International Review of Finance副主编；香港政府研究资助局外部评审。