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Does being included in an entity list enhance regulated firms’ mergers and acquisitions? Evidence from Chinese high-tech firms

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  • Liu, Bingyang
  • Xiong, Liyang
  • Wang, Minghui
  • Sun, Yanqi

Abstract

Using a sample of Chinese high-tech firms, we document that firms included in the entity list by the U.S. enhance their mergers and acquisitions (M&As) investments. Mechanism tests indicate that the inclusion of Chinese firms in the entity list has disrupted their reliance on imported factors of production, thereby motivating their M&A decisions that aim to secure resources. Additional tests show that being included in the entity list motivates firms to enhance specific types of M&As such as technological and domestic M&As. Meanwhile, national industrial policy plays an important role in supporting these firms’ M&As.

Suggested Citation

  • Liu, Bingyang & Xiong, Liyang & Wang, Minghui & Sun, Yanqi, 2024. "Does being included in an entity list enhance regulated firms’ mergers and acquisitions? Evidence from Chinese high-tech firms," Finance Research Letters, Elsevier, vol. 62(PB).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pb:s1544612324002435
    DOI: 10.1016/j.frl.2024.105213
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