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How does exchange rate fluctuation affect the efficiency of Chinese enterprises' overseas mergers and acquisitions

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  • Li, Ruifen
  • Zhang, Ruihua

Abstract

With the changes in the global trade environment, the impact of exchange rate on cross-border mergers and acquisitions (M&A) of enterprises cannot be ignored. Taking Chinese listed enterprises as the research sample, we establish a model of the impact of exchange rate fluctuations on the efficiency of overseas mergers and acquisitions. The findings are as follows: (1) Exchange rate fluctuation significantly affects the completion rate of M&A. (2) Exchange rate fluctuations play an important role in shortening the time of overseas M&A. (3) Exchange rate volatility significantly affects M&A efficiency in high-income countries and highly competitive industries.

Suggested Citation

  • Li, Ruifen & Zhang, Ruihua, 2024. "How does exchange rate fluctuation affect the efficiency of Chinese enterprises' overseas mergers and acquisitions," Finance Research Letters, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006305
    DOI: 10.1016/j.frl.2024.105600
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