| 简介： | Abstract
This paper analyzes the determinants of domestic and cross-border M&As in China over the period 2000-2010. Our results show that foreign acquirers tend to acquire firms in eastern coastal areas, non-SOEs and firms with high leverage, while domestic acquirers acquire much larger, older firms and more listed firms and prefer to acquire low profitable firms. Our findings suggest that domestic M&As are partly motivated by the desire to improve poorly performing firms and expand firm size and cross-border M&As are partly motivated by the desire to rapidly entry into Chinese eastern coastal markets. It is inconsistent with what is commonly worried about: better firms are acquired by foreign acquirers. |