Heterogeneous, venture capital, M&A activity, and market response

被引：9
|
作者：
Li, Wanli [1 ,2 ]
Cao, Ting [1 ]
Feng, Zhaozhen [3 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Management, Xian, Shaanxi, Peoples R China
[2] Shanghai Univ Int Business & Econ, Shanghai, Peoples R China
[3] Postal Savings Bank China, Shaanxi Branch, Beijing, Peoples R China
来源：
EMERGING MARKETS REVIEW | 2016年 / 29卷
关键词：
Venture capital; Investment period; M&A; CORPORATE GOVERNANCE; OWNERSHIP STRUCTURE; COMPENSATION; FIRMS; IMPACT; CHINA;
D O I：
10.1016/j.ememar.2016.08.008
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effects of venture capital (VC) investment on newly listed firms' merger and acquisition activities and takes the lock-up period into consideration. We find that venture capitalists (VCs) tend to postpone M&A activities during a lock-up period, whereas the inhibition role recedes when the lock-up period expires. VCs with a longer investment period dominate this influence. We also illustrate how the market responds to the M&A announcements of VC-backed firms, with the response varying with VCs' investment period. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码：168 / 199
页数：32
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