Research on the impacts of cross-ownership M&As on private enterprises′ misallocation of financial resources

doi:10.19571/j.cnki.1000-2995.2025.04.018

Abstract

Abstract: Financial resource allocation′s optimization and its efficiency improvement is the important prerequisite to ensure high-quality economy development. Based on the asymmetric information theory and the resource complementary theory, after analyzing the theoretical mechanism of cross-ownership M&As on alleviating private enterprises′ financial resource misallocation and its possible heterogeneity resulting from regional and industrial selection, this paper constructed a panel data model and conducted an empirical test by taking the data of listed private enterprises in China A′s stock market from 2009 to 2019 as a sample. The findings are as follows: (1) the cross-ownership M&As can heighten acquirer private enterprises′ accounting information quality and thus alleviate their financial resource misallocation degree; (2) through decreasing creditors′ risk sensitivity about acquirer private enterprises, the cross-ownership M&As can also alleviate acquirer private enterprises′ financial resource misallocation; and (3) in contrast to the outside-region and within-industry M&As, the within-region and cross-industry cross-ownership M&As do better to acquirer private enterprises′ financial resource misallocation alleviation. This study can help to clarify the inherent mechanism of cross-ownership M&As on alleviating acquirer private enterprises′ financial resource misallocation in theory, and it will provide reference on how to solve private enterprises′ difficult and expensive financing through cross-ownership M&As in practice.

Key words: cross-ownership M&A, private enterprise, financial resource misallocation

Zuo Yonghua, Kong Wen, Liu Binbin, Zuo Meihua. Research on the impacts of cross-ownership M&As on private enterprises′ misallocation of financial resources[J]. Science Research Management, 2025, 46(4): 182-192.

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Research on the impacts of cross-ownership M&As on private enterprises′ misallocation of financial resources

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