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Effects of the shift in the offshore debt issuance regime on the performance of M&A firms

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  • Zhu, Dongjun

Abstract

This study investigates the impact of changes in the foreign bond issuance system on the performance of Chinese cross-border M&A firms from 2001 to 2019. We find that these changes reduce both operational performance and completion rates of M&A deals. Additional analysis shows that the changes lower firm performance by alleviating financing constraints, with baseline results varying based on firm size and host country income.

Suggested Citation

  • Zhu, Dongjun, 2025. "Effects of the shift in the offshore debt issuance regime on the performance of M&A firms," Finance Research Letters, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009900
    DOI: 10.1016/j.frl.2025.107732
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    References listed on IDEAS

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    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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