There are three access channels through which enterprises obtain their production resources: governmental arrangement, market exchange and social relations. This study discovers that market exchange is the primary cha...There are three access channels through which enterprises obtain their production resources: governmental arrangement, market exchange and social relations. This study discovers that market exchange is the primary channel, social relations the secondary and governmental arrangement the least popular. The selection of an access channel to production resources is influenced by the type of ownership of the enterprise, its size, and the values and beliefs of its leaders. The state-owned enterprises, as well as the big ones, rely more on governmental arrangement but less on market exchange or social relations than other types of enterprises; whereas the major channel for private enterprises is social network. Enterprisers with study or work experiences in other countries try to get their resources for production chiefly through market exchange rather than social relations. This study indicates the necessity to promote marketization in China and to improve the environment for the development of non-public-owned and small/medium-size enterprises.展开更多
Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resour...Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resource allocation from the government to the market.Using the DID method,we examine the impact of relaxing market access regulation on firms’M&A behavior against China’s institutional background and the M&A events of listed companies from 2012 to 2019.The MANL significantly increases firms’M&A tendency and amount and strengthens the competitive adequacy and fairness of market-oriented M&A decisions.Post-M&A financial performance does not increase,but human capital productivity,innovation effectiveness and total factor productivity do,demonstrating the dynamic balance of profit and efficiency in M&As.展开更多
文摘There are three access channels through which enterprises obtain their production resources: governmental arrangement, market exchange and social relations. This study discovers that market exchange is the primary channel, social relations the secondary and governmental arrangement the least popular. The selection of an access channel to production resources is influenced by the type of ownership of the enterprise, its size, and the values and beliefs of its leaders. The state-owned enterprises, as well as the big ones, rely more on governmental arrangement but less on market exchange or social relations than other types of enterprises; whereas the major channel for private enterprises is social network. Enterprisers with study or work experiences in other countries try to get their resources for production chiefly through market exchange rather than social relations. This study indicates the necessity to promote marketization in China and to improve the environment for the development of non-public-owned and small/medium-size enterprises.
基金support obtained from the National Natural Science Foundation of China(Project No.72172156/G0206)for this study.
文摘Corporate mergers and acquisitions(M&As)are subject to skewed logic due to excessive government regulation.China is progressively adopting the Market Access Negative List(MANL)pilot to transfer the power of resource allocation from the government to the market.Using the DID method,we examine the impact of relaxing market access regulation on firms’M&A behavior against China’s institutional background and the M&A events of listed companies from 2012 to 2019.The MANL significantly increases firms’M&A tendency and amount and strengthens the competitive adequacy and fairness of market-oriented M&A decisions.Post-M&A financial performance does not increase,but human capital productivity,innovation effectiveness and total factor productivity do,demonstrating the dynamic balance of profit and efficiency in M&As.
