Access to Finance and Corporate Decisions

融資的路徑和公司的抉擇

Student thesis: Doctoral Thesis

View graph of relations

Author(s)

  • Yuli BIAN

Related Research Unit(s)

Detail(s)

Awarding Institution
Supervisor(s)
Award date1 Sep 2016

Link(s)

Abstract

This dissertation contains two chapters. The first chapter studies the influence that bank finance expansion imposed on merger and acquisition activities and the information role played by banks. The results suggest that access to bank finance helps to strengthen firms’ financial positions, especially for firms with greater difficulty in external financing. These firms become more aggressive acquirers or more resistant targets. While confirming the role of access to finance in cross-state M&As, we also find some evidence consistent with banks working as information intermediation for potential merger partners. The second chapter studies how international ownership mitigates financial constraint for mainland public firms. We find QFII mitigates Cash-Cash Flow Sensitivity and increases long term financing ability. A longer period of QFII holding also magnifies this effect.