小蝌蚪福建导航app绿巨人马丽娜博士合作撰写的学术论文“Do M&A funds create value in Chinese listed firms?”在《Pacific-Basin Finance Journal》2023年第79卷发表。
This study examines the impact of the establishment of mergers and acquisitions (M&A) funds by Chinese listed firms and their subsequent investments on the stock market value of these firms. The results indicate that M&A funds, in general, do not create value for listed firms. The investments made by these funds also have a dampening effect on the market value of listed firms, particularly when investor sentiment is high, which leads to lower short-term stock returns. However, this negative effect diminishes during stronger overall market conditions. These findings suggest that listed firms need to address market perception challenges associated with M&A funds.