中国金融学术研究网

所属栏目：公司金融/兼并收购/2025/2025年第01期

DOI号：https://doi.org/10.1016/j.frl.2024.105037

From courtrooms to corporations: The effect of bankruptcy court establishment on firm acquisitions

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发布日期：2024年11月24日上次修订日期：2024年11月24日

Obaid Ur Rehman bluechip1122@gmail.com兰州财经大学 Wu Kai wukai8759@cufe.edu.cnSchool of Finance, Central University of Finance and Economics Zihan Zhou xxx@gmail.comSchool of Finance, Central University of Finance and Economics, China Wen Li xxx@gmail.com兰州财经大学

摘要

We examine the impact of bankruptcy court establishment (BCE) on corporate acquisition activities using hand-collected data of city-level BCE in China from 2008 to 2020. The results show that BCE promotes corporate acquisition activities largely due to mitigated information asymmetry and decreased deal inefficiency. Our results highlight the important role of judiciary reform in corporate acquisition decisions in emerging markets.

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关键词：

Bankruptcy court Judiciary reform Firm acquisition

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