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| Financing Constraints, Regional Financial Development and Mergers and Acquisitions of the Growth-stage Corporate——Theoretical Analysis and Empirical Evidence |
| ZHANG Xiaodong |
| School of Economics and Management, Beijing Jiaotong University |
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Abstract M&A in the growth stage is highly dependent on financial support. An information economics model can characterize the financing constraints caused by information asymmetry and insufficient collateral from M&A in the growth stage. And the introduction of regional financial development factors into the model can better alleviate financing constraints and promote M&A. Empirical analysis is carried out based on the listed companies and their M&A data from 2012 to 2018. The results also show that there are financing constraints in the M&A of growth-stage listed companies. Regional financial development can improve the probability of M&A by alleviating financing constraints. Theoretical analysis and empirical evidence confirm each other and reveal the mechanism of regional financial development supporting the growth-stage M&A.
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Received: 10 February 2021
Published: 15 April 2021
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Corresponding Authors:
ZHANG Xiaodong
E-mail: davidlaoxuqq13@qq.com
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2021, Vol. 41 
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