关键词:

资本跨区域流动, 全国统一大市场, 信息不对称, 合法性, 诉讼风险

Abstract:

This paper examines the effect of business environment distance on the inter-regional mergers and acquisitions and finds that there is a “door–to-door" effect in firms' inter-regional MA decisions. The results show that business environment distance between two regions discourages firms from making inter-regional M&A investments, and the effect is more pronounced when the business environment in host regions is better than that in home regions. Inter–regional geographic distance further amplifies the hindrance effect of business environment distance on cross - border M&A activities. Decreasing the business environment distance between regions will reduce information asymmetry and alleviate firms' concerns about the lack of legitimacy and potential litigation risks. Further analysis shows that narrowing the business environment distance will also help to break down the cultural barriers between regions. The findings of this paper contribute to understanding the necessity of optimizing the business environment in different regions and coordinating the development of inter-regional business environment, which are of great practical importance for promoting the inter–region M&As and establishing a unified national market.

Key words:

cross-regional capital flows, unified national market, information asymmetry, legitimacy, potential litigation risks

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