Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test

LIU Peng; HE Dong-mei

Volume 34 Issue 3

May 2021

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2019 > 34(3): 4-13

LIU Peng, HE Dong-mei. Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(3): 4-13.

Citation:

LIU Peng, HE Dong-mei. Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(3): 4-13.

LIU Peng, HE Dong-mei. Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(3): 4-13.

Citation:

LIU Peng, HE Dong-mei. Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(3): 4-13.

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Can Merger and Reorganization Resolve Overcapacity: Based on PSM-DID Empirical Test

Business School, Nanjing University, Nanjing 210093, China

Received Date: 2019-02-25
Available Online: 2021-05-27
Publish Date: 2019-05-28

Abstract

Abstract

Based on the merger and reorganization data of listed companies from 2003 to 2016 and the PSM-DID method, this paper aims to test the effectiveness of the merger and reorganization in resolving overcapacity. The results show that: the merger and reorganization cannot effectively resolve overcapacity on the whole; the effectiveness is affected by the difference in the subject of merger and reorganization; specifically, the spontaneous merger and reorganization of private enterprises is conducive to resolving overcapacity, while the effect is less significant in the administrative merger and reorganization of state-owned enterprises under government intervention; heavy industry and enterprises with excess capacity should not adopt merger and reorganization to resolve overcapacity, while light industry and non-overcapacity enterprises can resolve overcapacity effectively through merger and reorganization. Therefore, the government should reduce the direct intervention of merger and reorganization, and systematically eliminate the soft budget constraints of state-owned enterprises.
- merger and reorganization,
- overcapacity,
- listed company,
- state-owned enterprise,
- private enterprise,
- PSM-DID

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References(27)

References

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