一、主題：The Cost of Antitrust and Firm Strategic Mergers and Acquisitions: Evidence from China

二、主講人：張妙音，現任bevictor伟德官网助理教授。主要研究興趣包括金融科技、文本分析、公司金融和企業投資等。張博士于2015年獲得華中科技大學學士學位，随後于2016年獲得美國約翰霍普金斯大學金融學碩士學位，并于2022年獲得美國田納西大學金融學博士學位。其學術論文曾多次被 EFA、FMA 和 SFA 等頂級國際會議錄用。 

三、時間：2024年6月11日 周二 19:00-20:30

四、地點：騰訊會議ID 219-743-189

五、主持人：魏旭教授 bevictor伟德官网副院長

六、内容簡介：

We examine the role of antitrust enforcement on firm M&A behaviors. We build a model with two asymmetric firm choosing its optimal investment decision under different level of antitrust error risk, which we refer to as the punishment intensity. The model yields that in equilibrium, firms facing high punishment intensity would choose nonlocal investment, i.e., cross-regional M&As. Exploiting the staggered implementation of industry-specific antitrust policies in China and using our hand-collect data on Chinese administrative penalty cases, we find supporting evidence of the existence of different level of antitrust punishment intensity, which leads to a structural change in firm M&A decisions: the overall M&A transactions significantly decrease but the cross-regional M&As increase. Such structural change hurts market competition as well as firm performance, implying its nature as a cost of antitrust enforcement.

撰稿：張瑩

審核：魏旭