文献类型：会议论文

英文题名：Industry policy, investor sentiment, and cross-industry capital flow: Evidence from Chinese listed companies' cross-industry M&As

作者：Hua, Guiru[1];Zhou, Shuli[1];Zhang, Shiyun[2];Wang, Junqiu[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Chongqing Univ Posts & Telecommun, Sch Econ & Management, Chongqing 400065, Peoples R China

会议论文集：China Research in International Business and Finance (RIBAF) Conference

会议日期：2019

会议地点：PEOPLES R CHINA

语种：英文

外文关键词：Industry policy; Investor sentiment; Cross-industry M&A; Equity financing dependence; Rational catering

摘要：This study investigates how the government's industry policies affect investor sentiment, and whether the influenced investor sentiment guides corporate capital flow in the real economy. By examining a sample of cross-industry mergers and acquisitions (M&As) of Chinese listed companies, we find that industry policies promulgated by the government have a significant asymmetric influence on investor sentiment. Furthermore, investor sentiment under the exogenous shock of industry policies has a significant real effect on companies' cross-industry M&A behavior, generating cross-industry capital flow. Additional analyses reveal that this effect arises because the acquirer depends on equity financing and has incentive to cater to investor sentiment. Our findings help clarify the effect of public policies on the stock market, theoretically, from the company's micro-level perspective, as well as the mechanism by which stock market volatility transmits to the real economy.