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Can Distressed Companies Get out of Financial Distress through M&A？
M&A is an important way to optimize the allocation of resources. A deep study of the important role of M&A in helping distressed companies get out of financial distress will help to offer a feasible path for companies to achieve high-quality development. The existing literatures on the M&A related to financial distressed companies mostly treat distressed companies as the targets, while ignoring financial distressed companies as acquirers in corporate M&A. To fill this gap, we investigate the short-term value and post-merger performance of distressed companies as acquirers over the period of 2004-2015. The results indicate that M&A of financial distressed companies can not only create positive short-term market value, but also improve the long-term performance of the companies. We further find that the long-term post-merger performance of distressed companies can be improved through reducing the financial slack, and through improving corporate debt payment ability. These results provide new evidence for China′s financial distress companies to get rid of financial distress through M&A, which has important enlightening significance.
Yun-he LI , Lin-ran ZHU , Zhuo-hong TAN , Zhang-yu QIAN . Can Distressed Companies Get out of Financial Distress through M&A？[J]. Journal of East China Normal University (Philosophy and Social Sciences), 2022 , 54(5) : 161 -174 . DOI: 10.16382/j.cnki.1000-5579.2022.05.015
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