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

二、主讲人：张妙音，现任中央财经大学金融学院助理教授。主要研究兴趣包括金融科技、文本分析、公司金融和企业投资等。张博士于2015年获得华中科技大学学士学位，随后于2016年获得美国约翰霍普金斯大学金融学硕士学位，并于2022年获得美国田纳西大学金融学博士学位。其学术论文曾多次被 EFA、FMA 和 SFA 等顶级国际会议录用。 

三、时间：2024年6月11日 周二 19:00-20:30

四、地点：腾讯会议ID 219-743-189

五、主持人：魏旭教授 中央财经大学金融学院副院长

六、内容简介：

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：张莹

审核：魏旭