Does The Level Of Economic Development Impact The Same Jurisdiction Of M&A?

In capital markets, mergers and acquisitions of listed companies happen frequently in recent years, and express an abnormal phenomena that two sides of the deal belong to the same area(usually the same province or municipality) of M & A activities are in the majority. There are few studies about the same jurisdiction of M & A in the past year, and the general studies are mostly on M & A decisions,M & A performance and the price way of M & A. what factors influence the same jurisdiction of M & A is worth exploring, and the economic consequences of the same jurisdiction of M & A also have a great significance. As for the regional effects of monetary policy research,there are many theorists study literature from the perspective of differences in regional economic structure at present, but their analysis in terms of theoretical foundation or empirical tests are not enough and so widely recognized, and what related to monetary policy area Effects conduct research for mergers and acquisitions are less. In addition, the imbalance of regional economic and financial development is a hot theoretical research in recent years, and how the combined effects of heterogeneity of macro monetary policy and Unbalanced Regional Economic Development will further affect the same jurisdiction of M & A and consequences?Different from the past visual researches which act the Government intervention as a incentive for M & A, this paper follows the pre-institutional environment of government intervention to study the changes of the economic development level and monetary policy affect purchasing behavior.In this paper,take 2007--2012 years of major mergers and acquisitions of listed companies as the research samples events,based on the reality of China’s non-balanced regional economic development, the use of regional heterogeneity of the effects of monetary policy to explain the acquisition of listed companies in China belong to the jurisdiction of the trading behavior and economic consequences.The study found that the listed company in the region of higher level of economic development tend to take more same jurisdiction of M & A;especially in periods of monetary tightening,they will have the better M & A performance and lower degree of non-efficiency investment after the merger. Thisstud provides new evidence for the economic(market) logical mechanism of the same jurisdiction of M & A, yet also exam the further area of monetary policy effects of the existence of heterogeneity from the unique perspective of the microscopic behavior and economic consequences of the acquisition of, expand and deepen the theoretical literature about interactive of macro policy and microscopic behavior, to provide an important reference for merger decision making.