Our study shows that the market can also be distorted by agency problems of controlling shareholders, in which state acquirers tend to tunnel and invest in projects with low returns.

• 我们的研究表明公司控制权市场还可能被控股股东代理问题扭曲，即国有收购方趋向于隧道挖掘以及在低回报的项目上投资。