As will be argued in Section II, we expect state acquirers to be more likely than private acquirers to use corporate funds inefficiently, i.e., conduct tunneling and make investment in negative-NPV projects.

• 在第二部分将讨论，我们预期国有收购方会比私有收购方更低效益的利用被收购公司的资金，即操作“隧道挖掘”和在负净现值的项目上投资。