市场分割与资源配置效率的损害——来自企业并购的证据  

Market Segmentation and the Efficiency Loss of Resource Allocation:Evidence from Mergers & Acquisitions of Enterprises

作　　者：方军雄[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《财经研究》2009年第9期36-47,共12页Journal of Finance and Economics

基　　金：国家自然科学基金资助项目(70602024);教育部人文社会科学基金资助项目(08JC790019)

摘　　要：中国市场分割是否存在,进而是否损害资源配置效率?文章从企业并购的角度进行了研究。并购具有促进资源优化配置、改善企业公司治理、提高企业价值的功能,但是并购也意味着被并购企业控制权的转移,这会对被并购企业所在地的经济、就业产生重大影响,因而可能引致地方政府的干预。研究发现,由于地方保护主义的存在,企业进行异地并购困难重重,但随着市场化程度的提高,异地并购的障碍得到有效的缓解,这说明我国存在一定程度的市场分割,但是随着市场化进程的深入,市场分割状况得到改善。The paper studies the existence of market segmentation in China and its effect on the efficiency of resource allocation. Mergers and acquisitions can function as promoting capital allocation efficiency, improving corporate governance and raising corporate value. But M＆A means the transfer of the control right of target enterprises which will bring important influences on the economy and employment in the regions where the target enterprises are located, so it is possible to lead to local-government interven- tion. The paper finds that it is difficult for cross-regional M＆A due to local protectionism and owing to the marketization, the difficulties will be effectively eased. It shows that there exists market segmentation in China to some extent, and market segmentation will be eliminated because of the ongoing marketization process.

关 键 词：市场分割 并购 市场化 资源配置 

分 类 号：F275[经济管理—企业管理]