政府干预、行业特征与并购价值创造——来自国有上市公司的经验证据  

Government Intervention,Industries Characters and the M&A Value Creation:Evidence from State-Owned Listed Companies in China

作　　者：刘星[1] 吴雪姣[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《审计与经济研究》2011年第6期95-103,共9页Journal of Audit & Economics

基　　金：国家自然科学基金资助项目(70772100);重庆市软科学研究重点项目(CSTC;2010CE0034)

摘　　要：立足于2006年中央国资委首次明确国有资本将实施行业战略控制的现实背景,实证考察了政府干预、行业特征与国企并购价值创造的关系。研究结果表明,就盈利企业而言,地方政府干预对并购价值创造形成"掏空之手";就亏损企业而言,地方政府干预对并购价值创造的影响不显著;与处于战略行业的国有企业相比较,非战略行业的国企并购价值创造较大,而在战略行业中,处于绝对控制的战略行业的国有企业并购价值创造更大;实施并购的地方国企的行业特征会对政府干预与并购价值创造的相关关系产生调节效应。Considering the realistic background that the Central Government defined the industries that the state capital control for the first time in 2006,and also based on the MA cases of listed state-owned companies controlled by the local governments from 2007 to 2009,we focus on the relation between the three factors： government intervention,industry characters and value creation of MA,and find that： For the good operating companies before MA,local government intervention has a negative impact on the value creation;For the bad operating companies before MA,local government intervention has no significant impact on the value creation.Compared with companies in the strategic industry,companies in the non-strategic industry,have more MA value creation.Compared with companies in the state-absolutely-controlled strategic industry,companies in the state-strongly-controlled strategic industry have more MA value creation.The industry characters can affect the relation between government intervention and MA value creation.

关 键 词：企业并购 企业并购绩效 并购价值创造 掏空理论 行业特征 

分 类 号：F283[经济管理—国民经济]