国有与民营控股上市公司短中期并购绩效比较研究  

A Comparative Study on the Short and Medium-Term M&A Performance of State-Owned and Private Share-Holding Companies

作　　者：李田香[1,2] 干胜道[1] 谭顺平[3] 

机构地区：[1]四川大学工商管理学院 [2]广西民族大学商学院 [3]广西财经学院教务处

出　　处：《广西民族大学学报（哲学社会科学版）》2012年第5期146-150,共5页JOURNAL OF GUANGXI MINZU UNIVERSITY:PHILOSOPHY AND SOCIAL SCIENCE EDITION

基　　金：广西教育厅科研项目"广西上市公司融资结构与公司治理结构的相关性研究"(项目编号:200911MS79)

摘　　要：以控股股东特质等理论为基础,将2008年进行了并购的556家样本上市公司分为国有控股上市公司和民营控股上市公司,并对这两大类上市公司的并购绩效用Tobin’s Q值法进行了对比分析。分析结果表明:民营公司比国有公司的并购绩效更明显。对实证结果的原因进行了总结,并提出了相应的对策。Based on such theories as the characteristics of share-holders, this paper divides the 556 sample listed companies which were acquired in 2008 into two kinds （namely state-owned share-holding companies and private ones） and makes a comparative analysis of the M＆A （merger and acquisition） performance of these two types of compa- nies by adopting Tobin＇s Q value. Results show that private share-holding companies per- form better than state-owned ones. The authors sum up the reasons and put forward some countermeasures.

关 键 词：控股股东特质 并购绩效 Tobin’sQ值 并购整合 内部人控制 内部治理 

分 类 号：F208[经济管理—国民经济]