要素市场环境、地方国企的并购绩效与改革方向  

Factor Market Environment, M＆A performance and Market Oriented Revolution of Local State Enterprises

作　　者：刘巨松[1] 姚益龙[1] 瞿婷婷[1] 

机构地区：[1]中山大学岭南学院

出　　处：《金融学季刊》2016年第2期35-51,共17页Quarterly Journal of Finance

摘　　要：本文发现地方国企并购非本地的、要素市场发达地区的企业的并购绩效显著高于本地并购绩效，同时也显著高于民营企业同类型的并购绩效，即摆脱掠夺之手的积极作用大于失去支持之手的消极作用，为掠夺之手的存在提供直接的实证证据，并且发现了支持之手与掠夺之手分别占主导作用的环境，修正了前人“支持之手占主导作用’’的结论。本文的研究也证明了要素市场环境是影响地方国企并购绩效的重要制度因素，丰富了地方国企并购动机及绩效的研究成果。This article is aimed to explore the impact of factor market on the M＆A perform- ance of local state acquirers, to understand the dominant effect of supporting hand and grabbing hand and how they affect the M＆A performance of local state acquirers, to provide suggestions for the market oriented revolution of local state enterprises. This article has found out that local state acquirers, which entered a more developed factor market, would have better M＆A performance than those of local state acquirers, and those of private acquirers which entered a more developed factor market. These empirical results indicate that the grabbing hand has the dominant effect for local state acquirers entering more developed factor markets, which has rectified the theories of for- mer study that the helping hand is taking up the dominating effect all the time, providing more ac- curate understanding and suggestion of the market oriented revolution of local state enterprises. Be- sides, this article has proved that the factor market environment has significant effect on the M＆A performance of local state acquirers.

关 键 词：支持之手 掠夺之手 地方国企 并购绩效 要素市场 

分 类 号：F271[经济管理—企业管理]