地方财政政策对文化企业并购行为的促进效应研究  

Incentive Effect of Local Fiscal Policies on M&A Behavior of Cultural Enterprises

作　　者：刘慧凤[1] 杨晓彤[1] LIN Huibeng;YANG XiaoTong(School of Management,Shandong University,Jinan 250100)

机构地区：[1]山东大学管理学院

出　　处：《财贸研究》2019年第10期64-77,共14页Finance and Trade Research

基　　金：山东省人文社科基金重点项目“财税政策激励情境下文化企业并购行为的选择与资源配置效率研究”(15BGLJ05);国家社科基金重大项目“完善现代市场体系与培育骨干文化企业”(14ZDA051)

摘　　要：以2010-2016年上市文化企业数据为样本,论证地方文化产业财政投入的持续增长对文化企业通过并购进行资源配置的影响。研究发现:地方财政投入的增长显著地增加了文化企业同行业并购和跨地区并购整合,提高了同行业并购和跨地区并购企业的投资收益率和社会贡献水平;国有文化企业并购行为与地方财政投入增长的相关性显著高于民营企业,但并未发现国有企业并购效果高于民营企业;同行业并购经济效果好于跨地区并购。因此,继续推行和完善文化企业财政促进政策,有利于实现企业和地方经济的双赢。The paper aims to test how fiscal expenditure competition influence M&A behavior of Chinese listed culture companies from 2010-2016. The results show that growth of local government’s fiscal input has significantly increased the mergers and acquisitions(M&A) of cultural companies in the same industry and cross-regional M&A integration,and improved the return on investment and social contribution of the same industry M&A and cross-regional M&A. The correlation betw een the increase of local fiscal input and M&A behavior of state-ow ned cultural enterprises is significantly higher than that of private enterprises,but it has not found that M&A effect of state-owned enterprises is higher than that of private enterprises. The economic effect of mergers and acquisitions in the same industry is better than cross-regional M&A. Therefore,continuing to implement and improve the fiscal promotion policy of cultural enterprises is advantageous to achieve a win-win situation for both enterprises and local economy.

关 键 词：地方财政政策 文化企业 同行业并购 跨区域并购 促进效应 

分 类 号：F275[经济管理—企业管理]