政策性审核还是实质性审核:产业政策对并购重组委行政审核的影响  

Political Verification or Substantive Verification:The Impact of Industrial Policy on the Administrative Verification of the M&A Committee

作　　者：袁业虎[1] 汤晟 YUAN Ye-hu;TANG Sheng(Jiangxi University of Finance and Economics,Nanchang 330013;Jinan University,Guangzhou 510632,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]暨南大学管理学院,广东广州510632

出　　处：《当代财经》2021年第8期78-89,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金项目“控股股东缺失与公司治理:溯源、影响与治理”(71962010)。

摘　　要：并购重组行政审核的制度安排是实体经济结构优化、服务国家经济战略布局的重要抓手,同样也关系到并购重组功能的正常发挥以及资本市场的健康化和市场化发展。以产业政策为切入点,选取2008—2018年A股上市公司涉及并购重组委审核的并购重组事项为样本,对并购重组委行政审核的实质性进行研究。结果发现,当受产业政策支持的上市公司作为并购方时,进行的并购重组事项更可能通过并购重组委的行政审核。进一步,异质性分析表明,受产业政策支持的上市公司并购重组事项过审概率显著增加的结果主要体现在上市公司为民营企业、来自非西部地区、进行横向整合的样本中,这体现了并购重组委审核的实质性。然而,受产业政策支持的上市公司与并购重组委的社会关联及灰色关联会对并购重组委实质性审核产生不利影响,可能导致并购重组市场资源配置效率的扭曲。此外,受产业政策支持的上市公司并购重组实现后,上市公司集团进行了更多的实质性创新。The institutional arrangement for the administrative verification of the mergers and acquisitions is an important starting point for the optimization of the real economic structure,which can serve the national economic strategic layout,it is also related to the normal functioning of mergers and acquisitions and the healthy and market-oriented development of the capital market.Taking the industrial policy as the entry point and selecting the data of the cases of mergers and acquisitions of A-share listed companies verified by the Mergers and Acquisitions Committee from 2008 to 2018 as samples,this paper studies the essence of the administrative verification of the Mergers and Acquisitions Committee.The results show that when the listed companies supported by industrial policies are the acquirers,the M&A events are more likely to pass the administrative verification of the Mergers and Acquisitions Committee.The findings of further heterogeneous analysis show that the results of remarkably increased probability of M&A events verification of the listed companies supported by the industrial policies are mainly embodied in the samples of listed companies that are private enterprises or from non-western regions or integrated horizontally,which reflects the substantiality of the verification by the Mergers and Acquisitions Committee.However,the social relevance and the grey relevance between the listed companies supported by industrial policies and the Merger and Acquisitions Committee can have adverse effects on the substantive verification of the Mergers and Acquisitions Committee,which may lead to the distortion of the efficiency of market resource allocation in the M&A events.Besides,after the realization of M&A of listed companies supported by industrial policies,the listed company groups can carry out more substantive innovations.

关 键 词：产业政策 并购重组委 行政审核 并购重组 

分 类 号：F420[经济管理—产业经济]