产业政策与企业并购决策——基于政策导向视角  

Industry Policy and Corporate M&A Decisions--Based on the Policy-Oriented Perspective

作　　者：巩亚林 赵良凯 马永强[3] GONG Ya-lin;ZHAO Liang-kai;MA Yong-qiang

机构地区：[1]西南财经大学金融学院 [2]成都理工大学 [3]西南财经大学会计学院

出　　处：《产经评论》2023年第3期70-85,共16页Industrial Economic Review

基　　金：国家自然科学基金青年项目“管理者性格特征对企业财务决策的影响——基于语言文本分析技术”(项目编号:72102188,项目负责人:巩亚林);国家自然科学基金重点国际合作研究项目“大数据背景下会计信息促进实体经济发展的关键路径与机制研究”(项目编号:72010107001,项目负责人:马永强)。

摘　　要：产业政策作为政府对产业形成与发展施加干预的手段,在我国经济发展中发挥着十分重要的作用。基于我国A股上市公司数据,从政府出台产业政策导向的视角,创新性地考察做大做强与淘汰落后两种导向产业政策对企业并购决策的影响。结果显示:(1)受做大做强导向产业政策支持的企业进行了更多并购交易,这一现象在民营企业更明显。(2)淘汰落后导向产业政策没有促进企业并购交易,但在区分产权性质后,发现受淘汰落后导向产业政策支持的国有企业进行了更多并购交易。(3)做大做强导向产业政策没有提升企业并购后的市场价值,而淘汰落后导向产业政策降低了企业并购后的市场价值。由此得到了不同目的产业政策的执行效果与政府和企业的利益是否一致密切相关的经验证据。Industrial policy as a means for the government to intervene in the formation and development of industries,plays a very important role in my country s economic development.Using the data of China s listed companies,this paper innovatively examines the impact of industrial policies of making enterprises getting bigger and making enterprises getting rid of the backward on corporate M&A decisions from the perspective of the government s industrial policy objectives.This paper finds that:Firstly,enterprises supported by industrial policies of making enterprises getting bigger have carried out more mergers and acquisitions.This effect is more obvious in private enterprises.Secondly,industrial policies of making enterprises getting rid of the backward do not promote M&A,but state-owned enterprises supported by industrial policies of making enterprises getting rid of the backward have accomplished more M&A after distinguishing the nature of property rights.Thirdly,although industrial policies of making enterprises getting bigger don t enhance corporate market value of M&A,industrial policies of making enterprises getting rid of the backward reduce corporate market value of M&A.Therefore,the findings of this paper get evidence that the implementation effects of industrial policies with different purposes are closely related to the interests of the government and enterprises.

关 键 词：产业政策 企业并购 做大做强 淘汰落后 企业价值 

分 类 号：F062.9[经济管理—政治经济学]