企业并购动因的变结构协整分析:股权分置改革视角  

Cointegration Analysis with Regime Shifts of Motivation of M&A:From the Perspective of Non-tradable Shares Reform

作　　者：何苏燕 任力[2] HE Suyan;REN Li(Department of Economics,Party School of the Guangdong Provincial Committee of CPC,Guangzhou,Guangdong 510053,China;School of Economics,Xiamen University,Xiamen,Fijian 361005,China)

机构地区：[1]中共广东省委党校经济学教研部,广东广州510053 [2]厦门大学经济学院,福建厦门361005

出　　处：《宜宾学院学报》2023年第8期30-39,共10页Journal of Yibin University

基　　金：国家自然科学基金项目“‘一带一路’建设中的自由贸易试验区与港口城市发展研究”(B18160)。

摘　　要：从股权分置改革视角探究资本市场流动性、股票市场状况这两大宏观层面经济因素对企业并购动因产生影响发现:并购数量与资本市场流动性以及股票市场状况之间存在长期均衡关系,但三者之间的长期均衡关系在股权分置改革后发生了结构性突变。运用面板logit模型的实证分析也表明资本市场流动性以及股票市状况均会对企业并购动因产生影响,且上述影响在股权分置改革后发生了变化。From the perspective of non-tradable shares reform,how the two macro-level variables,namely capital market liquidity and stock market conditions affect the M&A motivation of Chinese enterprises was studied.The results find that there exists a long-term equilibrium relationship among these three variables which are the number of mergers and acquisitions,capital market liquidity and stock market conditions.But the long-term equilibrium relationship between these three variables has undergone a structural shift after the non-tradable shares reform.Through the analysis using panel logit model,it is also found that capital market liquidity and stock market conditions affect the M&A motivation of Chinese enterprises.And the relationship between these three variables changes after the non-tradable shares reform.

关 键 词：并购动因 股权分置改革 变结构协整 面板logit模型 

分 类 号：F270[经济管理—企业管理]