并购重组如何推动国有企业高质量发展?——基于中国A股国有上市公司的经验证据  

How Can M&As Promotethe High-quality Development of SOEs?-Empirical Evidence from Chinese A-share Listed SOEs

作　　者：陈玉罡[1] 卢珊 滕飞 Chen Yugang;Lu Shan;Teng Fei

机构地区：[1]中山大学管理学院 [2]广东省习近平新时代中国特色社会主义思想研究中心 [3]中山大学马克思主义学院,广东省广州市

出　　处：《金融学季刊》2024年第2期1-29,共29页Quarterly Journal of Finance

基　　金：研究阐释党的二十大精神国家社科基金重点项目(23AZD021)的资助

摘　　要：本文以2008~2021年中国A股国有上市公司为样本,通过构建异时双重差分模型,采用全要素生产率作为国有企业高质量发展水平的衡量指标,实证研究并购重组对国有企业高质量发展水平的影响。研究发现,实施并购重组可以显著提高国有企业全要素生产率,该研究结论通过了一系列稳健性检验。机制研究发现,并购重组通过改善资源配置效率和推动技术进步进而提高国有企业全要素生产率。异质性研究表明,对于中央企业、集中度较低的行业、市场化程度较低的地区,并购重组对国有企业全要素生产率的正向作用更强。进一步地,国有企业内部整合、产业内整合以及跨区域整合都能带来较高的全要素生产率,深化国有企业改革政策的出台增强了并购重组对国有企业全要素生产率的正向效应。本文的发现为并购重组提高国有企业全要素生产率提供了经验证据,丰富了国有企业并购重组相关文献,对于新时期国有企业如何实现高质量发展具有政策启示意义。Based on a sample of Chinese A-share state-owned listed companies from 2008 to 2021,this paper empirically examines the impact of mergers and acquisitions(M&As)on the level of high-quality development in state-owned enterprises(SOEs).This is achieved by constructing a heterogeneous-timing DID model and utilizing total factor productivity(TFP)as an indicator for measuring the level of high-quality development.The research findings indicate that M&A implementation significantly enhances the TFP of SOEs,with robustness tests confirming these conclusions.Mechanism analysis reveals that M&A activities improve resource allocation efficiency and promote technological progress,thereby enhancing the TFP in SOEs.Heterogeneity analysis demonstrates that the positive effect of M&As on TFP is more pronounced for SOEs who are centrally owned,in industries with lower concentration levels,and within regions with limited marketization.Furthermore,internal integration,intra-industry integration,and cross-regional merger within SOEs contribute to higher TFP levels.The findings of this paper provide empirical evidence for how the M&As affect TFPof SOEs,enrich the relevant literature of SOE M&As,with policy implications for how to further achieve high-quality development of SOEs.

关 键 词：国有企业 并购重组 高质量发展 全要素生产率 

分 类 号：F832.51[经济管理—金融学] F271F276.1