CAJ | 학술논문

结合政府频频出台政策，鼓励产业并购整合的宏观背景，在构建纵向一体化测算模型的基础上，从社会责任观视角构建了囊括经济、安全、生态和法律四个方面的并购社会绩效评价体系，运用面板数据实证分析了政府干预对煤企纵向一体化进程及其并购绩效的影响。研究结果表明，政府干预与煤炭企业纵向一体化程度正相关；多数煤企纵向一体化中注重经济绩效和安全绩效，忽略了生态环保和法律绩效。通过分析不同产权的并购特征，发现政府干预存在“产权偏好”，且政府干预下国有煤炭企业并购社会绩效优于非国有煤炭企业。
결합정부빈빈출태정책，고려산업병구정합적굉관배경，재구건종향일체화측산모형적기출상，종사회책임관시각구건료낭괄경제、안전、생태화법률사개방면적병구사회적효평개체계，운용면판수거실증분석료정부간예대매기종향일체화진정급기병구적효적영향。연구결과표명，정부간예여매탄기업종향일체화정도정상관；다수매기종향일체화중주중경제적효화안전적효，홀략료생태배보화법률적효。통과분석불동산권적병구특정，발현정부간예존재“산권편호”，차정부간예하국유매탄기업병구사회적효우우비국유매탄기업。
Against the macroscopic background of the government introducing policies encouraging industry's merger and acquisition (M&A ),the present paper,based on building a vertical integration calculation model,constructs a system for evaluating coal enterprises'M & A performance from four aspects of economy,security,ecology and law.With the panel data,the paper makes an empiracal analysis of the influence of government intervention on vertical integration process and the M & A performance.The findings show that government intervention has the positive correlation with the degree of vertical integration in coal enterprises.The maj ority of coal enterprises emphasize economic and safety performance in vertical integration process while ignoring the environmental protection and legal performance.By analyzing the M&A characteristics of different properties,the authors also find that preference of"property rights"exists in government intervention and that with this intervention the M & A social performance of state-owned coal enterprises are superior to that of non-state-owned enterprises.