CAJ | 학술논문

同属并购是地方政府干预公司控制权市场的主要路径与体现,也是公司控制权市场有效性的重要度量。以2003-2007年沪深两市地方国有上市公司发生的并购事件为样本,以2006年作为我国企业治理环境改进的时间分界线,对同属并购的影响因素与绩效变化进行的实证研究表明,地方国有上市公司具有同属并购偏好,政府干预及地方保护程度是影响同属并购选择的重要因素。此外,以股权分置改革为代表的治理环境改善弱化了地方国有企业的同属并购偏好,其并购的中观和微观绩效有所提升。这些发现凸现了公司控制权市场发挥结构功能与治理功能的政府因素与环境条件,也揭示了治理环境改进提升公司控制权市场有效性的路径。
동속병구시지방정부간예공사공제권시장적주요로경여체현,야시공사공제권시장유효성적중요도량。이2003-2007년호심량시지방국유상시공사발생적병구사건위양본,이2006년작위아국기업치리배경개진적시간분계선,대동속병구적영향인소여적효변화진행적실증연구표명,지방국유상시공사구유동속병구편호,정부간예급지방보호정도시영향동속병구선택적중요인소。차외,이고권분치개혁위대표적치리배경개선약화료지방국유기업적동속병구편호,기병구적중관화미관적효유소제승。저사발현철현료공사공제권시장발휘결구공능여치리공능적정부인소여배경조건,야게시료치리배경개진제승공사공제권시장유효성적로경。
Intra-mergers acquisitions are the main means as well as the evidence of local government intervention.They also serve as an important measurement of the market efficiency for corporate control.By sampling mergers acquisitions undertaken by local government-controlled listed companies in the Shanghai and Shenzhen Stock Exchanges from 2003 to 2007 with 2006 as the demarcation line of improvement of governance environment in China,this paper makes an empirical analysis of the determinants and performance change of intra-mergers acquisitions.The results show that local government-controlled listed companies have a preference for intra-mergers acquisitions.Government intervention and local protectionism are important factors influencing the decision making of intra-mergers acquisitions.Moreover,the intra-mergers acquisitions preference of local government-controlled listed companies has been weakened by the governance environment improvement,and the meso-view（industry level）and the micro-view（corporate level）performance of the market for corporate control has been improved.These findings highlight the governmental factors and environmental conditions for the better operation of the structural and governance functions of corporate control market.They also reveal the effective pathways to enhance the efficiency of market for corporate control through governance environment progress.