CAJ | 학술논문

本文通过分析地方国企是否比民营企业进行更少的异地并购，以及这种异地并购的经济后果，来判断政府在国有企业主要扮演支持之手还是掠夺之手的角色。结果发现：地方国企异地并购的概率显著低于民营企业；与同地并购相比较，地方国企异地并购会导致消极的市场反应，而且异地并购后企业的实际所得税税率和银行贷款成本均会显著增加。这些研究结果表明，与同地并购相比较，地方国企异地并购后获得的政府支持有所减少，从而导致负面的经济后果，这支持政府支持之手占主导的观点。本文的研究结果意味着，在政府对稀缺资源有较强控制的情况下，政府对国有企业的支持会阻碍民营企业的资源获取，进而扭曲资源配置效率，并最终阻碍经济增长。
본문통과분석지방국기시부비민영기업진행경소적이지병구，이급저충이지병구적경제후과，래판단정부재국유기업주요분연지지지수환시략탈지수적각색。결과발현：지방국기이지병구적개솔현저저우민영기업；여동지병구상비교，지방국기이지병구회도치소겁적시장반응，이차이지병구후기업적실제소득세세솔화은행대관성본균회현저증가。저사연구결과표명，여동지병구상비교，지방국기이지병구후획득적정부지지유소감소，종이도치부면적경제후과，저지지정부지지지수점주도적관점。본문적연구결과의미착，재정부대희결자원유교강공제적정황하，정부대국유기업적지지회조애민영기업적자원획취，진이뉴곡자원배치효솔，병최종조애경제증장。
To differentiate the helping hand view from grabbing hand view of government in state firms, this paper tests whether local state acquirers are less likely to make inter-province mergers than private acquirers and the economic consequence. This paper finds that the local state acquirer has a lower tendency to make inter-province mergers; the local state-owned acquirers get lower abnormal returns in inter-province mergers than those in intra-province mergers, and the inter-province mergers will bring heavier tax burdens and higher bank financing costs to the local state firms. Above evidences indicate that relative to intra-province mergers of local state-owned acquirers, inter-province mergers lead to less support from the local government, and thus the negative economic consequence, supporting the helping hand view. The policy implication of our paper is that the helping hand will limit the access to resources of private firms, distort the scarce resources allocation, and deter economic growth.