CAJ | 학술논문

文章基于昆明市上市公司数据，运用灰色关联模型和多元回归模型探讨地方政府政绩指标与上市公司横向、纵向和混合并购模式的相关性，分析得出地方政府在达到不同政绩目标时，影响上市公司选择的并购模式和政府动因影响的效果，证明政府干预过度、就业负增长和纵向并购模式下固定资产投资减少的制度缺陷，并从降低政府干预度、完善就业制度建设、改善固定资产投资现状角度对制度完善提出建议。
문장기우곤명시상시공사수거，운용회색관련모형화다원회귀모형탐토지방정부정적지표여상시공사횡향、종향화혼합병구모식적상관성，분석득출지방정부재체도불동정적목표시，영향상시공사선택적병구모식화정부동인영향적효과，증명정부간예과도、취업부증장화종향병구모식하고정자산투자감소적제도결함，병종강저정부간예도、완선취업제도건설、개선고정자산투자현상각도대제도완선제출건의。
This paper uses the gray relational models and the muhiple regression models, which base on the data of listed com panies in Kunming city, to explore the correlation among the local government performance indicators and the horizontal, ver tical and mixed M＆A of the listed companies. Based on above, the paper analyzes the effects by the behavior of listed companies choose the M＆A mode, to reach the different local performance target that the local government wants to get and influence The results certificates system defects that excessive government intervention, negative employment growth and reducing in investment in fixed assets under the mode of vertical M＆A. At last, the paper gives three suggestions to improve the system, which are reducing government intervention, perfecting the employment system construction, and improving the fixed assets investment status.