CAJ | 학술논문

以2006-2011年沪深A股上市公司并购事件为样本，实证考察地方政府干预背景下剩余资源与企业并购之间的关系发现，不论是地方国有企业还是民营企业，剩余资源都是其发动并购的前提条件。与地方国有企业不同，民营企业在并购前贮存更多的剩余资源，更多的依靠自身的并购能力完成交易。对于地方国有企业而言，政府干预则部分替代了剩余资源的作用，显著降低了其与并购之间的相关性。
이2006-2011년호심A고상시공사병구사건위양본，실증고찰지방정부간예배경하잉여자원여기업병구지간적관계발현，불론시지방국유기업환시민영기업，잉여자원도시기발동병구적전제조건。여지방국유기업불동，민영기업재병구전저존경다적잉여자원，경다적의고자신적병구능력완성교역。대우지방국유기업이언，정부간예칙부분체대료잉여자원적작용，현저강저료기여병구지간적상관성。
Taking the mergers ＆amp; acquisitions of A_share listed companies in Shanghai and Shen-zhen Stock Exchange for years 2006-2011 as an example ,this article makes an empirical survey on the relationship between slack resources and enterprise mergers ＆amp; acquisitions under the back-ground of government intervention .From the survey we discover that the slack resources are the preconditions of mergers ＆amp; acquisitions for both local SOEs and private enterprises .Compared with the SOEs ,the private enterprises store more slack resources before making mergers＆amp; acqui-sitions and rely more on their own mergers ＆amp; acquisitions ability to complete the deal .But for the local SOEs ,the government intervention partly replaces slack resources ’ function and decreases remarkably the correlations between slack resources and mergers ＆amp; acquisitions .