CAJ | 학술논문

本文选取深沪A股上市公司2007-2009年成功实施并购交易的主并公司为样本，对不同政府控制背景下的企业长短期并购绩效进行了研究。结果表明：在短期内，相对于政府控制企业，非政府控制企业的并购绩效更好；相对于地方政府控制企业，中央政府控制企业的并购绩效更好，政府“掠夺”效应占主导地位。在长期内，政府控制企业的并购绩效优于非政府控制企业绩效，地方政府控制企业与中央政府控制企业的并购绩效没有显著差异，政府“支持”效应占主导地位。本文结论从政府控制角度解释了我国企业并购的“成功悖论”，同时也为有关部门更好地规范地方政府行为和监管公司治理提供了可操作的政策建议。
본문선취심호A고상시공사2007-2009년성공실시병구교역적주병공사위양본，대불동정부공제배경하적기업장단기병구적효진행료연구。결과표명：재단기내，상대우정부공제기업，비정부공제기업적병구적효경호；상대우지방정부공제기업，중앙정부공제기업적병구적효경호，정부“략탈”효응점주도지위。재장기내，정부공제기업적병구적효우우비정부공제기업적효，지방정부공제기업여중앙정부공제기업적병구적효몰유현저차이，정부“지지”효응점주도지위。본문결론종정부공제각도해석료아국기업병구적“성공패론”，동시야위유관부문경호지규범지방정부행위화감관공사치리제공료가조작적정책건의。
Selecting the data of Chinese listed companies which have successfully taken merge and acquisition from 2007-2009, this paper analyzes the long term and short term M＆A performance of enterprises under different background of government control. The results show that： in the short term, the non-government-controlled enterprises show better M＆A performance comparing to the government-controlled enterprises, and the central government-controlled enterprises show better M＆A performance comparing to the local government-controlled enterprises, which indicates that the“preda-tory” effect of government is dominant in the process of M＆A. However, In the long term, the M＆A performance of government-controlled enterprises are better than non-government-controlled enterprises, and the differences of M＆A performance between local government-controlled enterprises and the central government-controlled enterprises are not significant, which uphold the “support” effect of government. The conclusion explains the “success paradox” of M＆A activities of Chinese enterprises from the perspective of government control, and provides a guideline for the related departments to regulate the behavior of local government and corporation.