政府干预、所有权性质与企业并购

本文考察了在存在地方政府干预的背景下不同所有权性质与企业并购决策的关系,研究发现,地方政府直接控制的企业更易实施本地并购、更多的实施无关的多元化并购,而中央政府控制的企业则可以突破地方政府设置的障碍,实现跨地区并购。本文研究表明,地方政府干预的确对企业的并购决策产生了影响,也一定程度支持了我国存在市场的地区分割的结论。

The Government Intervention, the Nature of Ownership and Enterprises'Mergers & Acquisitions

In this article, we have probed into the relationship in places where there exists local governments interven- tion between the nature of different ownerships and enterprises'decisions on mergers and acquisitions. Our findings are that the local-government-controlled companies implement more easily intra-mergers & acqusitions and multimergers & acquisitions, while the central-government-controlled enterprises can surmount obstacles placed by local governments and realize interregional mergers & acquisitions...