国有企业并购行为对产业升级的推动——基于目标企业所有制类型的考察
发布时间：2018-10-08 18:27
【摘要】：本文利用中国上市公司2008-2014年财务数据,采用基于倾向得分匹配的倍差法,实证考察了国有企业并购对产业升级的影响,并从资源匹配、并购协同、股权制衡等角度解析了目标企业所有制差异对并购效应的影响。实证结果表明:国企并购有利于促进产业升级。而相对于并购国企,国有企业并购民营、外资企业更有助于实现供给侧改革目标;面对不同所有制的目标企业,控制权的转移呈现出不同的调节作用,但负向影响是主要作用。因此,保持目标企业控制权和管理层稳定十分重要。国企并购在产业价值链升级方面具有一定的滞后性,企业应尽快缩短双方资源磨合的调整期。
[Abstract]:Based on the financial data of Chinese listed companies from 2008 to 2014 and the multiple difference method based on propensity score matching, this paper empirically examines the impact of M & A on industrial upgrading of state-owned enterprises, and from the point of view of resource matching, merger and acquisition coordination, The influence of ownership difference on M & A effect is analyzed from the angle of equity balance. The empirical results show that SOE M & A is beneficial to promote industrial upgrading. Compared with state-owned enterprises, state-owned enterprises merge private enterprises, foreign-funded enterprises help to achieve supply-side reform goals; in the face of different ownership of the target enterprises, the transfer of control rights show different regulatory role, but the negative impact is the main role. Therefore, it is very important to maintain the control of the target enterprise and the stability of the management. SOE M & A has some lag in upgrading the industrial value chain. Enterprises should shorten the adjustment period of mutual resources as soon as possible.
【作者单位】： 南开大学经济学院;
【基金】：天津市哲学社会科学研究规划项目“京津冀协同战略背景下天津科技金融发展路径与创新研究”(项目编号:TJYYWT15-018)
【分类号】：F276.1;F271
本文编号：2257815
[Abstract]:Based on the financial data of Chinese listed companies from 2008 to 2014 and the multiple difference method based on propensity score matching, this paper empirically examines the impact of M & A on industrial upgrading of state-owned enterprises, and from the point of view of resource matching, merger and acquisition coordination, The influence of ownership difference on M & A effect is analyzed from the angle of equity balance. The empirical results show that SOE M & A is beneficial to promote industrial upgrading. Compared with state-owned enterprises, state-owned enterprises merge private enterprises, foreign-funded enterprises help to achieve supply-side reform goals; in the face of different ownership of the target enterprises, the transfer of control rights show different regulatory role, but the negative impact is the main role. Therefore, it is very important to maintain the control of the target enterprise and the stability of the management. SOE M & A has some lag in upgrading the industrial value chain. Enterprises should shorten the adjustment period of mutual resources as soon as possible.
【作者单位】： 南开大学经济学院;
【基金】：天津市哲学社会科学研究规划项目“京津冀协同战略背景下天津科技金融发展路径与创新研究”(项目编号:TJYYWT15-018)
【分类号】：F276.1;F271
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