企业并购、方式选择和社会福利影响——基于2008-2014年上市公司的实证研究

发布时间：2018-05-30 13:31

本文选题：企业并购 + 并购方式　；参考：《经济管理》2017年01期

【摘要】：本文运用2008-2014年中国上市公司的财务数据,采用双重差分倾向得分匹配法,分析了并购对市场势力(企业成本加成率)、资源配置效率(Malmquist指数),进而对社会福利的作用。实证结果表明,总体而言,并购对企业生产率短期无显著影响,但会促进企业加成率提高,损害消费者福利,长期有助于提高企业生产率,社会福利得到改善;高频率并购对提高市场势力有短期影响,但作用短暂,而低频率并购对市场势力的影响需要长时间来体现,但作用稳定且对企业生产率无负面影响,但对消费者福利造成威胁;相对于本地并购,异地并购在信息获取等方面存在天然劣势,对社会福利的影响不显著;横向并购在短期对消费者福利形成威胁,但相对于纵向和混合并购,在生产率提升方面具有优势。从整体来看,并购对企业生产率、市场势力等方面的影响并没有理论中所预期的大;我国的市场化进程不断深入,但是,政府在企业并购中所产生的影响依然有迹可循。
[Abstract]:Based on the financial data of Chinese listed companies from 2008 to 2014 and the double differential tendency score matching method, this paper analyzes the effect of M & A on market power (enterprise cost addition rate, resource allocation efficiency and Malmquist index), and then on social welfare. The empirical results show that, in general, M & A has no significant impact on enterprise productivity in the short term, but it will promote the increase of the enterprise growth rate, damage consumer welfare, and improve the productivity of enterprises and social welfare in the long run. High frequency M & A has short term effect on improving market power, but the effect of low frequency M & A on market power needs a long time to reflect, but the effect is stable and has no negative effect on enterprise productivity, but it threatens consumer welfare. Compared with local M & A, foreign M & A has a natural disadvantage in obtaining information and has no significant impact on social welfare. Horizontal M & A is a threat to consumer welfare in the short term, but relative to vertical and mixed mergers and acquisitions. Has the advantage in the productivity enhancement aspect. On the whole, the impact of M & A on enterprise productivity and market power is not as great as expected in theory.
【作者单位】：南开大学经济与社会发展研究院;南开大学经济学院;
【基金】：国家社会科学基金重大项目“新产业革命的发展动向、影响与中国的应对战略研究”(13&ZD157) 教育部人文社科研究规划基金项目“以供给侧结构性改革化解我国新兴产业产能过剩的路径研究”(16YJA790002)
【分类号】：F271;F832.51

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