投资者法律保护与国企属性对并购协同效应的影响

发布时间：2018-04-18 22:28

本文选题：投资者保护 + 协同效应　；参考：《商业研究》2017年06期

【摘要】：企业并购产生的协同效应可以提升公司价值,我国特殊的制度背景和企业属性是影响我国企业并购效率的重要特殊因素,投资者法律保护的地区差异和企业属性的差异会对并购的协同效应产生不同影响。通过分析2007-2010年期间上市公司发生的并购事件,发现投资者法律保护水平对并购效率的影响对不同股权集中度公司的作用机制不一样:对于股权集中度低的上市公司而言,投资者法律保护水平对并购效率的影响与公司的产权属性密切相关,国有企业更容易产生正的外溢效应,即并购方的投资者保护水平越高越有利于提高异地并购效率;投资者法律保护水平低的民营企业容易触发"管家"精神,并有显著的"拔靴效应",通过并购投资者法律保护水平高的目标企业获得协同效应,可改善企业的公司治理水平。
[Abstract]:The synergetic effect of enterprise merger and acquisition can enhance the value of company. The special institutional background and enterprise attribute of our country are the important special factors that affect the efficiency of enterprise merger and acquisition in our country.The regional difference of investor legal protection and the difference of enterprise attribute will have different influence on the synergy effect of M & A.By analyzing the M & A events of listed companies during 2007-2010, it is found that the effect of the level of investor legal protection on the efficiency of mergers and acquisitions is not the same as that of the companies with different ownership concentration: for the listed companies with low degree of equity concentration, the mechanism is not the same.The influence of investor legal protection level on M & A efficiency is closely related to the property attribute of the company, and state-owned enterprises are more likely to have positive spillover effect, that is, the higher the investor protection level of M & A parties is, the better the M & A efficiency is.Private enterprises with low level of legal protection of investors are apt to trigger the spirit of "steward" and have obvious "boot-pulling effect". Through the acquisition of target enterprises with high level of legal protection of investors to obtain synergistic effects, the corporate governance level of enterprises can be improved.
【作者单位】：武汉大学经济管理学院;中国华融资产管理股份有限公司;
【分类号】：D922.287;F271;F276.1

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