摘要
以我国上市公司在2003-2009年开展的非关联股权标的并购事件为研究对象,本文发现,要素市场发展对不同性质企业的异地并购绩效有着不同的影响。央企在并购要素市场落后地区企业时,双方要素市场发展差异越大,央企凭借其政治权威获得的政治寻租利益就越大,并购绩效就越高。相反,地方国企在并购要素市场落后地区企业时,目标方要素市场发展水平越低,双方要素市场发展差异越大,地方国企在并购后重建"支持之手"的政治寻租成本就越大,并购绩效就越低。但另一方面,地方国企并购要素市场更为成熟地区的企业时,双方要素市场发展水平差异越大,地方国企摆脱"掠夺之手"的作用就越显著,并购绩效就越高。而民营企业在并购要素市场更为成熟地区企业时,目标方要素市场发展水平越高,双方差异越大,要素市场扭曲带来的资源错置效应及市场摩擦就越大,导致并购绩效越低。
Based on the empirical study on the stock acquisition events from year 2003 to year 2009, we, in this article, have found out that the factor market development difference has different impacts on the MA of companies of different properties. When central government-owned companies acquire companies in less developed factor market, the larger the factor market development difference is, the more political rental gain that the central government-owned companies can get, and therefore the better the MA performance would be. However, when local government-owned companies acquire companies in less develop factor market, the larger the factor market development difference is, the higher cost of rebuilding the suppor ting hand would be, and therefore the worse the MA performance would be. On the other hand, when local government-owned companies acquire companies in more developed factor market, the larger the factor market development difference is, the better effect that local government-owned companies can get of getting rid of the grabbing hand, and thus the better the MA performance would be. Besides, when private companies acquire companies in more developed factor market, the larger the factor market development difference is, the more sever the resource inefficiency and market friction would be, and thus the worse the MA performance would be. This article has found out the institutional factor, factor environment, which have impacts on all kinds companies of different properties for the first time. The different impacts of factor market differences on the MA performance among central government-owned companies, local government-owned companies and private companies come from two resources, that is, the change of political rental space and the change of production inefficiency problem. The factor market development difference has different impact on the change of political rental space and production inefficiency problem for different kinds of companies, causing the different MA performance of different kinds of companies in the end.
出处
《南开管理评论》
CSSCI
北大核心
2014年第5期102-111,共10页
Nankai Business Review
关键词
要素市场发展
企业性质
异地并购绩效
Factor Market Development
Company Properties
M＆A Performance
