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。
Based on the financial data of Chinese listed corporation from 2008 to 2014, this paper investigates the effects of merger and acquisition of state-owned enterprises （SOEs） on industrial upgrading, and analyzes the impacts of target enterprise ownership difference on M＆A effects from the perspectives of resource matching, M＆A synergy and equity balance. The investigation employs the difference-in-difference and propensity score matching methods, and the empirical results show that M＆A of SOEs can promote industrial upgrading. Compared to SOEs, private enterprises and foreign enterprises are the better choices of M＆A for SOEs to promote supply-side reform. As a moderating variable, the change of control plays different roles on M＆A effects when SOEs acquire different target enterprises, and the negative impact plays the main role. Thus, it is important to maintain the stability of control and management of the target business. As there is a certain lag in the process of industrial upgrading caused by M＆A, enterprises should make every effort to shorten the adjustment period of resources.
出处
《企业经济》
CSSCI
北大核心
2017年第4期40-46,共7页
Enterprise Economy
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)
关键词
国有企业
并购
产业升级
企业所有制
state-owned enterprises
M＆A
industrial upgrading
enterprise ownership
