产业政策与企业并购溢价

Industrial Policy and Enterprise Merger Premium

改革开放逾四十年,产业政策持续影响着中国产业结构的调整和经济发展,并且在未来可预见的较长一段时期将依然存续。值"十三五规划"收官暨"十四五规划"出台之际,本文主要探讨产业政策对企业并购溢价的影响。基于信息不对称问题的存在,考察信息透明度对二者关系是否产生调节影响。同时,以分析师跟踪和审计工作作为切入口,探讨外部治理机制在二者关系中的调节作用。最后,从企业产权性质角度,探讨国有企业和民营企业在产业政策支持下的并购溢价决策差异。

More than 40 years of reform and opening-up, industrial policies continue to affect China’s industrial structure adjustment and economic development, and in the foreseeable future is longer than the period will be still alive. Value "much starker choices-and graver consequences-in planning MSC" and "difference planning" came as the paper mainly discusses the industry policy impact on M&A premiums. Based on the existence of the problem of asymmetric information, whether the relation between information transparency on the adjustment effect. At the same time, with analysts tracking and audit work as introduction, discusses the external governance mechanism in the regulating role in the relationship between the two. Finally, from the perspective of enterprise property rights, this paper discusses the state-owned enterprises and private enterprises in the industrial policy support M&A premiums decision-making differences.