基于不同经济区域与行业的并购效率比较

A Comparative Study of M & A Efficiency Based on Different Economic Region and Different Industries

上市公司所处的经济区域及行业会显著影响并购效率,目前这方面的研究还非常不够。本文利用改进的DEA(数据包络分析)模型进行分析,实证结果发现:总体上看,随着资本市场制度的不断完善及市场监管的强化,自2001年以来,并购市场的效率在稳步提高,2005年以后更为显著;并购集中于信息产业、生物医药、房地产、社会服务、能源电力、商业类等行业,成为目前并购市场的热点领域,且不同行业的并购效率存在显著差异;不同经济区域的上市公司并购效率存在明显区域差别。究其原因,主要在于各经济区域所拥有的自然条件及资源禀赋状况不同、市场化程度及政府干预程度不同所致。

The economic region and the industry will obviously affect the M ＆ A efficiency. At present there is no literature in this area. So this paper uses the improvement DEA model to analyze the M＆A efficiency of listed complies from different industries and different economic region angle. It finds： Generally speaking, with the capital market system to improve unceasingly and the market supervision to strengthen, the M＆A efficiency is enhancing with steady steps since 2001, is more significant after 2005. The iVl ＆ A focuses on the information industry, the bio- medicine, the real estate, the social services, the energy and electricity, the commercial and so on. It becomes a hot area of M＆A market and there is a significant difference in the M＆_A efficiency of different industries; Different economic regions have the different M＆A efficiency. The reasons lie in the different natural conditions and resource endowments of different economic region and the different degree of marketization and the different extent of government intervention and so on.