地方政府影响上市公司并购模式选择的动因分析及效果验证

Dynamic Analysis and the Effective Verification about the M&A Mode Choice of Listed Companies under the Local Government’s Influence

文章基于昆明市上市公司数据,运用灰色关联模型和多元回归模型探讨地方政府政绩指标与上市公司横向、纵向和混合并购模式的相关性,分析得出地方政府在达到不同政绩目标时,影响上市公司选择的并购模式和政府动因影响的效果,证明政府干预过度、就业负增长和纵向并购模式下固定资产投资减少的制度缺陷,并从降低政府干预度、完善就业制度建设、改善固定资产投资现状角度对制度完善提出建议。

This paper uses the gray relational models and the muhiple regression models, which base on the data of listed com panies in Kunming city, to explore the correlation among the local government performance indicators and the horizontal, ver tical and mixed M＆A of the listed companies. Based on above, the paper analyzes the effects by the behavior of listed companies choose the M＆A mode, to reach the different local performance target that the local government wants to get and influence The results certificates system defects that excessive government intervention, negative employment growth and reducing in investment in fixed assets under the mode of vertical M＆A. At last, the paper gives three suggestions to improve the system, which are reducing government intervention, perfecting the employment system construction, and improving the fixed assets investment status.