剩余资源、政府干预与企业并购

Slack Resources,Government Intervention and Mergers & Acquisitions

以2006-2011年沪深A股上市公司并购事件为样本,实证考察地方政府干预背景下剩余资源与企业并购之间的关系发现,不论是地方国有企业还是民营企业,剩余资源都是其发动并购的前提条件。与地方国有企业不同,民营企业在并购前贮存更多的剩余资源,更多的依靠自身的并购能力完成交易。对于地方国有企业而言,政府干预则部分替代了剩余资源的作用,显著降低了其与并购之间的相关性。

Taking the mergers ＆amp; acquisitions of A_share listed companies in Shanghai and Shen-zhen Stock Exchange for years 2006-2011 as an example ,this article makes an empirical survey on the relationship between slack resources and enterprise mergers ＆amp; acquisitions under the back-ground of government intervention .From the survey we discover that the slack resources are the preconditions of mergers ＆amp; acquisitions for both local SOEs and private enterprises .Compared with the SOEs ,the private enterprises store more slack resources before making mergers＆amp; acqui-sitions and rely more on their own mergers ＆amp; acquisitions ability to complete the deal .But for the local SOEs ,the government intervention partly replaces slack resources ’ function and decreases remarkably the correlations between slack resources and mergers ＆amp; acquisitions .