股权结构、市场化程度与国有企业并购绩效——来自我国国有制造业上市公司的经验证据

Ownership Structure, Marketization Degree and M&A Performance of State-owned Enterprises——Empirical Evidence from Listed Companies of State-owned Manufacturing Industry in China

本文以并购事件首次公告日期在2012～2015年的国有制造业上市公司为研究对象,考察了股权结构对国有企业并购绩效的影响,并将市场化程度这一重要因素纳入分析框架。研究结果发现:股权集中度与国有企业并购绩效呈先下降后上升的U型关系,股权制衡度对国有企业并购绩效具有正向影响;市场化程度能够影响股权结构对国有企业并购绩效的作用效果,随着市场化程度的提高,股权集中度与国有企业并购绩效之间的U型关系及股权制衡度与国有企业并购绩效之间的正相关关系均被弱化。

Taking the listed companies of state-owned.manufacturing industry with first announcement date of merger and acquisition (M&A)between 2012 to 2015 as the research objects,this paper systematically studies the influence of ownership structure on the M&A performance of state-owned enterprises,and integrates the marketization degree as an important factor into the analytical framework.The results shows that,ownership concentration and the M&A performance of state-owned enterprises are in the U-shaped relationship which is down then up,and the equity balance degree has a positive effect on the M&A performance of stateowned enterprises.The marketization degree can affect the effect of ownership structure on the M&A performance of state-owned enterprises.With the improvement of marketization degree, the U-shaped relationship between ownership concentration and M&A performance as well as the positive correlation between equity balance degree and M&A performance will be weakened.