基于政府干预视角的地方国有上市公司并购绩效研究

党的十八届三中全会指出经济体制改革是全面深化改革的重点，国企并购又是经济体制改革中国企改革的重心，因此，国企并购是全面深化改革的重要内容。在地方国企并购中，政府干预和并购类型对企业并购绩效有着重要的影响。本文运用因子分析法对地方国有上市公司2008—2010年发生的201次并购事件，按照并购类型，分析在不同程度政府干预下企业并购绩效的差异，得出结论：相对较高的政府干预可提高横向并购和混合并购企业的绩效；相对较低的政府干预有利于提高纵向并购企业的绩效。

The Third Plenary Session of the Eleventh Central Committee of the CPC pointed out the economic reform is the focus of comprehensive deepening reform, and M＆A of state owned cnterprises is the focus of the reform of state owned enterprises in the reform of the economic system, M＆A of state owned enterprises is an important content of comprehensive deepening reform. Government intervention and types of M＆A are important influence factors of M＆A performance of state owned enterprises. This paper applies factor analysis method to study 201 M＆As of local state - owned listed companies in 2008 - 2010 for analyzing the performance difference of different M＆As in different government interventions, and then concludes that higher government intervention improves the performance of horizontal and mixed M＆A performances, and lower government intervention is helpful to the vertical M＆A performance.