经济发展、政府干预与国内经济一体化——基于中国上市公司同区域并购视角的研究

Economic Development, Government Intervention and Domestic Economy Integration: Based on the Empirical Evidence from M&A of Listed Firms in the Same Region

采用中国上市公司的并购数据,从并购发生的区域特点检验我国经济一体化的发展程度,结果表明,我国企业并购主要是同区域并购,经济还远未实现一体化,且这一现象在考察区间内并没有表现出明显好转的趋势。进一步考察的结果表明,相对于全国各省而言,同一省内各市之间的非一体化程度更高。同时,省市级的国有企业与中央企业和民营企业相比,其在同一区域并购的比例更高,这可能是由于受到地方政府行政干预影响的结果。另外,经济发展程度高的地区的同区域并购比例明显高于经济发展程度低的地区,说明我国经济发展的不平衡对经济一体化产生了不利影响。最后,政府干预与经济发展不平衡性的共同作用更加降低了经济一体化程度。

From the perspective of investment liberalization, this paper examines the degree of China 's development in economic integration by using the data of Chinese listed firms to explore the regional characteristics of M&A.The results show that M&A in the same region dominates its activities in China, and economic integration is still a long way off in it. Further investigations show that compared with disintegration throughout provinces, the de-gree of disintegration is higher across cities in a single province. Besides, local state-owned enterprises are in-volved in a larger proportion of M&A in the same region, and compared with central government owned enter-prises and private firms, which possibly results from local government intervention. Also, the proportion of M&A in the same region in developed areas is evidently higher than the scale in those developing areas, implying ad-verse effects of imbalanced economic development on economic integration in China. Finally, the combined ef-fects of government intervention and imbalance of economic development reduce the degree of economic inte-gration.