我国国有控股上市公司并购模式与并购效率研究

A Research into the M&A Models and Efficiency of China's State-Owned Enterprises

本文以2007~2014年我国资本市场国有控股企业所有并购案例为样本,采用数据包络分析技术（DEA）,着重研究了我国国有控股上市公司并购模式对并购效率的影响。研究结果发现,国有控股上市公司多元化并购的并购效率优于专业化并购,非关联并购的并购效率优于关联并购,跨区域并购的并购效率优于同区域并购。因此,我国国有控股上市公司需要大胆开展多元化并购,积极推进非关联并购和跨区域并购,政府部门则需要为国有控股上市公司开展多元化并购扫除障碍,加强资本市场关联性并购监管,放弃干预跨区域并购的狭义＂地方主义＂思维。

Choosing the MA cases of the A-share listed companies in China during 2007 and 2014 as samples,I use DEA method to measure the influences of MA models on its efficiency,＇ and get the following findings.Firstly,the SOEs＇ efficiency of diversified acquisition is superior to that of professional acquisition;secondly,the SOEs＇ efficiency of non-affiliated acquisition is better than that of affiliated acquisition;thirdly,the SOEs＇ efficiency of cross-regional acquisition is better than that of the same region.China＇s SOEs need to boldly carry out diversified MA and actively promote the non-affiliated MA and crossregional MA.In order to promote the benign development of China＇s MA market,government departments should remove obstacles to SOEs＇ diversified MA,strengthen the supervision of relevance merger in the capital market,and give up ＂localism＂ thinking and the intervention in regional MA.