政府干预、内部人控制和国有上市公司多元化并购类型——基于关键资源视角

Government Intervention,Insider Control and Diversified M&A Type of State-owned Listing Corporations:From the Key Resource Perspective

基于"政府干预"和"内部人控制"并存的制度背景,以关键资源为中介变量,考察政府干预、内部人控制对国有上市公司多元化并购类型的影响。研究发现:公司无形、实物资源的丰富度与相关多元化并购正相关,财务资源对多元化并购类型影响并不显著。政府干预与相关多元化并购显著正相关,这种干预主要采用增加公司财务和实物资源的间接方式而非行政命令式的直接干预。内部人控制与无关多元化并购正相关,内部人主要采用直接影响决策的方式而非通过公司资源间接引导。政府干预对多元化并购类型发挥更大影响。

Based on the background of ＂government intervention＂ combining with ＂insider control＂, this paper takes the enterprise ＇s resources as intervening variable to test the influence of government intervention and insider control on the type of diversified M＆A. Empirical study has found that： there are positive correlations among intangible ＆ physical resources and the related diversification M＆A. While due to its generality, financial resources have no significant effects on the types of diversified m＆a. Government intervention significantly influences related diversification, mainly by increasing enterprises＇ financial and physical resources rather than executive order. Insider control is related to unrelated diversified M＆A mainly by decision rather than resources. Government intervention has a more important influence on the types of diversified M＆A.