政府干预对上市企业异地同地并购可能性和绩效的影响

The Effects of Local Government Intervention on the Possibility and the Performance of Inter-Province and Intra-Province Mergers

以上市企业2010年至2013年间发生的并购事件为样本,研究政府干预对上市企业实施异地并购的可能性的影响,同时将样本区分为同地并购和异地并购两个对比组,探索政府干预对这两种不同类型的并购绩效的影响。研究发现:在政府干预下,上市企业较少进行异地并购,较多进行同地并购;在其他条件一定的情况下,对于上市企业实施异地并购,政府干预的程度越高,上市企业并购发生后第一年的绩效越差。

Using a sample of mergers and acquisitions with local government controlling acquirers from 2010 to 2013, this paper examines the effects of local government intervention on the possibility of inter-province mergers. At the same time, the samples were divided into two groups of inter-province mergers and intra-province mergers, thus examine the effects of local government intervention on the performance of local government controlled acquirers. This paper finds that the local government intervention has a negative impact on the possibility of inter-province mergers. Besides, it also finds that the local government intervention has a negative impact on the performance of inter-province mergers acquirers, while a positive impact on the performance of intra-province mergers acquirers.