政府干预与并购对象选择偏好——基于国有企业多元化并购的分析

Influence of Government intervention to the Preference of M&A Target——Analysis Based on State-Owned Listed Companies' Diversified M&A

本文以2003-2015年发生的1147起国有上市公司多元化并购事件为样本,实证检验政府干预对国有企业选择并购对象表现出产权、行业和地区偏好的影响。研究结果显示:政府干预显著影响国企并购偏好。受地方政府目标多元性和寻租影响,地方国企的国有产权偏好更明显;由于中央和地方政府提高国有经济控制力、发展经济的目标一致,央企和地方国企对控制行业并购的偏好无显著差异;央企比地方国企更偏好跨区并购,以在更大范围内实现资源优化配置。

This article takes the M＆A events carried out by State-owned listing companies in 2003-2015 as samples to test the influence of government intervention to M＆A preferences. Result shows that degree of government intervention would signifi- cantly affect the preference. Because of the multiple goals and rent-seeking of local government, the local companies have more significant preference to State-owned property rights, with a same target for the central and the local government of im- proving the control power of State-owned economy and developing economic, there is no obvious difference in industry prefer- ence between central and local State-owned companies. Central companies would like to carry out diversified M＆A in differ- ent regions, in order to realize the optimization of resource allocation in a larger scale.