| 产权性质、资本结构与企业并购——基于中国制度背景的研究; Property Rights,Capital Structure and Enterprise M&A——Based on the Research of China's Institutional Background | |
| 刘钊 ; 王志强 ; 肖明芳 | |
| 2014-02-06 | |
| 关键词 | 政府干预 资本结构 并购 市场化改革 Government Intervention Capital Structure M&A Market-Oriented Reform |
| 英文摘要 | 本文从资本结构的视角考察政府干预对企业并购决策与绩效的影响。在政府干预少的地区,过度负债的国企会谨慎进行并购,导致并购可能性和金额均较小,但并购后的绩效有显著提高,而在政府干预多的地区国企受到行政干预,导致了非市场化并购;我们还发现民企较少受到政府的干预,并购更有可能为市场化行为。研究结论表明政府干预扭曲了资源配置,对进一步推进市场化改革具有重要的启示意义。; Based on the capital structure theory,this paper investigates the influence of the government intervention on enterprises' M&A decision and their performance.Firstly,in less government intervention's areas,over-debt state-owned enterprises do M&A more prudently,leading to less M&As and less amount,but with M&As,the performance are significantly improved.However,in more government intervention's area,state-owned enterprises have been affected by government, making non-market oriented M&A.Additionally,we find that private enterprises are not affected by government,triggering market-oriented M&A.These results indicate that in a transitional economy,government intervention distorts the allocation of resources.Finally,this article gives some important implications to further promote the market-oriented reform.; 教育部人文社科规划项目“资本结构动态调整的理论与实证研究”(项目编号:20120121110041)的阶段性研究成果 |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/103084]  |
| 专题 | 管理学院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 刘钊,王志强,肖明芳. 产权性质、资本结构与企业并购——基于中国制度背景的研究, Property Rights,Capital Structure and Enterprise M&A——Based on the Research of China's Institutional Background[J],2014. |
| APA | 刘钊,王志强,&肖明芳.(2014).产权性质、资本结构与企业并购——基于中国制度背景的研究.. |
| MLA | 刘钊,et al."产权性质、资本结构与企业并购——基于中国制度背景的研究".(2014). |
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