沈阳工业大学学报（社会科学版）2016，Vol.9Issue(2)：137-143,7.DOI:10.7688/j.issn.1674-0823.2016.02.07
并购绩效与政企关联∗--基于我国上市公司的实证研究
Performance of mergers and acquisitions and government-enterprise relationship：an empirical study on listed companies in China
赵息 1田园1
作者信息
- 1. 天津大学 管理与经济学部，天津300072
- 折叠
摘要
Abstract
As the way of enterprise expansion and reform, mergers and acquisitions has been paid more and more attention. Taking a sample of listing companies with mergers and acquisitions in China from 2011 to 2013, through the method combined with comparative study and factor analysis, the performance of sampled companies before and after merger and acquisition is evaluated from the aspects of profitability, solvency, debt service, operation, from the perspective of relationship between government and enterprises;the effect of merger and acquisition performance from the relationship between government and enterprise is studied. The result shows that the relationship between government and enterprises was negatively correlated with the merger and acquisition performance, and the greater the intensity of relationship between government and enterprise is, the worse the merger and acquisition performance is. It is proposed that the relationship between government and enterprises will lead to the wrong allocation of resources to a certain extent, reduce the efficiency of resource integration after merger and acquisition. That can provide support to the“predatory hand” theory of government.关键词
政企关联/政企关联强度/企业并购/并购绩效/上市公司/因子分析法Key words
government-enterprise relationship/government-enterprise relationship intensity/merger and acquisition/merger and acquisition performance/listed company/factor analysis分类
管理科学引用本文复制引用
赵息,田园..并购绩效与政企关联∗--基于我国上市公司的实证研究[J].沈阳工业大学学报（社会科学版）,2016,9(2):137-143,7.
