政府干预、终极控制人变更与并购价值效应评价

转轨时期政府干预是并购效率的关键影响因素之一,目前这方面的研究还非常不够。本文从政府干预的行政层次、国有控制权转移及终极控制人变更等多维角度,深入剖析政府干预对并购效率的影响。研究发现:并购市场的资源配置效率稳步上升,但政府干预对公司并购产生负面影响,各级政府对公司并购的干预程度有差异导致并购效率有差异。随着政府干预从中央到省、市、县各级政府的强化,其并购效率依次递减。国有控制权转移市场受政府干预影响其并购效率不高,终极控制人变更下的国有控制权转移绩效相对较高。

Government Control, Change of Ultimate Control Person and the Estimation of M&A Value Effect

During the transition period government intervention is one of the key factors of M&A efficiency.The current research in this area is still very inadequate.From the multi-dimensional angle of the administration level of government intervention,the takeovers of state-owned enterprises,Change of ultimate control and so on,this paper analyzes the influence of government intervention on the impact of M&A efficiency deeply.It finds: the resource allocation efficiency of M&A is rising with steady steps,but the government intervention has the negative influence to the company M&A;All levels of the government intervention have the difference so that it causes the difference of the M&A efficiency.With government intervention from the central to provincial,city and county to strengthen the M&A efficiency is decreasing.the M&A efficiency of the state-owned domination shift is low by cause of government intervention;The state-owned domination shift achievements of the ultimate control person change are relatively high.