我国上市公司资产重组的行业分析

本文首先从工业行业运行状况的角度,定量化地研究了我国资本市场中兼并频发行业的成因。研究发现,工业行业的集中度偏低是其中最主要的原因。本文还以各个兼并频发行业内发生资产重组的上市公司为研究对象,发现我国不同的行业,资本市场中资产重组的方式有所不同。同时资本市场中行业资产的重组对于不同行业的产业结构调整有着不同的积极或消极的作用。这表明我国资本市场上的资产重组将导致我国工业各行业的竞争力呈分化状态。

AN INDUSTRIAL ANALYSIS OF MERGERS AND ACQUISITIONS IN CHINA'S STOCK MARKET

This paper studies the variation of the M&A rate across industries. An empirical investigation reveals that low industrial concentration is the most important factor for high M&A rates. Then using firm-level data in two sample industries, we analyze the impact of M&A on industrial development. We find that M&A plays a different role in different industries, positive or negative. We also show that the abuse of M&A in some industries weakens their competitiveness.