我国上市零售企业行业内并购技术效率研究

本文利用我国2001~2009年间11家上市零售企业的并购面板数据,采用随机前沿模型,定量研究我国上市零售企业并购的技术效率变化,并测度影响技术效率的内外部因素干中学、运营规模、所有制类型(结构)、股权结构、信贷预算约束、行业竞争、区域因素等对技术效率的影响。研究发现,并购总体上导致样本企业技术效率下降,但与非国有控股样本企业相比,国有控股上市零售企业进行并购能够显著提升企业的技术效率;股权结构、信贷预算约束与行业集中是我国上市零售企业技术效率改进的根本因素。

Intra-industry Merger &Acquisition Technical Efficiency of Domestic Listed Retail Enterprises

This paper is based on the panel data of 11 listed retail enterprises merger during 2001~2009,and uses the stochastic frontier model of Battses and Coelli(1995),tries to do quantitative research on the technical efficiency changes of listed retail enterprises' merger & acquisition and measure the internal and external factors affecting the efficiency-learning by doing,operation scale,ownership types,the equity structure,credit budget constraints,competition and regional factors.The paper find that merger & ...