摘要
企业并购产生的协同效应可以提升公司价值,我国特殊的制度背景和企业属性是影响我国企业并购效率的重要特殊因素,投资者法律保护的地区差异和企业属性的差异会对并购的协同效应产生不同影响。通过分析2007-2010年期间上市公司发生的并购事件,发现投资者法律保护水平对并购效率的影响对不同股权集中度公司的作用机制不一样:对于股权集中度低的上市公司而言,投资者法律保护水平对并购效率的影响与公司的产权属性密切相关,国有企业更容易产生正的外溢效应,即并购方的投资者保护水平越高越有利于提高异地并购效率;投资者法律保护水平低的民营企业容易触发"管家"精神,并有显著的"拔靴效应",通过并购投资者法律保护水平高的目标企业获得协同效应,可改善企业的公司治理水平。
The synergy effect of mergers and acquisitions （M＆A） is able to enhance corporate value. China＇s special institutional background and enterprise attributes are important special factors that affect the efficiency of M＆A in China. The regional difference of legal protection of investor and the enterprise attribute difference will have different influence on synergy effect of M＆A. By analyzing the M＆A events of listed corporations occurred during 2007-2010, the paper finds that the effect of legal protection level of investor on M＆A efficiency is different for firms with different ownership concen- tration ： for companies with lower ownership concentration, the influence of the legal protection level of investor on M＆A efficiency is closely related to enterprise attribute, and state-owned enterprises are more likely to have positive spillover effects, that is to say, the higher the legal protection level of investor the aequirer has, the more efficient the cross-re- gional M＆A will be. On the contrary, private enterprises with lower level of legal protection are easy to trigger the ＂stew- ard＂ spirit, and there is a significant ＂bootstrap＂ effect, that is to say, the corporate governance can be improved through the synergy gained by acquiring target enterprises with higher legal protection level of investor.
出处
《商业研究》
CSSCI
北大核心
2017年第6期115-123,共9页
Commercial Research
关键词
投资者保护
协同效应
并购
外溢效应
拔靴效应
legal protection of investor
synergy effect
mergers and acquisitions
spillover effect
＂bootstrap＂ effect
