本文選題：地方官員 + 政治晉升��； 參考：《經(jīng)濟(jì)學(xué)動(dòng)態(tài)》2017年04期

【摘要】：以2000-2013年上市公司并購(gòu)數(shù)據(jù)為樣本,本文實(shí)證檢驗(yàn)了地方官員政治晉升對(duì)企業(yè)并購(gòu)的影響和經(jīng)濟(jì)后果。研究發(fā)現(xiàn):市委書記政治晉升會(huì)加劇當(dāng)?shù)仄髽I(yè)并購(gòu)交易,地方國(guó)有企業(yè)和民營(yíng)企業(yè)當(dāng)年實(shí)施并完成并購(gòu)交易的可能性顯著增加、并購(gòu)交易時(shí)間顯著縮短;對(duì)于地方國(guó)有企業(yè)而言,政治晉升期間實(shí)施的并購(gòu)交易長(zhǎng)期來(lái)看會(huì)導(dǎo)致并購(gòu)績(jī)效的惡化,而對(duì)于民營(yíng)企業(yè),官員晉升對(duì)并購(gòu)績(jī)效的影響則經(jīng)歷了由正到負(fù)的過程。進(jìn)一步研究發(fā)現(xiàn):官員晉升推動(dòng)的企業(yè)并購(gòu)加速能夠獲得更多的政府補(bǔ)貼和銀行貸款;政治晉升與企業(yè)并購(gòu)加速的關(guān)系不受黨委換屆等因素的影響。本文的研究對(duì)于理解我國(guó)企業(yè)并購(gòu)、拓展企業(yè)并購(gòu)理論以及優(yōu)化企業(yè)并購(gòu)重組具有一定的參考價(jià)值。
[Abstract]:Taking the data of mergers and acquisitions of listed companies from 2000 to 2013 as a sample, this paper empirically examines the impact of political promotion of local officials on M & A and its economic consequences. It is found that the political promotion of the party secretary will aggravate the M & A transactions of local enterprises, the possibility of the local state-owned enterprises and private enterprises to implement and complete the M & A transactions in that year has increased significantly, and the time of M & A transactions has been shortened significantly; For local state-owned enterprises, M & A transactions implemented during political promotion will lead to the deterioration of M & A performance in the long run, while for private enterprises, the impact of official promotions on M & A performance has experienced a process from positive to negative. Further study shows that the government subsidy and bank loan can be obtained more and the relationship between the political promotion and the acceleration of M & A is not influenced by the change of the Party committee and so on. The research in this paper has certain reference value for understanding the M & A of our country, expanding the theory of M & A and optimizing the M & A.
【作者單位】： 遼寧大學(xué)商學(xué)院、現(xiàn)代公司治理與成長(zhǎng)研究中心;東北財(cái)經(jīng)大學(xué)工商管理學(xué)院;南開大學(xué)中國(guó)公司治理研究院;
【基金】：國(guó)家自然科學(xué)基金重點(diǎn)項(xiàng)目“現(xiàn)代社會(huì)治理的組織與模式研究”(71533002);國(guó)家自然科學(xué)基金青年項(xiàng)目“地方官員晉升、資源配置與企業(yè)擴(kuò)張行為研究”(71602082) 教育部人文社會(huì)科學(xué)研究青年基金項(xiàng)目“尋租、高管政治晉升與國(guó)有企業(yè)信息披露”(16YJC630148)的資助
【分類號(hào)】：D262.3;F271

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