本文選題：投資者保護(hù) + 協(xié)同效應(yīng)�。� 參考：《商業(yè)研究》2017年06期

【摘要】：企業(yè)并購(gòu)產(chǎn)生的協(xié)同效應(yīng)可以提升公司價(jià)值,我國(guó)特殊的制度背景和企業(yè)屬性是影響我國(guó)企業(yè)并購(gòu)效率的重要特殊因素,投資者法律保護(hù)的地區(qū)差異和企業(yè)屬性的差異會(huì)對(duì)并購(gòu)的協(xié)同效應(yīng)產(chǎn)生不同影響。通過(guò)分析2007-2010年期間上市公司發(fā)生的并購(gòu)事件,發(fā)現(xiàn)投資者法律保護(hù)水平對(duì)并購(gòu)效率的影響對(duì)不同股權(quán)集中度公司的作用機(jī)制不一樣:對(duì)于股權(quán)集中度低的上市公司而言,投資者法律保護(hù)水平對(duì)并購(gòu)效率的影響與公司的產(chǎn)權(quán)屬性密切相關(guān),國(guó)有企業(yè)更容易產(chǎn)生正的外溢效應(yīng),即并購(gòu)方的投資者保護(hù)水平越高越有利于提高異地并購(gòu)效率;投資者法律保護(hù)水平低的民營(yíng)企業(yè)容易觸發(fā)"管家"精神,并有顯著的"拔靴效應(yīng)",通過(guò)并購(gòu)?fù)顿Y者法律保護(hù)水平高的目標(biāo)企業(yè)獲得協(xié)同效應(yīng),可改善企業(yè)的公司治理水平。
[Abstract]:The synergetic effect of enterprise merger and acquisition can enhance the value of company. The special institutional background and enterprise attribute of our country are the important special factors that affect the efficiency of enterprise merger and acquisition in our country.The regional difference of investor legal protection and the difference of enterprise attribute will have different influence on the synergy effect of M & A.By analyzing the M & A events of listed companies during 2007-2010, it is found that the effect of the level of investor legal protection on the efficiency of mergers and acquisitions is not the same as that of the companies with different ownership concentration: for the listed companies with low degree of equity concentration, the mechanism is not the same.The influence of investor legal protection level on M & A efficiency is closely related to the property attribute of the company, and state-owned enterprises are more likely to have positive spillover effect, that is, the higher the investor protection level of M & A parties is, the better the M & A efficiency is.Private enterprises with low level of legal protection of investors are apt to trigger the spirit of "steward" and have obvious "boot-pulling effect". Through the acquisition of target enterprises with high level of legal protection of investors to obtain synergistic effects, the corporate governance level of enterprises can be improved.
【作者單位】： 武漢大學(xué)經(jīng)濟(jì)管理學(xué)院;中國(guó)華融資產(chǎn)管理股份有限公司;
【分類號(hào)】：D922.287;F271;F276.1

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