【摘要】：文章從企業(yè)的同群效應(yīng),即地區(qū)中企業(yè)間的相互模仿,來(lái)考察中國(guó)上市公司的并購(gòu)行為。在控制內(nèi)生性和排除地區(qū)因素替代性解釋的情況下,研究發(fā)現(xiàn):中國(guó)上市公司的并購(gòu)行為具有同群效應(yīng),公司并購(gòu)戰(zhàn)略的實(shí)施受到相同省區(qū)并購(gòu)企業(yè)比例的顯著正向影響,公司的并購(gòu)規(guī)模受到相同省區(qū)平均企業(yè)并購(gòu)規(guī)模的顯著正向影響,在相同省區(qū)中,連鎖董事網(wǎng)絡(luò)中心度較低的公司具有顯著的并購(gòu)行為的同群效應(yīng),并購(gòu)行為的同群效應(yīng)在中心度較高的公司不顯著,中心度低的公司模仿中心度高公司的并購(gòu)行為。
[Abstract]:This paper examines the M & A behavior of listed companies in China from the point of view of the same group effect of enterprises, that is, mutual imitation among enterprises in the region. Under the condition of controlling endogeneity and excluding the alternative explanation of regional factors, the study finds that the M & A behavior of listed companies in China has the same group effect, and the implementation of corporate M & A strategy is significantly positively affected by the proportion of M & A enterprises in the same provinces and regions. The M & A scale of the company is significantly positively affected by the average M & A scale of the same province and region. In the same province, the companies with low centrality of chain director network have the same group effect of M & A behavior. The homogeneity effect of M & A behavior is not significant in the firms with high centrality, and the firms with low centrality imitate the M & A behaviors of the firms with high centrality.
【作者單位】： 中南財(cái)經(jīng)政法大學(xué)金融學(xué)院;
【基金】：中南財(cái)經(jīng)政法大學(xué)研究生科研創(chuàng)新項(xiàng)目(2016BSjrgc001)
【分類號(hào)】：F271

【相似文獻(xiàn)】

相關(guān)期刊論文 前1條

1 門W，

本文編號(hào)：2375293