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本文以2010-2013年我国A股上市公司发生的并购事件为研究对象,研究股权性质、机构投资者持股比例对公司并购绩效的影响。研究表明:国有控股公司并购绩效要优于非国有控股公司,而机构投资者持股也有利于公司并购绩效的提升,而且这种提升效果在非国有控股公司更显著,国有控股公司高度集中的股权结构与明显的政府干预阻碍了其作用的发挥。
This article takes the M & A events of A-share listed companies in China from 2010 to 2013 as the research object to study the influence of the nature of the shareholding and the proportion of the institutional investors on M & A performance. The results show that the M & A performance of state-owned holding companies is better than that of non-state-owned holding companies, while the holding of institutional investors is also conducive to the improvement of M & A performance, and the improvement effect is more prominent in non-state-controlled companies and highly concentrated in state-controlled companies Ownership structure and obvious government intervention hindered its role.