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上市公司所处的经济区域及行业会显著影响并购效率,目前这方面的研究还非常不够。本文利用改进的DEA(数据包络分析)模型进行分析,实证结果发现:总体上看,随着资本市场制度的不断完善及市场监管的强化,自2001年以来,并购市场的效率在稳步提高,2005年以后更为显著;并购集中于信息产业、生物医药、房地产、社会服务、能源电力、商业类等行业,成为目前并购市场的热点领域,且不同行业的并购效率存在显著差异;不同经济区域的上市公司并购效率存在明显区域差别。究其原因,主要在于各经济区域所拥有的自然条件及资源禀赋状况不同、市场化程度及政府干预程度不同所致。
The economic regions and industries in which listed companies are located can significantly affect the efficiency of M & A. At present, the research in this area is not enough. In this paper, an improved DEA (Data Envelopment Analysis) model is used to analyze. The empirical results show that: As a whole, with the continuous improvement of the capital market system and the enhancement of market supervision, the efficiency of the M & A market has steadily risen since 2001, Since 2005, M & A has become more prominent in the industries of information industry, biomedicine, real estate, social services, energy, electricity and commerce, and has become a hot area in M & A market. There are significant differences in M & A efficiency among different industries. There are obvious regional differences in the efficiency of M & A of listed companies. The reason is mainly due to the different natural conditions and the natural resource endowments owned by various economic regions, the degree of marketization and the degree of government intervention.