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本文发现地方国企并购非本地的、要素市场发达地区的企业的并购绩效显著高于本地并购绩效,同时也显著高于民营企业同类型的并购绩效,即摆脱掠夺之手的积极作用大于失去支持之手的消极作用,为掠夺之手的存在提供直接的实证证据,并且发现了支持之手与掠夺之手分别占主导作用的环境,修正了前人“支持之手占主导作用”的结论。本文的研究也证明了要素市场环境是影响地方国企并购绩效的重要制度因素,丰富了地方国企并购动机及绩效的研究成果。
This paper finds that M & A performance of local state-owned enterprises mergers and acquisitions in non-local, developed regions with factor markets is significantly higher than local M & A performance, but also significantly higher than the same type of mergers and acquisitions performance of private enterprises, that is, the positive role out of predatory hand outweighs the loss of support The passive role of the hand provides direct empirical evidence of the existence of the predatory hand and discovers the environment in which the hand of support and the hand of predation respectively dominate and the conclusion that the previous “hand of support” predominates . The research in this paper also proves that the factor market environment is an important institutional factor affecting the M & A performance of local state-owned enterprises and enriches the research results on the motivation and performance of local state-owned enterprises in M & A.