Empirical research on effects of degree of government intervention on MA efficiency of listed company in China

摘要

Government intervention in transition period is one of the critical influential factors of merger efficiency, and there is much less research in this field. This paper deeply analyzed the effect of government intervention on merger efficiency from the multidimensional perspectives of the executive level of government intervention, transferring of state-owned control right and changing of final controller. This research concluded as follows, resource distribution efficiency of merger market is on the steady increase, however, government intervention has negative effect on company merger & acquisition, and the difference in the intervention extent of the government on the company merger & acquisition leads to the difference in the merger efficiency. With the enforcement of government intervention from the central government to provincial, city and county governments, the merger efficiency is in turn in decrement. The merger efficiency of state-owned controlling right transferring market is not high due to the effect of government intervention, and the transferring performance of state-owned controlling right with the changing of final controller is relatively high.