Government Intervention,Agency Costs and Efficiency of Merger and Acquisition Integration—an Empirical Analysis of Chinese Listed Companies

摘要

Existing literature is largely confined to merger and acquisition transaction efficiency,while has ignored merger and acquisition integration efficiencies,actually they are different in nature.This paper firstly distinguish merger and acquisition integration efficiencies and merger and acquisition transaction efficiency and analyze factors which influence merger and acquisition integration efficiencies,focus on impact of government intervention,agency cost on acquisition and integration efficiency.Empirical analysis shows: integration at different stages is with different emphasis and difficulties,major and minor must be distinguished in integration and implemented step by step; Agency costs of merger and acquisition activity greatly reduces acquisition and integration efficiency,but the performance forms of the Stateowned listed companies and private listed company vary depending on agency cost differences; Government intervention is always an important factor affecting the efficiency of merger and acquisition integration,and the government support or plunder State-owned listed companies for the sake of burden of policy or political goals: government intervention has negative impact on acquisition and integration of profitable state-owned listed company; positive impact on the loss-making State-owned enterprises; insignificant impact on the acquisition and integration of private enterprises.