国有企业并购行为对全要素生产率的影响——基于目标企业所有制类型的考察

摘要

文章利用中国上市公司2008-2014年财务数据,采用基于倾向得分匹配的倍差法,实证考察国有企业并购对全要素生产率的影响.实证结果表明:国有企业并购有利于提升企业全要素生产率,可作为供给侧改革提升企业竞争力的重要方式;相对于并购国企,国有企业并购民营、外资企业对企业效率的提升作用更大,但同时长期绩效稳定性也较差;控制权的转移对国有企业并购具有负向调节作用,保证目标企业控制权或管理权稳定很重要.%Based on the financial data of China`s listed corporations from 2008-2014, this paper investigates the effect of M&A behavior of state-owned enterprises (SOEs) on total factor productivity.The investigation employs the difference-in-difference and propensity score matching methods.The empirical results show that the M&A of SOEs can increase total factor productivity, and become an important measure of the supply-side reform to improve enterprise competitiveness.Compared to SOEs, private and foreign enterprises are the better choice of M&A for SOEs to enhance enterprise efficiency, but the stability of long-term performance is negative.As a moderating variable, the change of control plays a negative role on M&A effects, so that to keep the stability of control is important.