国企参与、区域制度差异与并购过程——基于合法性的视角

摘要/Abstract

摘要： 本文以2000-2019年中国A股上市公司境内并购事件为研究对象,基于合法性视角,探究国企参与对并购成败与完成时间的影响,以及并购双方所在地区域制度差异的调节作用。实证研究发现:一方面,国企参与能够为境内并购交易提供合法性优势而提高并购成功率;另一方面,国企参与的并购会因为严谨的决策机制和严格的审核流程等合法性管理成本而延长并购完成时间。研究还表明,国企参与对并购成功率的正向作用在并购双方存在较大区域制度差异时更为明显,从侧面印证了国有企业凭借其所有权优势弥合地区间制度差异的独特作用。进一步细分国有企业隶属层级后发现,无论是央企参与还是地方国企参与均能提高并购成功率,且央企参与的作用更大;地方国企参与会延长并购完成时间,但央企参与没有这种效应。本文的研究结论不仅为理解中国情境下国企参与的并购过程提供了新视角,而且丰富了合法性相关研究。

关键词: 并购成败, 并购完成时间, 国有企业, 合法性的收益观, 合法性的管理成本

Abstract: Based on the legitimacy perspective, this study employs domestic merger and acquisition (M&A) events of China's A-share listed companies from 2000 to 2019 to examine the effect of state-owned enterprise (SOE) involvement on the success rate and completion time of domestic M&As, as well as the moderating effect of regional institutional difference. Empirical results show that on the one hand, domestic M&As with SOE involvement have an advantage in gaining legitimacy and hence a higher success rate, but on the other hand, such M&As take a longer time to complete because of SOE's rigorous decision-making and strict investigation process. Furthermore, the positive effect of SOE involvement on the success rate a M&A transaction is more significant when the two sides of the transaction operate under distinctly different regional systems, which is an indirect reflection of SOE's unique role in bridging differences in regional systems. Taking the level of SOEs into account, we find that both central SOEs and local SOEs can improve the success rate of M&A, and the effect of central SOEs is greater. Moreover, local SOE involvement will prolong the M&A process, but central SOE involvement will not. This study not only provides a new perspective for understanding domestic M&A process that involves SOEs, but also enriches the legitimacy management literature.

Key words: M&A success rate, M&A completion time, SOE, legitimacy benefit argument, legitimacy management cost

丁佳艳, 苏依依, 章清华. 国企参与、区域制度差异与并购过程——基于合法性的视角[J]. 管理评论, 2024, 36(8): 3-14.

Ding Jiayan, Su Yiyi, Zhang Qinghua. SOE Involvement, Difference in Regional System and M&A Process—From the Legitimacy Perspective[J]. Management Review, 2024, 36(8): 3-14.

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