商业研究

商业研究

• 商法论丛 • 上一篇    下一篇

投资者法律保护与国企属性对并购协同效应的影响

徐昭1,2   

  1. 1.武汉大学 经济管理学院，武汉 430072；2.中国华融资产管理股份有限公司，北京 100033
  • 收稿日期:2017-02-23 出版日期:2017-06-16
  • 作者简介:徐昭（1988-），女，江苏南通人，武汉大学经济管理学院/中国华融资产管理股份有限公司联合培养博士后，金融学博士，研究方向：公司金融、资本市场、市值管理。

Research on the Influence of the Legal Protection of Investor and the Attribute . of State-Owned Enterprises on Synergy Effect of Mergers and Acquisitions

XU Zhao1,2.   

  1. 1. School of Economics and Management, Wuhan University, Wuhan 430072,China；. 2. China Huarong Asset Management Co., Ltd., Beijing 100033,China
  • Received:2017-02-23 Online:2017-06-16

摘要： 企业并购产生的协同效应可以提升公司价值，我国特殊的制度背景和企业属性是影响我国企业并购效率的重要特殊因素，投资者法律保护的地区差异和企业属性的差异会对并购的协同效应产生不同影响。通过分析2007-2010年期间上市公司发生的并购事件，发现投资者法律保护水平对并购效率的影响对不同股权集中度公司的作用机制不一样：对于股权集中度低的上市公司而言，投资者法律保护水平对并购效率的影响与公司的产权属性密切相关，国有企业更容易产生正的外溢效应，即并购方的投资者保护水平越高越有利于提高异地并购效率；投资者法律保护水平低的民营企业容易触发“管家”精神，并有显著的“拔靴效应”，通过并购投资者法律保护水平高的目标企业获得协同效应，可改善企业的公司治理水平。.

关键词: 投资者保护, 协同效应, 并购, 外溢效应, 拔靴效应.

Abstract: The synergy effect of mergers and acquisitions(M&A) is able to enhance corporate value. China′s special institutional background and enterprise attributes are important special factors that affect the efficiency of M&A in China. The regional difference of legal protection of investor and the enterprise attribute difference will have different influence on synergy effect of M&A. By analyzing the M&A events of listed corporations occurred during 2007-2010, the paper finds that the effect of legal protection level of investor on M&A efficiency is different for firms with different ownership concentration: for companies with lower ownership concentration, the influence of the legal protection level of investor on M&A efficiency is closely related to enterprise attribute, and state-owned enterprises are more likely to have positive spillover effects, that is to say, the higher the legal protection level of investor the acquirer has, the more efficient the cross-regional M&A will be. On the contrary, private enterprises with lower level of legal protection are easy to trigger the “steward” spirit, and there is a significant “bootstrap” effect, that is to say, the corporate governance can be improved through the synergy gained by acquiring target enterprises with higher legal protection level of investor.

Key words: legal protection of investor, synergy effect, mergers and acquisitions, spillover effect, “bootstrap&rdquo, effect