政府干预、公司特征与并购扩张价值创造——基于资源基础理论视角

Government Intervention, Corporate Characteristics and M&A Value Creation——Resource-based Theory Perspective

中文关键词:  政府干预  产权特征  行业特征  资源基础理论  并购价值创造

英文关键词:government intervention  property right characteristics  industrial characteristics  resource-based theory  M&A value creation

中文摘要:

      从资源基础理论视角出发，实证检验了政府对不同产权特征、不同行业特征并购公司的差别对待。研究结果表明，政府对并购公司物质资源、无形资源、财务资源配置的干预具有“国有偏好”和“行业偏好”，三项资源的配置优劣成为公司并购扩张的核心，公司资源的数量与质量最终决定了其并购扩张的价值创造。并据此提出在“转变政府职能、依靠并购市场机制、健全并购公司治理结构”的原则下科学引导公司并购扩张活动的建议。

英文摘要:

      From the perspective of resource-based theory, this paper empirically verifies the differentiated treatment by government on different enterprises with different property right characteristics and different industrial characteristics. The research result indicates that government has obvious preference to the state-owned companies and interested industries in the intervention of material resources, intangible resources and financial resources. The optimal allocation of these three resources is the core of enterprise in M&A and expansion. Both the quantity and the quality of resources a company owns determine the value creation of M&A and expansion eventually. Accordingly, it proposes that the M&A and expansion activities should be scientifically guided under the principle of “transforming the government function, following M&A market mechanism and improving corporation governance structure”.