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近年来,国有企业收购或兼并民营企业的“国进民退”现象明显增多,这种违反中国改革开放大趋势的经济现象引起了大量学者和政企界人士的关注和激烈讨论。本文从投资者的角度出发,分析并证实了在中国目前特定的制度环境背景下,与其他类型的控股权交易事件相比,“国进民退”事件是更好的消息,给外部投资者带来了显著更高的短期超常收益,而且市场化环境的改善能够提高投资者对“国进民退”事件的短期正向市场反应。进一步,本文还发现“国进民退”事件也给投资者带来了显著为正的长期超常收益与绩效改善,但这种长期效应并不显著强于其他类型的控股权交易事件。
In recent years, the state-owned enterprises’ mergers and acquisitions or mergers and acquisitions of private-owned enterprises have seen a marked increase in the phenomenon of “refusing to enter the country and returning to the people”. This economic phenomenon, which runs counter to the general trend of China’s reform and opening up, has drawn the attention and heated discussions of a large number of scholars and politicians and business people. Based on the investors’ perspective, this article analyzes and confirms that under the background of the current institutional environment in China, the “national withdrawal” incident is better news than other types of controlling rights transaction events, Investors have brought significantly higher short-term extraordinary returns, and the improvement of the market-oriented environment can enhance investors’ short-term positive market reaction to the “national withdrawal” incident. Furthermore, this paper also finds that the “national withdrawal” incident also brought significant positive positive long-term abnormal returns and performance improvement to investors, but this long-term effect is not significantly stronger than other types of controlling shareholder transactions.