论文部分内容阅读
本文利用我国2001~2009年间11家上市零售企业的并购面板数据,采用随机前沿模型,定量研究我国上市零售企业并购的技术效率变化,并测度影响技术效率的内外部因素“干中学”、运营规模、所有制类型(结构)、股权结构、信贷预算约束、行业竞争、区域因素等对技术效率的影响。研究发现,并购总体上导致样本企业技术效率下降,但与非国有控股样本企业相比,国有控股上市零售企业进行并购能够显著提升企业的技术效率;股权结构、信贷预算约束与行业集中是我国上市零售企业技术效率改进的根本因素。
Based on the M & A panel data of 11 listed retail enterprises in China from 2001 to 2009, this paper uses the stochastic frontier model to quantitatively study the technical efficiency changes of listed retail enterprises in China, and measures the internal and external factors affecting the technical efficiency, such as “learning by doing” The scale of operation, the type of ownership (structure), ownership structure, credit budget constraints, industry competition, and regional factors on the technical efficiency. The research shows that mergers and acquisitions generally lead to a decrease in the technical efficiency of the sample enterprises. However, compared with the non-state-controlled sample enterprises, M & A of state-controlled listed retail enterprises can significantly improve the technical efficiency of the enterprises. Equity structure, credit budget constraints and industry concentration are listed in China The Essential Factors for Improving the Technical Efficiency of Retail Enterprises.