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文章从企业的同群效应,即地区中企业间的相互模仿,来考察中国上市公司的并购行为。在控制内生性和排除地区因素替代性解释的情况下,研究发现:中国上市公司的并购行为具有同群效应,公司并购战略的实施受到相同省区并购企业比例的显著正向影响,公司的并购规模受到相同省区平均企业并购规模的显著正向影响,在相同省区中,连锁董事网络中心度较低的公司具有显著的并购行为的同群效应,并购行为的同群效应在中心度较高的公司不显著,中心度低的公司模仿中心度高公司的并购行为。
The article examines the M & A behavior of Chinese listed companies from the same group effect of enterprises, that is, the mutual imitation among enterprises in the region. Under the control of endogenous and excluding regional factors, the study found that: the mergers and acquisitions of Chinese listed companies have the same group effect, the implementation of corporate M & A strategy has a significant positive impact on the proportion of mergers and acquisitions in the same provinces and autonomous regions, and the mergers and acquisitions The size of the mergers and acquisitions by the same provincial average size significantly positive impact on the same provinces and autonomous regions, chain-less network of companies with a lower degree of central bank mergers and acquisitions have significant synergies, mergers and acquisitions in the same group with a more central effect High companies are not significant, low-center companies to imitate the company’s M & A behavior.