【正文】 注釋：①因?yàn)樵跀?shù)據(jù)的整理過程中，需要逐一查閱并購公告，各大財(cái)經(jīng)網(wǎng)站的并購公告最早可追溯至2003年，所以我們的樣本期間始于2003年。②境外目標(biāo)公司主要來自于香港、美國、日本等地，由于這些地區(qū)和國家投資者保護(hù)程度高于國內(nèi)省份，在對其地區(qū)投資者保護(hù)程度賦值時(shí)按最高值賦值。③因?yàn)楸疚囊苑顷P(guān)聯(lián)并購作為研究對象，所以異地并購樣本略多于同地并購樣本。在篩選樣本的過程中，我們也發(fā)現(xiàn)注意到關(guān)聯(lián)并購事件更多的是同地并購。④在央企異地并購子樣本組中沒有收購方地區(qū)投資者保護(hù)程度低于中位數(shù)、而且目標(biāo)公司地區(qū)投資者保護(hù)程度高于中位數(shù)的樣本。⑤由于篇幅所限，文中未報(bào)告回歸結(jié)果。若有需要，可與作者聯(lián)系，下同。參考文獻(xiàn)：1. 陳信元、葉鵬飛、陳冬華：《機(jī)會(huì)主義、資產(chǎn)重組與剛性管制》，《經(jīng)濟(jì)研究》，2003年第5 期。2. 陳信元、張?zhí)镉啵骸顿Y產(chǎn)重組的市場反應(yīng)1997年滬市資產(chǎn)重組實(shí)證分析》，《經(jīng)濟(jì)研究》，1999年第9期。、王小魯、朱恒鵬. 2007. 中國市場化指數(shù)各地區(qū)市場化相對進(jìn)程2006年報(bào)告. 北京：經(jīng)濟(jì)科學(xué)出版社4. 方軍雄：《政府干預(yù)、所有權(quán)性質(zhì)與企業(yè)并購》，《管理世界》，2008年第9期。5. 李增泉、余謙、王曉坤：《掏空、支持與并購重組來自我國上市公司的經(jīng)驗(yàn)證據(jù)》，《經(jīng)濟(jì)研究》，2005年第1期。6. 李善民、陳玉罡：《上市公司兼并與收購的財(cái)富效應(yīng)》，《經(jīng)濟(jì)研究》，2002年第11期。7. 李善民等：《收購公司與目標(biāo)公司配對組合績效的實(shí)證分析》，《經(jīng)濟(jì)研究》，2004年第6期。8. 潘紅波、夏新平、余明桂：《政府干預(yù)、政治關(guān)聯(lián)與地方國有企業(yè)并購》，《經(jīng)濟(jì)研究》，2008年第4期。9. 世界銀行：《中國政府治理、投資環(huán)境與和諧社會(huì)：中國120個(gè)城市競爭力的提高》，2006年。10. 張維迎：《法律制度的信譽(yù)基礎(chǔ)》，《經(jīng)濟(jì)研究》，2002年第1期。11. 張維迎、柯榮?。骸缎湃渭捌浣忉專簛碜灾袊目缡≌{(diào)查分析》，《經(jīng)濟(jì)研究》，2002年第10期。：《并購重組是否創(chuàng)造價(jià)值？中國證券市場的理論與實(shí)證研究》，《經(jīng)濟(jì)研究》，2003年第6期。：《上市公司并購的短期和長期股價(jià)表現(xiàn)》，《當(dāng)代經(jīng)濟(jì)科學(xué)》，2006年第3期。 G., Mitchell M., Stafford E.,2001,“New Evidence and Perspectives on Mergers”,The Journal of Economic Perspectives 15(2), ～120. 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