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With the further development of society, the enterprise merger the everlasting topic again attracting eyeballs of scholars. The western developed countries, also frequently m&a wave makes us recognize m&a activity has become our enterprise grandness and international competition in the important means.But in China, the special economic transitional context, not establish state-owned ownership of the principal-agent system of state-owned assets, as the owner and operator of an enterprise as a legal person, the government still can participate in the activities to m&a, and produced a series of problems. By 2010, the state council issued by the state council on promoting the enterprise m&a, under this background, the article selected the government under the leading of the merger of this topic, growth research in our country to discuss the enterprise merger activity, the government did what role, if any, is how to play the role. Through the merger of the comparison and analysis, and growth of the government in the merger of the effect of the objective judgment, for the government to reduce the leading enterprise mergers provides theoretical foundation and empirical proof.The theory of public interests, the market failure theory and the theory of monopoly as research, through theoretical analysis enterprise merger of the existence of the government. At the conclusion of the domestic m&a growth and government leading, and on the basis of earnings growth and assets from the two aspects of ascension growth measure growth index, the method of comparison, the character of the enterprise, the enterprise registered in fiscal deficit level, registered unemployment and registered government intervention in the aspects of the government, the index of m&a and growth changes are analyzed, and through the analysis of multiple regression method, the relevant factors affecting the empirical study of government leading enterprise mergers and enterprise growth.Empirical results show that in China, the government based on their own interests, most enterprise mergers are the government-led and under the guidance of non-governmental enterprises merging, under the guidance of the government of the enterprise merger of enterprises more unfavorable growth.Finally, according to the government of enterprise mergers, combining the behavior, this paper from the rational use of state-owned enterprise owners, the proper positioning of government functions and perfecting the social unfavorable growth security system, puts forward three Suggestions and countermeasures.
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