摘要：并购"三高"现象俨然成为影响资本市场资源配置效率和广泛利益相关者权益的重要因素。以2009-2021年发生并购交易事件的民营上市公司为样本的研究发现，国有资本参股抑制了民营企业并购过程中高估值、高承诺和高商誉的“三高”现象。影响机制检验发现，国有资本参股通过降低内部人自利动机和缓解信息不对称风险抑制了并购“三高”现象。事后检验分析发现，国有资本参股进一步提升了业绩承诺的完成概率和比例，降低了商誉减值的计提比例，同时抑制了股价崩盘风险。基于外部监管视角的研究发现，国有资本参股对并购"三高"现象的抑制作用在政府干预较强、监管问询概率较低、分析师跟踪人数较多以及媒体关注度较高的民营企业中更加显著。研究结论表明，国有资本作为广大利益相关者的重要代表，不仅有利于引导民营企业更加重视中小股东的权利，而且有利于优化民营经济的并购资源配置效率。

Abstract: The “three high” phenomenon of mergers and acquisitions has become an important factor affecting the efficiency of capital market resource alloation and the rights and interests of a wide range of stakeholders. Taking private listed companies with M&A events from 2009 to 2021 as samples, the study found that state-owned capital participation inhibited the “three high” phenomenon of high valuation, high commitment and high goodwill in the M&A processof private enterprises. From the test of the influence mechanism,it is found that the participation of state-owned capital inhibits the“three high”phenomenon of M&A by reducing the self-interest motivation of the insider and alleviating the risk of information asymmetry. From the perspective of post-inspection analysis, it is found that state-owned capital participation further improves the completion probability and proportion ofthe performance commitment, reduces the proportion of the impairment of goodwill, and restrains the risk ofstock price collapse. From the perspective of external regulation, it is found that the inhibitory effect ofstate-owned capital participation on the "three high" phenomenon of M&A is more significant in private enterprises with strong government intervention, low probability of regulatory inquiry, large number of analysts following and high media attention. The conclusion shows that the state-owned capital, as an important reoresentative of the majority of stakeholders, is not only conducive to guiding private enterprises to pay more attention to the rights of minority shareholders,but also conducive to optimize the efficiency of mergers andl acquisitions resource allocation of private economy.