中文摘要：

在政府干预这一预设的制度环境下,考察经济发展水平及其货币政策变动对并购行为的影响。研究发现,经济发展水平越高地区的上市公司越倾向于同属并购;尤其在货币紧缩时期更是如此,且并购绩效更好,并购后的非效率投资程度也更低。本研究为企业同属并购的经济（市场）逻辑机理提供了新的证据,也从微观并购行为与经济后果的独特角度进一步检验了我国货币政策区域异质性效应的存在性,拓展和深化了宏观政策与微观行为互动的理论文献,为企业并购决策提供了重要参考。

英文摘要：

This paper follows the pre- institutional environment of government intervention to study the changes of economic development level and monetary policy affect purchasing behavior. The study finds that the listed companies in the region of higher level of economic development tend to take more same jurisdiction of MA,especially in periods of monetary tightening,and they will have the better MA performance and lower degree of non- efficiency investment after the merger. This study provides newevidence for the economic（ market） logical mechanism of the same jurisdiction of MA,examines the further area of monetary policy effects of the existence of heterogeneity from the unique perspective of microscopic behavior and economic consequences of the acquisition,expands and deepens the theoretical literature about interactive of macro policy and microscopic behavior,to provide an important reference for merger decision making.