高铁开通能否提升企业并购绩效  

Can High-speed Railways Improve the M&A Performance?

作　　者：孙乾 程小可[2] 杨鸣京 Sun Qian;Cheng Xiaoke;Yang Mingjing(School of Economics and Management,Nanjing University of Science&Technology,Nanjing 210094;School of Economics and Management,Beijing Jiaotong University,Beijing 100044;School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130)

机构地区：[1]南京理工大学经济管理学院,南京210094 [2]北京交通大学经济管理学院,北京100044 [3]西南财经大学会计学院,成都611130

出　　处：《管理评论》2022年第11期27-41,共15页Management Review

基　　金：国家自然科学基金面上项目(71872010,71572009)

摘　　要：高速铁路作为“国家名片”,在彰显“中国速度”的同时,深刻影响着区域经济发展与企业行为。本研究利用高铁开通这一准自然实验度量各个经济主体间代理问题的缓解,采用双重差分法从企业并购绩效的角度实证检验了高铁开通对于微观企业行为的影响及其经济后果。研究结果表明,高铁开通能够显著提升企业并购绩效;在一系列稳健性测试后,上述结果仍然成立。影响机制分析结果表明,高铁开通可以通过“缓解代理问题”影响企业并购绩效。进一步检验结果表明,由于“本地偏好”的存在,高铁开通对于企业并购绩效的影响在异地并购事件中更为显著。本研究以高铁开通为切入点,探讨了以交通运输为代表的人文地理因素变化对公司财务行为的影响,拓展了新经济地理学在公司财务领域的应用范畴,并为高铁开通的经济后果以及企业并购绩效的影响因素提供了新的经验证据。As a“National Name Card”,high-speed railway not only highlights“China’s speed”,but also deeply affects the regional economy and corporate behavior.Using the opening of high-speed railways as an exogenous shock to measure the reduction of agency problems,this study tries to investigate the relationship between the opening of high-speed railways and behavior of listed companies from the perspective of M&A performance.The results show that the opening of high-speed railway can significantly improve the short-term and long-term market performance of acquisition.The results hold after a series of robustness tests.In the mechanism test part,this study finds that the opening of high-speed railway may affect the M&A performance of enterprises through the channel of“alleviating the agency problem”.The further test results show that due to the existence of“home bias”,the impact of high-speed railway opening on the M&A performance of enterprises is more significant when the listed company and the merged enterprise are not in the same province.Taking high-speed railway as the starting point,this paper discusses the influence of geographic distance on the financial behavior of a company,which can expand the application scope of new geographic economics in the field of corporate finance.In addition,this paper provides empirical evidence and research perspective for the economic consequences of high-speed rail service and the influencing factors of M&A performance.

关 键 词：高铁开通 并购绩效 代理问题 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济] F532