金融冲击、股权结构与企业并购行为——基于GARCH模型视域  

Financial Shock,Equity Structure and Enterprise M&A Behavior:Based on the Perspective of GARCH Models

作　　者：朱冠平 扈文秀[1] 章伟果[1] 付强[1] ZHU Guan-ping;HU Wen-xiu;ZHANG Wei-guo;FU Qiang(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《统计与信息论坛》2019年第5期34-40,共7页Journal of Statistics and Information

基　　金：国家自然科学基金青年项目<友好型独立董事;企业并购决策与并购绩效:基于反监督和咨询交互作用的视角>(71603203);国家自然科学基金项目<不同标的资产价格泡沫生成;演化的共性机理研究>(71373204);西安市社会科学规划基金项目<西安市硬科技产业发展的金融支持研究>(18J201)

摘　　要：为探究金融冲击和股权结构对企业并购行为的影响机制,以2006—2017年深A股上市公司为样本,基于GARCH模型视域对金融冲击、股权结构与企业并购行为进行实证检验。研究表明:股市冲击、货币冲击及股权制衡度对企业并购行为具有显著促进作用,而股权集中度对企业并购行为具有显著抑制作用;货币冲击对非国有企业并购行为有显著正向影响,而对国有企业无显著性影响,汇率冲击对高负债水平并购行为具有显著正向影响,而在低负债水平下无显著影响;股权结构在金融冲击对企业并购影响过程中扮演部分中介传递效应。In order to explore the impact mechanism of financial shock and equity structure on corporate M&A behavior,a sample of Shenzhen A-share listed companies from 2006 to 2017 was used as a sample to empirically test financial shocks,equity structure and corporate mergers and acquisitions based on the GARCH model.The research shows that stock market shocks,currency shocks and equity balances have a significant role in promoting corporate mergers and acquisitions behavior,while equity concentration has a significant inhibitory effect on corporate mergers and acquisitions behavior;currency shocks have a significant positive impact on non-state-owned mergers and acquisitions behavior,but have no significant impact on State-owned enterprises;exchange rate shocks have a significant positive impact on high-debt-level mergers and acquisitions behavior,but have no significant impact on low-liability levels;equity structure plays a partial intermediary transmission effect in the process of financial shock impact on corporate mergers and acquisitions.

关 键 词：金融冲击 股权结构 企业并购 GARCH模型 中介 

分 类 号：F224[经济管理—国民经济]