地方政府债务风险压力对地方国企并购行为的影响——来自A股市场的证据  

The Influence of Local Government Debt Risk Pressure on the M&A Behavior of Local State-owned Enterprises—Based on the Evidence from the A-share market

作　　者：吴涛 彭宇亭 杨渝镜 Wu Tao

机构地区：[1]重庆工商大学金融学院,400067

出　　处：《会计研究》2021年第9期120-135,共16页Accounting Research

基　　金：国家社科基金项目“经济新常态下中国债券市场风险控制研究”阶段性成果(16XGL005)。

摘　　要：在中国政府高度重视地方政府债务风险控制背景下,作为地方国企实际控制人的地方政府所具有的债务风险压力,是否会影响地方国企实施并购行为?地方国企实施并购行为后又会产生怎样的经济后果?本文基于2014-2019年A股地方国有上市公司并购行为样本,实证检验了地方政府债务风险压力对地方国企并购行为的影响及其效应。研究发现,与地方政府债务风险压力较低地区的地方国企相比,地方政府债务风险压力较高地区的地方国企选择并购战略的可能性较高,并购完成后套现的规模也相对较高。地方政府债务风险压力对地方国企并购后取得的短期并购绩效显著较好,但对长期并购绩效的影响显著较差。深入研究发现地方政府债务风险压力主要来自于由隐性债务风险构成的压力。本文的研究既有助于深入理解地方政府债务风险压力影响地方国企并购行为的机制,也为监管部门调整国企并购套现、以及地方政府债务风险化解的相关政策提供了依据。Under the background of high economic leverage, Whether the high debt ratio of local governments who act as the actual controllers of state-owned enterprises will affect the mergers and acquisitions of state-owned enterprises?What kind of economic consequences will be taken by the M&A?Based on a sample of M&A activities of local state-owned listed companies on the A-share market from 2014 to 2019,This article empirically tested the impact and effect on M&A activities with state-owned enterprise Influenced by the pressure from Debt Risk with Local Government.The study found that compared with local state-owned enterprises with lower local government debt risk pressure, state-owned enterprises with higher local government debt risk pressure are more likely to choose M&A strategies, and the scale of cash out after the merger is relatively higher.Local government debt risk pressure has significantly better short-term M&A performance after local state-owned enterprises’ mergers and acquisitions, but has a significantly weaker impact on long-term M&A performance.In-depth empirical research found that the debt risk pressure of local government mainly comes from the pressure constituted by implicit government debt risk.The research in this article not only helps to understand the internal logic of the influence of local government debt risk pressure on state-owned enterprise mergers and acquisitions, but also provides empirical evidence for the regulatory authorities to adjust relevant state-owned enterprise M&A,and the mitigation policies of government debt risk.

关 键 词：地方政府 债务风险压力 地方国企 并购效应 

分 类 号：F812.5[经济管理—财政学] F276.1F271F832.51