产业政策能否促进资本“联姻”——基于上市公司设立并购基金的视角  

Can Industrial Policy Promote Capital “Marriage”——Based on the Perspective of Listed Companies Establishing Buyout Funds

作　　者：逯东[1] 宋昕倍 LU Dong;SONG Xin-bei(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院

出　　处：《中国工业经济》2022年第3期114-132,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目“终极控制权制衡与国有企业创新效率研究”(批准号71672149);国家自然科学基金面上项目“高管激励、内部团队培养与企业创新研究”(批准号71972157)。

摘　　要：如何围绕有效需求扩大有效投资、优化供给结构、更好地鼓励和激发社会资本的活力和潜能,是产业政策乃至整个经济建设的关键所在。本文以2011—2020年A股上市公司为研究对象,从合伙设立并购基金的视角,探究了产业政策能否促进上市公司内外部多方资本的携手合作。研究发现,产业政策支持不仅能够提高外部资本与上市公司的合作意向,即合伙设立并购基金的可能性更高,还能拓展外部资本的合作深度,即外部资本在并购基金中投资比例更高。进一步研究发现,产业政策对资本合作的促进作用在民营企业和成长期企业中更为显著;产业政策的支持能够引导多方资本更多围绕公司主营业务进行合作,同时也能提高并购基金设立成功率,而并购基金的实际运行会促进公司的投资;当并购基金中有政府基金参与时,其合伙人多样性和未来实体投资概率会显著提升。这揭示出产业政策能够拉紧社会各方资本的合作纽带,而政府基金是进一步提高投资积极性和投资效率的强劲引擎。本文丰富了产业政策对微观个体战略决策影响的研究,同时也从并购基金视角为如何改善产业政策的实施效果提供了参考。How to expand effective investment around effective demand, optimize the supply structure, and better encourage and stimulate the vitality and potential of social capital are the key components of industrial policy and even the entire economic construction. Using the sample of A-share listed companies from 2011 to 2020, this paper takes the perspective of the establishment of buyout funds to explore whether industrial policy can promote the cooperation of internal and external capital of listed companies. It is found that industrial policy support can not only increase the cooperation intention of external capital and listed companies, that is, they are more likely to cooperate to establish buyout funds, but also expand the cooperation depth of external capital, that is, the proportion of external capital invested in buyout funds is higher. Further analysis shows that the promotion effect of industrial policy on capital cooperation is more significant in private enterprises and growing enterprises. The support of industrial policy guides capital to cooperate more around the company’s main business and increases the success rate of buyout fund establishment, and the operation of buyout fund can promote the company’s investment. Only when government funds participate in the buyout fund, the diversity of partners and the probability of future entity investment will be significantly improved. These results reveal that industrial policy can tighten the cooperation bond of social capital, and government funds are a powerful engine to further improve investment enthusiasm and efficiency. This paper enriches the research on the impact of industrial policy on micro individual strategic decision-making, and provides some reference for how to improve the implementation effects of industrial policy from the perspective of buyout funds.

关 键 词：产业政策 资本合作 并购基金 政府基金 

分 类 号：F262[经济管理—国民经济]