金融发展对企业并购决策的影响研究  

Research on the Impact of Financial Development on Enterprise Mergers and Acquisitions Decision

作　　者：刘云[1] 姜书竹[2] Liu Yun;Jiang Shuzhu(Qingdao University,Qingdao266100;Shandong Technology and Business University)

机构地区：[1]青岛大学,青岛266100 [2]山东工商学院

出　　处：《黑龙江八一农垦大学学报》2022年第2期116-126,共11页journal of heilongjiang bayi agricultural university

基　　金：山东省社会科学规划研究项目(19CJJJ8)。

摘　　要：并购重组是企业扩大生产经营规模,实施多元化战略,提高企业竞争力的重要方式。以2000~2018年上市公司数据为研究样本,重点考察了金融发展对企业并购行为的影响,并通过引入交互项探究了其中的作用机制。研究发现,金融发展对我国企业并购行为具有显著促进作用,且在民营企业、小规模企业以及两职合一企业中积极效应尤为明显。此外,机制检验表明,金融发展主要通过缓解融资约束,改善信息不对称对企业并购行为产生影响。Mergers and acquisitions is an important way for enterprises to expand production and operation scale,implement brand management strategy and diversification strategy,and improve their competitiveness.Taking the data of listed companies from 2000 to 2018 as the research sample,it focused on the impact of financial development on mergers and acquisitions,and deeply explored the mechanism.It was found that financial development had a significant role in promoting mergers and acquisitions in China,especially in private enterprises,small-scale enterprises and CEO Duality enterprises.In addition,the mechanism test analysis showed that financial development mainly affected mergers and acquisitions by alleviating financing constraints and improving information asymmetry.

关 键 词：金融发展 企业并购 融资约束 信息不对称 

分 类 号：F832.5[经济管理—金融学]