资本市场开放改善了企业的并购环境吗?——基于“陆港通”的实证研究  

Does the Opening Up of Capital Market Improve the M&A Environment?Empirical Study Based on the“Mainland-Hong Kong Stock Connect”

作　　者：杜心宇 姚海鑫[1] 张晓旭 DU Xin-yu;YAO Hai-xin;ZHANG Xiao-xu(Business School,Liaoning University,Shenyang 110136,China;School of Economics and Management,Liaoning University of Technology,Jinzhou 121001,China;School of Business Administration,Liaoning University of Science and Technology,Anshan 114051,China)

机构地区：[1]辽宁大学商学院,沈阳110136 [2]辽宁工业大学经济管理学院,辽宁锦州121001 [3]辽宁科技大学工商管理学院,辽宁鞍山114051

出　　处：《云南财经大学学报》2022年第11期42-58,共17页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金一般项目“不确定性容忍度对创业企业家创业激情持续性影响机理研究”(19BGL080);辽宁省教育厅科学研究经费项目“‘一带一路’背景下辽宁并购企业融资约束问题研究”(JJW202015405);辽宁省社会科学规划基金项目“ESG理念驱动辽宁重污染企业绿色并购的作用机理与实现路径研究”(L22CGL017)。

摘　　要：以“陆港通”交易制度实施为切入点,选取2010—2019年发生过并购事项的中国A股上市公司数据,采用多期双重差分模型,考察资本市场开放对企业并购的实质性影响。结果发现,“陆港通”的实施有助于企业并购溢价的降低和并购绩效的提高,且这种效应在低机构投资者持股和现金支付企业中更加显著。进一步分析表明,“陆港通”可以通过降低企业信息不对称、提高治理水平和缓解融资问题这三种方式改善并购环境,产生促进作用。同时,“陆港通”的实施还可以降低盲目并购可能性,实现并购协同效应。研究不仅可以为资本市场开放改善企业金融环境提供有利证据,而且对并购企业未来决策优化以及资本市场高质量发展有一定的启示意义。Starting with the implementation of“Mainland-Hong Kong Stock Connect”,this paper takes the data of A-share listed M&A companies from 2010 to 2019 as samples and employs a multi-period difference-in-differences model to examine the essential impact of the opening up of capital market on enterprise M&A.The results illustrate that“Mainland-Hong Kong Stock Connect”can reduce the M&A premium and improve the M&A performance of enterprises and the impact is more significant in low institutional investors and cash-paying companies.Further researches show that“Mainland-Hong Kong Stock Connect”can improve the environment of M&A by reducing information asymmetry,improving governance level and alleviating financial problems.In addition,the implementation of“Mainland-Hong Kong Stock Connect”can also reduce the possibility of unreasonable M&A and achieve M&A Synergy.The research not only provides favorable evidence that the opening up of capital market can improve the financial environment of companies,but also has certain enlightenment on the future decision-making optimization of M&A companies and the high-quality development of capital market.

关 键 词：“陆港通” 并购溢价 并购绩效 多期双重差分 

分 类 号：F275[经济管理—企业管理]