供应链视角下的企业并购  

The Merger Activity from the Perspective of Supply Chain

作　　者：李嫦 樊海潮 黄浩文 LI Chang;FAN Haichao;HUANG Haowen(East China Normal University;Fudan University;Central University of Finance and Economics)

机构地区：[1]华东师范大学经济学院 [2]复旦大学世界经济研究所,200433 [3]复旦大学经济学院,200433 [4]中央财经大学金融学院

出　　处：《经济学（季刊）》2023年第4期1617-1633,共17页China Economic Quarterly

基　　金：国家自然科学基金青年项目(71803048)的资助;国家自科基金创新研究群体项目(72121002)的资助。

摘　　要：本文基于供应链视角,探究上、下游行业并购集聚行为的联动关系。研究发现,行业的横向并购规模和与其投入产出关联较高的下游行业横向并购规模存在显著的正向关系,即供应链中存在自下而上的横向并购潮传递效应。机制研究表明,争夺议价权和降低商业信用风险是促发传递效应的重要动因。进一步研究发现,当下游行业处于行业网络中心位置时,或当本行业融资约束越低、合约密集度越大时,这一自上而下的并购传递效应越强。We investigate the merger activities from the perspective of supply chain and find that the volume of horizontal mergers within an industry is significantly and positively associated with the volume of horizontal mergers in its dependent customer industries.The pattern is largely attributed to countervai-ling buying power and reducing business credit risk,Further analysis shows that the transmission pattern is more pronounced when the customer industry is centrally located in the industry network,or when the focal industry has lower credit constraints or higher contract intensity.

关 键 词：横向并购 供应链 议价能力 

分 类 号：F271[经济管理—企业管理] F274[经济管理—国民经济]