企业并购、供应链集中度与能源统一大市场——来自能源企业的经验证据  

Mergers and Acquisitions,Supply Chain Concentration Ratio and Unified Energy Marke——Empirical Evidence from Energy Enterprises

作　　者：续慧泓[1] 宋陆涛 牛岚甲 XU Hui-hong;SONG Lu-tao;NIU Lan-jia(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006;China Science and Technology Press,Beijing 100054,China)

机构地区：[1]山西财经大学会计学院,山西太原030006 [2]中国科学技术出版社,北京100054

出　　处：《山西财经大学学报》2023年第7期83-97,共15页Journal of Shanxi University of Finance and Economics

摘　　要：在加快建设能源统一大市场的政策推动下,本文基于企业并购的视角,以中国2012—2021年沪深A股能源行业上市公司为研究样本,实证检验企业并购对能源统一大市场的影响,以及供应链集中度在二者之间的中介作用。研究表明,企业并购能够显著提升能源统一大市场效率。影响机制检验发现,企业并购可以通过缓解供应链集中度提高能源统一大市场效率。异质性检验发现,企业并购对能源统一大市场效率的提升作用在国有企业、可再生能源企业和成长期企业中更为明显。Driven by the policy of accelerating the construction of an unified energy market,this paper selected the angle of mergers and acquisitions,and set the A-share listed energy companies in Shanghai and Shenzhen from 2012 to 2021 as the sample,followed by empirically testing the impact of mergers and acquisitions on the unified energy market,as well as the intermediary role of supply chain concentration ratio between the two.The study found that,mergers and acquisitions could significantly improve the efficiency of the unified energy market.Influencing mechanism test found that,mergers and acquisitions could improve the efficiency of the unified energy market by reducing the concentration ratio of supply chain.Heterogeneity test revealed that,this promoting effect of mergers and acquisitions was more evident in state-owned enterprises,renewable energy enterprises,and growing enterprises.

关 键 词：能源统一大市场 企业并购 供应链集中度 能源企业 可再生能源企业 

分 类 号：F230.9[经济管理—会计学]