资本市场开放对企业并购融资的影响研究——基于“陆港通”多期双重差分的经验证据  

Research on the Influence of Capital Market Liberalization on Corporate M&A Financing:Based on Multi-period Difference-in-Difference Experimental Evidence of“Mainland-Hong Kong Stock Connect”

作　　者：姚海鑫[1] 杜心宇 张晓旭 YAO Haixin;DU Xinyu;ZHANG Xiaoxu(Business School,Liaoning University,Shenyang 110136,China;Economics and Management School,Liaoning University of Technology,Jinzhou 121001,China;School of Business Administration,University of Science and Technology Liaoning,Anshan 114051,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳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：《东北大学学报（社会科学版）》2024年第1期17-30,共14页Journal of Northeastern University(Social Science)

基　　金：辽宁省社会科学规划基金青年资助项目(L22CGL017)。

摘　　要：“陆港通”政策是中国资本市场开放的重要举措。利用这一外生事件,以2010—2019年中国沪深A股并购事件为样本,运用多期双重差分模型检验“陆港通”对企业并购融资的影响,研究结果表明:“陆港通”实施可以降低并购的股权融资成本和债务融资成本,扩大并购的外部融资规模,缓解并购的融资约束程度,并且这种作用在非多元化和非关联企业并购中更加显著。进一步地探究“陆港通”对并购融资的影响机制,可以发现该政策通过改善信息环境和加强治理效应两种途径缓解企业的并购融资问题。因此,并购企业应积极响应“陆港通”政策,从而引入更多成熟的境外投资者,达到提高并购效率、提升并购效果的目的。The“Mainland-Hong Kong Stock Connect”policy is an important step in the opening of China s capital market.Using this exogenous event and taking the Shanghai and Shenzhen A-share M&A events from 2010 to 2019 as samples,this paper uses the multi-period Difference-in-Difference method to test the impact of“Mainland-Hong Kong Stock Connect”on corporate M&A financing.The results show that the connect can reduce the cost of equity and debt financing,expand the scale of external financing and alleviate the financing constraints.And this effect is more significant in undiversified M&A and in non-relevance corporations.By further exploring the influence mechanism of“Mainland-Hong Kong Stock Connect”on M&A financing,this paper finds that the policy alleviates the M&A financing problems of corporates through two ways:improving the information environment and strengthening the governance effect.Therefore,M&A corporates should respond to the“Mainland-Hong Kong Stock Connect”policy positively so as to introduce more mature foreign investors and improve the efficiency and effect of M&A.

关 键 词：“陆港通” 并购 外部融资成本 外部融资规模 融资约束 

分 类 号：F275[经济管理—企业管理]