融资约束下的企业并购行为:求救动机还是制约条件?  

Corporate M&As Behavior under Financing Constraints:Motivation for Help or a Constraint?

作　　者：周胜娣 蓝发钦[2] Zhou Shengdi;Lan Faqin

机构地区：[1]上海市华东师范大学经济与管理学院 [2]上海市华东师范大学

出　　处：《投资研究》2024年第6期35-52,共18页Review of Investment Studies

摘　　要：本文利用Heckman两阶段模型从条件效应和动机效应两个角度探讨融资约束对并购行为的影响。结果显示,中国企业并购中动机效应更强,融资约束紧的企业更期望通过并购脱困;随着融资约束收紧,动机效应被抵消,证实了条件效应的存在。机制检验显示,企业并购动因是构建内部资本市场和向外界传递积极信号。非国有企业和成长型企业更有动机通过并购“自救”,政府应该关注中小民营企业的并购求救信号,加强对融资能力弱、成长型企业的资金支持。This article uses the Heckman two-stage model to explore the impact of financing constraints on mergers and acquisitions(M&As)from the perspectives of conditional effects and motivational effects.The research results show that the motivational effect of mergers and acquisitions among Chinese listed companies is stronger,that is,companies with tight financing constraints are more likely to enhance their external financing capabilities through mergers and acquisitions.As financing constraints tighten,the motivational effect is offset,confirming the existence of conditional effects.Mechanism tests highlight that the motivations for M&As include the construction of internal capital markets and the dissemination of positive signals to the external environment.The study emphasizes that non-state-owned enterprises and growth-oriented firms are more motivated to utilize M&As as a means of“self-rescue”in the face of financing constraints.In light of these findings,it is recommended that government authorities pay more attention to distress signals from small and medium-sized private enterprises,strengthen financial support for firms with weak financing capabilities,and help to meet the capital needs of growth-oriented enterprises.

关 键 词：融资约束 并购行为 条件效应 动机效应 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济] F832.51