高铁开通与企业异地并购  

The Impact of the Opening of High-speed Rail on Corporate Cross-regional Mergers&Acquisitions

作　　者：陈奉先[1] 王茜[2] CHEN Fengxian;WANG Xi(Capital University of Economics and Business,Beijing 100070;University of International Business and Economics,Beijing 100029)

机构地区：[1]首都经济贸易大学金融学院,北京100070 [2]对外经济贸易大学中国金融学院,北京100029

出　　处：《首都经济贸易大学学报》2024年第6期48-62,共15页Journal of Capital University of Economics and Business

基　　金：国家自然科学基金面上项目“汇率对于全球价值链的影响研究”(72373102);北京市教育委员会社科计划重点项目“国际资本流动突然停止冲击的微观影响与治理对策”(SZ202310038016);北京市国际金融学会项目“高水平对外开放与新质生产力”(BIFS241001);首都经济贸易大学学术创新团队项目“国际资本流动冲击研究”(QNTD202206)。

摘　　要：企业异地并购是资本跨区域流动的重要方式,能够实现资源优化配置。以2008—2022年中国企业的异地并购事件为样本,基于PSM-DID模型,实证检验以高铁建设为代表的交通基础设施对企业异地并购的作用及机制。研究结果显示,高铁开通能够提高所在城市的企业进行跨区域并购的活跃度,增加企业的异地并购次数。该结论经过两阶段最小二乘法、平行趋势检验、安慰剂检验后依然成立。机制分析结果显示,高铁通车后,并购交易方之间的信息不对称降低,造成信息敏感度更高的跨行业/企业并购次数明显增加。异质性分析结果表明,高铁开通的经济效应在经济资源市场化配置比例高的地区以及中西部城市更为明显。本文的研究丰富和拓展了地理经济学和资本跨区域流动的相关研究,有助于理解交通基础设施、政府干预对本地经济发展的影响。The cross regional M&A of enterprises is an important measure to build a unified national market and realize the domestic circulation in China.It is also the key for enterprises to optimize resource allocation and improve TFP.A large number of studies have discussed the relationship between government intervention and market segmentation,while only a few studies concerned about the problem of market segmentation from the perspectives of informal institutional differences and technological development.Transportation infrastructure is regarded as one of the most effective ways to eliminate market segmentation,which can promote the cross-regional capital flows,and help realize the cross-regional optimal allocation of resources.The construction of China s high-speed rail network has achieved regional connectivity,and its potential impact and mechanism on regional economy are worth exploring.Based on the panel data of 507 mainland cities(including municipalities,prefecture-level cities and county-level cities)from 2008 to 2022,this paper empirically examines the impact and mechanism of transport infrastructure improvement represented by high-speed railway construction on the cross regional M&A of enterprises.The results show that the opening of high-speed railways increases the number of cross-regional M&A;the effect of high-speed trains on M&A is affected by the heterogeneity of local marketization and urban geographical location.The results of mechanism analysis show that the growth effect of high-speed trains on urban M&A comes from improving the degree of information asymmetry between the acquirer and the acquired party.This paper finds that the operation of high-speed trains can improve the activity of cross-regional mergers and acquisitions of enterprises in the city.If the operation of high-speed trains increases by one standard deviation,the number of cross regional M&As will increase by 179.2%,which is equivalent to 16.25%of the average number of cross regional M&As.From an economic perspective,this shows tha

关 键 词：高铁开通 资本跨区域流动 异地并购 信息不对称 交通基础设施 

分 类 号：F272.3[经济管理—企业管理] F532.3[经济管理—国民经济]