多元化并购对企业债务违约风险的影响研究  

Impact of Diversified Mergers and Acquisitions on Corporate Debt Default Risk

作　　者：苏润佳 薄澜[2] 姚海鑫[1] SU Runjia;BO Lan;YAO Haixin(Business School,Liaoning University,Shenyang 110136,China;Sunwah International Business School,Liaoning University,Shenyang 110136,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110136 [2]辽宁大学新华国际商学院,辽宁沈阳110136

出　　处：《辽宁大学学报(哲学社会科学版)》2024年第6期43-57,共15页Journal of Liaoning University(Philosophy and Social Sciences)

基　　金：国家社会科学基金一般项目“政府投资平台企业债务风险新特征及多元化解研究”(22BGL055)。

摘　　要：文章以2009—2021年A股上市公司为研究样本,系统考察多元化并购对企业债务违约风险的影响。研究发现,企业实施多元化并购能够显著降低债务违约风险;相较于国有企业,多元化并购对非国有企业债务违约风险的抑制作用更加显著。进一步的影响机制检验结果表明,经营能力在多元化并购与债务违约风险关系中发挥部分中介作用。针对企业内外部环境的异质性分析发现,多元化并购对企业债务违约的影响在内部控制质量较高企业和区域经济发展水平较高的东部地区企业中更为显著。研究结论对更深刻地理解企业多元化的经济后果,以及有效抑制债务违约风险具有重要的理论意义与政策启示价值。This paper takes A-share listed companies from 2009 to 2021 as research samples to systematically investigate the impact of diversified mergers and acquisitions(M&A)on debt default risks.The results show that diversified mergers and acquisitions can significantly reduce the risk of debt default.Compared with state-owned enterprises,diversified mergers and acquisitions have a more significant inhibitory effect on the debt default risk of non-state-owned enterprises.Further testing of the impact mechanism shows that operational ability plays an intermediary role in the relationship between diversified mergers and acquisitions and debt default risk.The heterogeneity analysis of internal and external environments of enterprises found that the impact of diversified mergers and acquisitions in corporate debt default is more significant in enterprises with higher internal control quality and enterprises in eastern regions with higher levels of regional economic development.The research conclusion is of important theoretical and policy implications for a deeper understanding of the economic consequences of corporate diversification and the effective suppression of debt default risk.

关 键 词：多元化并购 债务违约风险 政府隐性担保 

分 类 号：F276[经济管理—企业管理]