关联并购、融资方式与短期绩效  

Related Mergers and Acquisitions,Financing Methods and Short-term Performance

作　　者：杨小舟 郭凯[1,2] 荆慧敏 Yang Xiaozhou;Guo Kai;Jing Huimin

机构地区：[1]东北财经大学金融学院 [2]东北财经大学青岛金融研究院

出　　处：《宏观经济研究》2024年第11期38-55,共18页Macroeconomics

基　　金：教育部人文社科规划基金项目“基于适应性学习与内生时变的我国利率形成机制、结构性货币政策空间与政策效应”(23YJA790022);辽宁省教育厅高校基本科研面上项目“基于适应性学习与内生时变的我国利率形成机制、结构性货币政策空间与政策效应”(LJKMR20221562);东北财经大学科研平台支持专项重点课题“辽宁促发展与防风险的平衡关系研究——基于地方债的视角”(PT-Z202204)和东北财经大学青岛金融研究院2023年度重点项目“青岛地方政府债务风险预警及应急处置机制研究”(QDY202301)的资助。

摘　　要：本文从相关并购、传统关联并购和生产关联并购三个视角出发,依次探讨了不同类别关联并购对上市公司短期并购绩效的影响,并考察了融资方式在其中的调节作用。随后,进行了基于不同关联并购和融资方式的反事实分析。研究发现,相关并购显著降低了上市公司短期绩效,但并不存在公司所有权属性方面的异质性;生产关联并购仅对国有上市公司短期并购绩效存在显著负向影响;而传统关联并购视角下,不同类别关联并购与上市公司短期绩效间甚至无显著相关关系。进一步地,在考虑融资方式后,尤其是债务融资的调节作用后,以上三个视角下的关联并购对公司短期并购绩效的负向影响均得到加强。反事实分析部分的结果进一步支持了上述结论。基于此,本文从优化并购模式、创新并购产品和改善融资方式、深化投融资改革两个方面提出合理化政策建议。Starting from three perspectives,namely,related M&A,traditional related M&A and production related M&A,this article explores the impact of different categories of related M&A on the short-term M&A performance of listed companies in turn,and examines the moderating role of financing modes in this context.Subsequently,a counterfactual analysis based on different related M&As and financing methods is conducted.It is found that related M&As significantly reduce the short-term performance of listed companies,but there is no heterogeneity in terms of company ownership attributes;production related M&As have a significant negative impact on the short-term M&A performance of state-owned listed companies only;and there is not even a significant correlation between different categories of related M&As and the short-term performance of listed companies under the traditional related M&A perspective.Furthermore,the negative impact of related M&As on firms'short-term M&A performance under all three perspectives is strengthened after considering the moderating effect of financing methods,especially debt financing.The results of the counterfactual analysis section further support the above findings.Based on this,this article puts forward rationalized policy recommendations in terms of optimizing M&A mode,innovating M&A products and improving financing methods and deepening investment and financing reform.

关 键 词：关联并购 融资方式 调节效应 反事实分析 

分 类 号：F27[经济管理—企业管理]