反垄断统一执法如何影响公司股权融资——来自执法机构改革的经验证据  

How Does Unified Anti-Monopoly Enforcement Affect Corporate Equity Financing?--Evidence from the Reform of Enforcement Agency

作　　者：郑禹 郭小敏 刘晗 周权 ZHENG Yu;GUO Xiaomin;LIU Han;ZHOU Quan

机构地区：[1]中国财政科学研究院 [2]北京物资学院会计学院 [3]澳大利亚国立大学商业与经济学院

出　　处：《金融监管研究》2024年第12期59-78,共20页Financial Regulation Research

基　　金：国家自然科学基金青年项目“反垄断执法的溢出效应研究”(项目编号:72302023)的资助。

摘　　要：竞争是市场经济的内在要求。《反垄断法》和反垄断执法是竞争政策的核心内容和工具,有利于保护、促进和规范市场竞争,是市场在资源配置中发挥决定性作用的重要保障。本文运用双重差分法考察了2018年反垄断执法机构的“三合一”改革对公司股权融资决策的影响。研究发现,与低垄断程度的公司相比,反垄断执法机构改革对高垄断程度公司的股权融资具有显著的抑制作用。机制检验发现,反垄断执法机构改革通过改变市场主体所处的竞争环境和经营环境而影响股权融资。横截面检验发现,反垄断执法机构改革对股权融资的影响仅显著存在于国有企业和规模较大的企业。进一步的研究发现,反垄断执法机构改革对债务融资的抑制作用比其对股权融资的抑制作用更为显著,而且,能够显著约束高垄断程度公司的股权再融资行为,显著提高其股权资本成本。本文研究结论对从反垄断监管角度优化金融资源的高效理性配置、推动企业的高质量发展具有一定的启发意义。Competition is the inherent requirement of market economy.The Anti-Monopoly Law and AntiMonopoly Enforcement are the core contents and tools of competition policy,which are conducive to protecting,promoting and regulating market competition,and are an important guarantee for the market to play a decisive role in resource allocation.Based on the difference-in-differences method,this paper examines how the"three-in-one"reform of Anti-Monopoly Enforcement Agency in 2018 affects the company's equity financing.We find that after the Anti-Monopoly Enforcement Agency Reform,the equity financing for companies with high monopoly degree has decreased significantly compared with those with low monopoly degree.The mechanism test shows that the Anti-Monopoly Enforcement Agency Reform affects equity financing by changing the competitive environment and business environment of market players.The cross-sectional analysis finds that the restraining effect of Anti-Monopoly Enforcement Agency Reform on equity financing is greater in state-owned enterprises and large enterprises.Furthermore,we show that compared with equity financing,the Anti-Monopoly Enforcement Agency Reform has a more serious inhibiting effect on debt financing,and after the Anti-Monopoly Enforcement Agency Reform,the equity refinancing behavior of companies with high monopoly degree has been significantly restricted,and the cost of equity capital has increased significantly.The conclusion of this paper has certain enlightenment significance for optimizing the efficient and rational allocation of financial resources and promoting the highquality development of enterprises from the perspective of competition regulation.

关 键 词：执法机构改革 反垄断 竞争政策 股权融资 资源配置 

分 类 号：F275[经济管理—企业管理]