风险投资地域经验与企业异地并购

Venture Capital’s Regional Experience and Firm’s Cross-regional M&As

风险投资作为现代金融主体和专业投资机构,在企业战略推进中发挥着越来越重要的作用。异地并购活动庞杂而多变,收购方往往借助专业投资机构的力量以有效应对并购中可能出现的挑战。风险投资对企业异地并购行为的影响有待深入研究。本文以2008—2017年中小板和创业板上市公司480个有风险投资介入的异地并购数据为研究样本,实证分析风险投资的地域经验是否会影响被投企业的远距离异地并购偏好。研究表明:(1)风险投资的异地投资经验和投资地理多样性均对被投企业的远距离异地并购产生了传染效应,以社会资本支持、信息获取和声誉信号为基础的模仿机制,使收购方与其风投机构在投资行为上呈现出偏好趋同性;收购方所在地制度环境越不完善,风险投资的地域经验对被投企业远距离异地并购偏好的影响越大。(2)进一步的异质性检验发现,风险投资的地域经验对企业远距离异地并购偏好的传染效应在逆流并购情境中更显著;传染效应还促使低制度环境地区的企业更倾向到制度环境劣于本地的地区去并购;当风险投资与被投企业具有地理邻近性时传染效应更显著。本研究对深化理解风险投资机构与被投企业之间的战略行为互动、拓展战略管理研究具有重要意义,也为企业开展异地并购及跨地域资源流动提供了新的理论视角和现实参考。

M&A has strong geographical spatial attributes.From the existing research on the motivation of M&A’s location choice,although the external macro environment and internal corporate governance have been considered,but few scholars pay attention to the role of corporate stakeholders.In recent years,venture capital,as a stakeholder,plays a more and more important role in the M&A market.It is of great theoretical and practical significance to deepen the research on location selection of M&A from the perspective of venture capital.However,the mechanism of venture capital influencing the location selection of M&A has not been paid attention by scholars.Based on the needs of practical and theoretical research,by using the data sources of SME board and gem from 2008 to 2017,this paper obtains 480 samples of cross-regional M&A events supported by venture capital,and manually collects and sorts out the geographical distribution characteristics of venture capital institutions’investment events before the M&A day of the invested enterprises,so as to identify the investment regional experience of venture capital,and then explore whether venture capital’s regional experience promote the long-distance cross-regional M&A behavior of invested enterprises.This paper get the following results:(1)The regional investment experience and preference of venture capital institutions can significantly affect the long-distance preference of the invested enterprises during M&A,that is,the investee imitates the strategic behavior of the investor,thus showing the same preference with the investor in the investment strategic behavior.(2)The degree of perfection of the regional institutional environment of the acquirer has a moderating mechanism between the regional experience of venture capital and the enterprises’preference for long-distance cross-regional M&A.The acquirer enterprises in the region with imperfect institutional environment are more likely to imitate the off-site investment behavior of venture capital with regional experience and carry out long-distance M&A.(3)Further heterogeneity tests show that the contagion effect of regional experience of venture capital on long-distance cross regional M&A preference is more significant in countercurrent M&A situation;the contagion effect also makes enterprises in low institutional efficiency areas tend to merge in areas where the institutional environment is worse than local;when there is geographical proximity between venture capital and invested enterprises,the contagion effect is more significant.It shows that the characteristics of venture capital institutions can guide the strategic direction and strategic choice of enterprises.The involvement of venture capital stimulates the organizational learning and organizational imitation of heterogeneous peer enterprises,strengthens the prospect prediction of cross regional operation,and promotes enterprises to choose the path of regional diversification.This paper focuses on the learning and imitation mechanism of the investment strategy of venture capital institutions by the invested enterprises as the active party,so as to improve the previous research which only takes the venture capital institutions as the active influencing party.It also supplements the organizational imitation theory from the strategic behavior linkage between heterogeneous organizations.In addition,this paper puts the influence mechanism in the external institutional environment and economic development level with regional differences for comparison and inspection,which provides a reference for different regions to deepen the understanding of cross regional M&A.This empirical study not only has important theoretical significance,but also has important practical significance.It can not only provide decision-making reference for senior managers to choose M&A strategy,but also provide empirical basis for the government to guide the market.The government should actively guide the development planning of venture capital,promote the value spillover of venture capital in regional factor market,product market,capital market and M&A market,and make venture capital,as a modern financial intermediary,play a greater role in industrial transformation and upgrading and high-quality development.