境内企业兼并重组的影响因素研究——基于外资并购股权结构的分析

Antecedents of M&A and Recombination of Domestic Firms: Evidence from Equity Structure of M&A by Foreign Invested Firms

本文从外资并购股权结构层面,分析所有制与市场化对我国境内企业兼并重组的影响。实证检验表明:第一,并购国有企业促使外商投资者降低并购股权水平;当外商投资者采取高标的并购股权水平时,这种负相关更显著。第二,市场化与外商投资者的并购股权水平存在非线性U型关系,但这种U型关系主要存在于并购非国有企业的情况,而并购国有企业时市场化与外商投资者的并购股权水平只存在线性负相关;当外商投资者采取高标的并购股权水平时,相应的U型关系与线性负相关比较显著。第三,来自港澳台与非港澳台的投资者在并购国有企业时都会降低并购股权水平,但这种行为对来自非港澳台的投资者更突出;市场化与并购股权水平的U型关系对来自港澳台的投资者而言显著存在,但这种U型关系对来自非港澳台的投资者而言只得到局部验证。

This paper studies the effect of ownership structure and marketization on M＆A and recombination of Chinese domestic firms from the perspective of the M＆A equity structure of foreign firms. Based on the M＆A micro-data, the empirical tests support the findings as follows. Firstly, the M＆A of an SOE target significantly reduces the level of equity ownership, and the negative effect becomes more significant as a higher subject is adopted. Secondly, there is a U-shape relationship between marketization and equity structure, which mainly results from a non-SOE target, while there is only a negative liner relationship in the case of a SOE target. Moreover, both the U-shape and the negative liner relationship are more significantly stronger as a higher subject is adopted. Thirdly, investors from both the HTA （Hong Kong, Macao, Taiwan） and non-HTA regions are likely to lower the equity level in the M＆A of an SOE target, while the be- havior is more significant for investors from non-HTA regions. Compared with HTA investors, the U-shape relationship between marketization and equity structure is more applicable for non-HTA investors.