高管网络能否缓解企业跨国并购面临的融资约束——来自中国的经验证据

Can Directors Networks Mitigate Financial Constraints of Cross-border Mergers and Acquisitions?Evidence from China

文章将社会资本的视角引入跨国并购研究。利用A股上市公司在2004—2014年期间发起的跨国并购交易和高管网络数据,探讨了在中国的情境下,融资约束与跨国并购交易的关系,并从理论和实证上分析了以政治关联、金融关联和海外关联为代表的企业高管社会网络对企业在跨国并购中面临的融资约束的调节作用。研究发现:(1)我国上市企业的跨国并购能力受融资约束的阻碍和制约。这个影响在外部融资依赖度较高的行业企业中表现得更为显著。(2)企业高管的政治关联和海外关联对企业跨国并购能力的影响显著为正,但并不能缓解跨国并购中企业面临的融资约束问题。而金融关联则有助于缓解企业跨国并购的融资约束。本文的研究为理解非正式制度比如社会关系网络在企业国际化经营发展中的作用提供了新的直接证据。

This paper studies the role of social capital in mitigating financial constraints of cross-border M＆A activities. Using a large sample of cross-border M＆A transactions initiated by Shanghai and Shenzhen A-share listed companies in China between 2004-20[4 and data on their board directors＇ networks, we firstly investigate relations between financial constraints and cross-border M＆A transactions. Secondly, we examine the moderating role of director networks, in- cluding political connections, financial connections and overseas connections, in mitigating financing constraints faced by cross-border M＆A transactions. Our em- pirical studiesfind that, （1） sample firms＇ ability of making cross-border M＆A is impeded by their financial constraints. For firms in higher external financial de- pendence industry, the effect is more significant. （2） Directors＇ political connec- tions and overseas connections significantly increase success probability of cross- border M＆A transactions, but it does not alleviate issues of financial constraints. Only directors＇ financial connections will help ease financial constraints. All those findings have contributed new and direct evidences to understanding the role of social networks in international businesses.