存量改革视域下的企业并购与资本配置效率--基于目标公司融资约束缓解的实证研究

Enterprise Mergers and Acquisitions as well as Capital Allocation Efficiency from the Perspective of the Stock Reform——An Empirical Study on Financial Constraints Mitigation of Target Firms

在我国经济转型进入存量改革深水区的背景下,企业并购作为存量资本配置的重要载体,也是企业成长壮大的必经之路,但资本错配导致的融资约束成为制约我国企业发展的关键性障碍。不同于既有文献聚焦于射手企业的研究,旨在创新性打开并购中的目标企业"黑箱",从目标企业被并购的动因切入,以2000 2014年间发生的国内上市公司被并购事件为样本,运用财务指标探究目标公司基于并购的融资约束缓解机制,构建存量资本配置效率的微观分析新框架。研究发现:被并购显著减轻了目标公司的融资约束,提高了资本配置效率;不同类型并购的协同效应异质性,致使资本配置效率提升程度呈现差异。这些发现对于深刻理解资本存量配置机制及其对中小企业成长的作用机理具有重要价值。

China＇s economic transformation has deeply entered into the stock reform;merger and acquisition are not only important carriers of the stock capital allocation but also ways for enterprises to grow.However,the financial constraint caused by the misallocation of capital has become the key obstacle to the development of Chinese enterprises.Being different from the existing literatures focusing on the shooter enterprise,this paper aims to open the target firms＇ ＂black box＂in the mergers and acquisitions by studying the motivation of the target firms.Taking the acquisition of domestic listed companies as a sample in 2000-2014,using the financial indicators on target firms,we analyze the financial constraints mitigation mechanism of target firms,constructing a new framework for micro analysis of stock capital allocation efficiency.We found mergers and acquisitions significantly relieve the financial constraints of target firms and improve the efficiency of capital allocation.While the different types of mergers and acquisitions by the synergistic effect of heterogeneity play a different role so that the capital allocation efficiency are improved.These findings have important value for understanding the mechanism of capital stock allocation and its effects on the growth of small and medium-sized enterprises.