上市公司并购行为的规模效率——基于金融体制改革与服务实体经济效率视角

Scale Efficiency of Listed Company Merger and Acquisition Behaviors:A Study from the Perspectives of Financial System Reform and Efficiency of Serving the Real Economy

使用2001-2018年国泰安CSMAR上市公司财务数据库,基于超越对数成本函数测算企业层面的规模效率,在准实验框架、双重差分和三重差分模型下,考察企业并购的规模经济效应以及政府干预对企业并购绩效的影响效应,结果表明:相对于没有并购的企业,发生并购企业的规模效率得到了显著提高;政府强干预不利于发生并购企业规模效率的提高。因此,企业应当结合自身发展需求,利用并购重组加速提升企业资源整合效率;政府通过构建新型政企关系,创造良好宽松的融资环境,增强金融服务实体经济的能力,引导和鼓励企业发起或参与并购。

Based on data from GTA's China Stock Market and Accounting Research database from 2001 to 2018,this study measured corporate-level scale efficiency using the translog cost function.Within a quasi-experiment framework and using difference-in-differences and difference-in-difference-in-differences models,the study examined the scale economy effect of enterprise merger and acquisitions(M&A)and the effect of governmental intervention on M&A performance.The results revealed the following:1)M&A significantly improved the scale efficiency of enterprises,2)strong governmental intervention was not beneficial to improving the scale efficiency of enterprises.Therefore,enterprises should capitalize on M&A to improve the efficiency of enterprise resource integration.Furthermore,governments need to build a new-type government-enterprise relationship,create a favorable financing environment,enhance the ability of the financial industry to serve the real economy,and lead and encourage enterprises in launching or participating in M&A.