融资约束、区域金融发展与成长期企业并购——理论分析与经验证据

Financing Constraints,Regional Financial Development and Mergers and Acquisitions of the Growth-stage Corporate——Theoretical Analysis and Empirical Evidence

成长期企业并购对金融支持的依赖性高。通过建立信息经济学模型,可较好刻画成长期企业在并购过程中因为信息不对称和抵押物不足而面临的融资约束,同时在模型中引入区域金融发展因素,可以较好缓解融资约束,促进成长期企业并购。在理论分析基础上,以2012-2018年的上市公司及其并购数据为对象开展实证分析,实证结果同样显示成长期上市公司并购过程中存在明显的融资约束现象;同时区域金融发展能够缓解融资约束,进而提升成长期上市公司并购概率。理论分析和经验证据相互印证,揭示了区域金融发展通过缓解融资约束以支持成长期企业并购的机理和路径。

M&A in the growth stage is highly dependent on financial support.An information economics model can characterize the financing constraints caused by information asymmetry and insufficient collateral from M&A in the growth stage.And the introduction of regional financial development factors into the model can better alleviate financing constraints and promote M&A.Empirical analysis is carried out based on the listed companies and their M&A data from 2012 to 2018.The results also show that there are financing constraints in the M&A of growth-stage listed companies.Regional financial development can improve the probability of M&A by alleviating financing constraints.Theoretical analysis and empirical evidence confirm each other and reveal the mechanism of regional financial development supporting the growth-stage M&A.