企业并购对我国宏观经济影响的面板数据分析

The effect of China’s mergers and acquisitions on provinces’ economy:An empirical study based on panel data regression

本文采取面板数据模型实证分析了企业并购对我国各省市区经济的影响.面板数据模型的实证发现,企业并购对各省市区经济的影响系数显著为正,表明企业并购对我国各省市区的经济发展具有正向促进作用.此外,Moran’s Ⅰ空间相关性检验和空间面板回归模型显示各省市区的企业并购行为与经济发展均具有明显的空间自相关性,也表明企业并购显著地促进经济发展.因此,企业并购在促进所在省市区经济发展的同时,在经济集聚的状态下,经济较发达省份的并购行为会通过空间溢出效应拉动相邻省市区经济发展.

In this paper,the panel data model is used to analyze the effect of mergers and acquisitions(M&A) on the provinces’ economy in China.The empirical results from panel data model show that the coefficient of M&A on each province’s economy is significantly positive,indicating that enterprise acquisitions have positive and promoting effect on the economic development of each province in China.Furthermore,Moran’s Ⅰ spatial correlation test and the spatial panel data model show that there is an obvious spatial autocorrelation in the M&A behavior and economic development of Chinese provinces and cities.While promoting the economic development of the provinces and cities where the M&A are located,under the state of economic agglomeration,the M&A of the economically better developed provinces and cities has an obvious positive effect on the economic development of the neighboring provinces and cities through the spatial spillover effect.