不确定性冲击下纵向一体化与企业价值——来自新冠疫情的自然实验证据

Vertical Integration and Corporate Value under the Uncertainty Shock——Natural Experiment Evidence from the COVID-19 Pandemic

利用新冠疫情的外生冲击,本文考察了当不确定性提高时,纵向一体化能否为企业创造价值。研究发现,企业纵向一体化水平与疫情窗口期内的累计超额收益率显著正相关,且当疫情导致的不确定性冲击对外部交易成本的提升较高或对企业内部管控成本的提升较低时,上述影响更加显著。结果表明纵向一体化可以有效规避不确定性,降低交易成本,进而提升企业价值,为交易费用经济学中关于不确定性与纵向一体化的相关理论提供了经验证据。

Using the exogenous shock of the COVID-19 pandemic, we try to examine whether vertical integration creates value for companies when uncertainty increases. We find that there is a significant and positive correlation between vertical integration and cumulative abnormal return in the COVID-19 event window period. Furthermore, when external transaction costs are higher or internal organization costs are lower during the COVID-19 pandemic, the above results are more pronounced. Our results indicate that vertical integration could avoid uncertainty, reduce transaction costs, and improve corporate value, providing empirical evidence for the theory about uncertainty and vertical integration in transaction cost economics.