并购能化解企业的产能过剩吗?

Can M&As Eliminate Firm-level Capacity Overhang?

本文研究并购是否有助于化解企业的产能过剩,并讨论其背后的作用机制及其对供给侧结构性改革的政策意义。以2004〜2018年作为并购发起方的A股制造业上市公司为样本,并对比并购前上市公司的产能过剩程度和并购后双方公司整体的产能过剩程度,本文发现并购能够降低企业的产能过剩程度,该作用主要表现在质量较高并购、规模较大并购、纵向并购之中,面临更高去产能压力的公司发起的并购之中,以及市场化水平更高的并购之中。中介效应检验发现,并购主要通过提高生产效率、增强产品市场势力两条路径化解企业的产能过剩。本文最后发现,通过化解产能过剩,并购有助于提高企业价值。本文提供了并购化解产能过剩的理论证据,也验证了市场机制去产能的重要性。

This paper investigates whether M&As can lower firm-level capacity overhang,and discusses the mechanism and policy implications for the current supply-side reform.Employing a stochastic frontier model to obtain firm-level estimation of the difference between a firm’s installed production capacity and its optimal capacity,we acquire a direct proxy for capacity overhang.Taking listed companies in the manufacturing industry that initiate M&As as sample,and comparing the degree of capacity overhang of listed companies before M&As and the overall degree of capacity overhang of both companies after M&As,we find that M&As can lower firm-level capacity overhang.This effect of M&As is more pronounced in high-quality M&As,M&As in relatively larger size,vertical M&As,outer-province M&As,and M&As made by acquirers under higher pressure to cut capacity or made by SOEs.Tests on the mechanism show that M&As lower firm capacity overhang through enhanced production efficiency and product market power.We find that M&As lower capacity overhang can improve firm value.We provide theoretical evidence on the association between M&As and capacity overhang and provide empirical evidence on the importance of lowering firm-level capacity overhang through marketization mechanism.