企业并购能否抑制经济“脱实向虚”——基于产业优化发展的视角

Can Corporate Mergers and Acquisitions Restrain the Economy from“Departing from Reality to Virtuality”:Based on the Perspective of Industrial Optimization and Development

近年来,我国经济面临着严峻的“脱实向虚”问题,微观层面表现为实体企业金融化现象日益凸显,不仅影响我国经济的高质量发展,而且导致金融领域的风险集聚。因此如何抑制经济“脱实向虚”一直受到社会各界的广泛关注。本文以2009—2018年中国沪深A股非金融类、非房地产类上市公司为样本,采用倾向性得分匹配双重差分法,从产业优化发展的视角出发,实证检验企业并购对实体企业金融化的抑制影响及作用机制,并采用三重差分法检验境内并购和海外并购对于实体企业金融化抑制作用的差异。研究发现:企业并购对于企业的短期金融化行为和长期金融化行为均有抑制作用,且海外并购的抑制作用更强;境内并购主要通过“规模经济和范围经济效应”和“产业链协同互补效应”抑制企业金融化,海外并购主要通过“产业链协同互补效应”和“技术协同效应”抑制企业金融化。本文研究表明企业并购可以通过促进产业的健康可持续发展,提升产业对资本的吸引力,从而从根本上治理经济“脱实向虚”问题。

In recent years,China’s economy is facing a serious problem of“turning from reality to fiction”.At the micro level,the phenomenon of real enterprise financialization has become increasingly prominent,which not only affects the high-quality development of China’s economy,but also leads to risk concentration in the financial field.Therefore,how to curb the“turning from reality to fiction”of the economy has been widely concerned by all sectors of society.The non-financial and non real estate listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2018 were taken as samples,used the difference-in-difference method of preference score matching,from the perspective of industrial optimization and development,the inhibitory effect and mechanism of corporate mergers and acquisitions on the financialization of real enterprises empirically tested,and used the difference-in-difference-in-difference method,the difference between domestic mergers and acquisitions and overseas mergers and acquisitions on the inhibition of the financialization of real enterprises were tested.It is found that M&A(merger and acquisition)has a strong inhibitory effect on both short-term and long-term financial behavior of enterprises,and overseas M&A has a stronger inhibitory effect.Domestic M&A mainly suppresses enterprise financialization through“economies of scale and scope”and“industrial chain synergy and complementary effect”,while overseas M&A mainly suppresses enterprise financialization through“industrial chain synergy and complementary effect”and“technology synergy effect”.It shows that M&A can promote the healthy and sustainable development of the industry and enhance the attractiveness of the industry to capital,so as to fundamentally address the problem of“disequilibrium to emptiness”of the economy.