海外并购如何影响企业财务脆弱性--基于外部融资约束和内部流动性的中介效应检验

Risk Prevention of Overseas Mergers and Acquisitions from the Perspective of Economic Globalization—Based on the Viewpoint of Financial Vulnerability of Enterprises

随着外部环境不确定性逐年提高,企业海外并购风险问题值得重点关注。以2009—2020年沪深A股上市公司为研究对象,从外部融资约束和内部流动性两个方面,研究海外并购对企业财务脆弱性的影响和作用机制。研究结果表明:海外并购显著提高了企业财务脆弱性,该结论经过稳健性检验保持不变。与国内并购相比,海外并购一方面占用企业大量流动资金,另一方面释放的风险信号加深了企业外部融资约束。异质性研究发现,海外并购对企业财务脆弱性的影响在资本密集型企业中更大,海外并购给国有企业带来的财务脆弱性的提升通常小于非国有企业。研究结论对推动我国企业“走出去”,促进国内国外双循环健康发展具有一定的参考价值。

As the uncertainty of the external environment has been increasing year by year,the issue of corporate overseas M&A risk deserves focused attention.This thesis investigates the impact and mechanism of overseas M&A on the financial vulnerability of enterprises in terms of both external financing constraints and internal liquidity,taking Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as the research objects.The findings show that overseas M&A significantly increases the financial vulnerability of firms,and this finding remains unchanged by robustness tests.Compared with domestic M&A,overseas M&A takes up a large amount of liquidity on the one hand,and releases risk signals that deepen the external financing constraints of firms on the other.The heterogeneity study finds that the impact of overseas M&As on firms’financial vulnerability is greater among capital-intensive firms,and the increase in financial vulnerability brought by overseas M&As to state-owned enterprises is usually smaller than that of non-state-owned enterprises.The findings of this paper have some reference value for promoting Chinese enterprises to go global and promoting the healthy development of domestic and foreign dual circulation.