信贷资源与异地并购:基于省级层面的研究

Loan Resources and Cross-region M&A:Based on Provincial-level Research

充足的市场流动性被认为是推动并购市场规模增长的“催化剂”,但在国内市场分割背景下,地区信贷资源是否成为影响并购决策的市场因素?本文通过建立企业异地并购的选择概率模型,利用2009—2019年间2.1万余起境内并购事件,构建省级层面的并购市场统计指标,并以此进行实证检验。结果发现:信贷资源增长不仅会显著提升省份内目标企业被外省份企业并购的比例,而且会推动省份内并购企业更多选择异地并购,这一影响效应在发展相对欠发达的中西部地区省份表现更加显著。影响机制检验发现,信贷资源增加一方面提高了外省份企业并购省份内企业的未来预期收益,另一方面降低了省份内企业异地并购的交易成本,从而影响了省份内企业的异地并购比例。本文的研究从省级层面拓展已有文献关于金融资源与并购市场关系的认识,也为在地区层面研究和理解企业并购行为提供新思路。

Sufficient liquidity is considered to be a"catalyst"to promote the growth of the M&A market.However,under the segmentation of domestic market,have regional loan resources become a market factor influencing M&A decisions?This paper establishes a selection probability model for cross-region M&A,and uses more than 21000 domestic M&A events from 2009 to 2019 to construct statistical indicators of the provincial-level M&A market and conducts empirical tests based on them.The results show that:the growth of loan resources will not only significantly increase the proportion of target companies that are acquired by companies from other provinces,but also promote companies in the province to choose more cross-region M&A.This effect is more significant in the central and western provinces.The mechanism results show that the increase in loan resources raises the future expected income of acquiring companies from other provinces,and reduces the transaction costs and the proportion of cross-region M&A of acquiring companies in the province.This paper expands the understanding of the existing literature on the relationship between financial resources and the M&A market from the provincial level,and also provides a new perspective for understanding corporate M&A behavior on the regional level.