商业银行跨区域经营和企业异地并购

Geographic Diversification of Commercial Banks and Inter-region M&As

本文基于商业银行异地分支机构信息和企业异地并购数据,探究银行跨区域经营对于实体投资的影响。研究表明,异地分支机构的设立对两地间并购规模和企业并购绩效均存在显著的正面效应。进一步分析发现,当主并企业面临的融资约束越大或当目标地区市场化水平较低时,商业银行跨区域经营对于并购绩效的改善作用越强。本文的研究发现为金融资本流动影响实体资本流动提供了微观研究基础,并且为我国完善金融体系、推动企业并购促进地区间资本配置效率的提高提供了理论支持。

Drawing on the data of inter-province bank branches and mergers and acquisitions(M&As),this paper explores the impact of geographic diversification of commercial banks on real investments.We find that the set-up of inter-province bank branches strongly enhances M&A performance.The positive effect on merger outcomes is more pronounced when acquirers are operated in industries with higher credit constraints,or when target regions have a low degree of marketization.Our findings provide micro evidence for the association between financial integration and real sector integration,and shed some light on how the improvement in financial system promotes M&As and enhances the allocation efficiency of capital across regions.