省际贸易与资本跨区域流动——基于企业异地并购的视角

Inter-provincial Trade and Capital Flows Across Regions——From the Perspective of Inter-regional M&As in China

促进资本跨区域流动是建设全国统一大市场的重要举措。结合地区货物运输数据及企业供应链数据,本文实证考察了省际贸易对资本跨区域流动的影响及作用机制。研究发现:省际贸易有力推动了资本的跨区域流动,表现为省际异地并购数量及规模的显著提升。信息机制及避险机制是省际贸易推动资本跨区域流动的重要渠道。信息机制中,省际贸易联系缓解了地区间信息不对称程度,为新技术学习提供便利。避险机制中,企业出于规避竞争替代风险及违约风险的动机,提升了其异地投资意愿。进一步研究发现,省际流出学习效应及流入学习效应同时存在;加强地区营商环境及信任环境建设,有利于进一步放大省际贸易对资本跨区域流动的推动作用。本文结论丰富了资本跨区域流动影响因素研究,为建设“双循环”新发展格局提供了有益启示.

Promoting cross-regional flows of capital is an important initiative to build a unified national market,and how to help en⁃terprises break through administrative barriers to realize market expansion and resource integration deserves in-depth discussion.This paper examines the effect of inter-provincial trade on inter-provincial mergers and acquisitions,both from macro trade transpor⁃tation and micro supply chain linkage perspective,using the data of inter-provincial M&A events of A-share listed companies dur⁃ing 2008-2021.The result shows that inter-provincial trade significantly promotes the inter-provincial M&As.The information mechanism and risk aversion mechanism are the important mechanisms through which inter-provincial trade drives M&A activities.In the information mechanism,inter-provincial trade linkages alleviate the degree of information asymmetry between the parties and facilitate the learning of new technologies.In the risk aversion mechanism,buyer firms are motivated to avoid competitive substitu⁃tion risk and default risk,which enhances their willingness to engage in inter-provincial M&A.Further research supports the interprovincial“export”learning effects and cross-provincial“import”learning effects.Meanwhile,strengthening the business and cred⁃it environments in the regions is conducive to further amplifying the driving effect of inter-provincial trade on M&As.This paper en⁃riches the existing researches on the inter-provincial M&As and provides policy insights for the promotion of inter-provincial invest⁃ment.