并购基金、产业政策与上市公司资本配置效率

M&A Funds,Industrial Policies and Capital Allocation Efficiency of Listed Companies

从宏观政策支持和投资工具应用层面,促进实体经济资本配置效率的提升,有助于推动经济高质量发展。以2011—2020年A股上市公司为研究对象,聚焦并购基金这一新型投资工具,深入探讨并购基金运行对上市公司资本配置效率的影响,以及产业政策对两者关系的调节效应。研究发现,并购基金运行能够显著提高上市公司的资本配置效率,特别是当公司未获得产业政策支持时,并购基金运行对资本配置效率提升的促进作用更为显著。机制检验结果显示,并购基金的运行通过缓解公司面临的投资机会约束和融资约束,有效地提高了公司资本配置效率。异质性分析表明,当公司资源较为匮乏或获取资源的能力较弱时,如没有风险投资股东或高管团队资本较少,并购基金运行提高其资本配置效率的作用更为显著。因此,为了更广泛地扩大有效投资,公司应重视并积极利用并购基金解决资源短缺问题。同时,政府应积极引导社会资本参与并购基金的设立,以推广新型投资工具的应用,全面促进实体经济的高质量发展。

From the perspective of macro policy support and investment tool application,promoting the efficiency of capital allocation in the real economy can help promote high-quality economic development.Taking A-share listed companies from 2011 to 2020 as the research objects,this study focuses on the new investment tool of M&A funds,and deeply explores the impact of M&A fund operation on the capital allocation efficiency of listed companies,as well as the regulatory effect of industrial policies on the relationship between the two.The findings show that the operation of M&A funds can significantly improve the capital allocation efficiency of listed companies,especially when the company does not receive industrial policy support,the promotion effect of M&A fund operation on capital allocation efficiency is more significant.The mechanism test results show that the operation of M&A funds can effectively improve the efficiency of capital allocation by alleviating the investment opportunity constraints and financing constraints faced by the company.The heterogeneity analysis indicates that when a company’s resources are relatively scarce or its ability to acquire resources is weaker,such as without venture capital shareholders or with limited capital from the executive team,the role of M&A fund operation in improving its capital allocation efficiency is more significant.Therefore,in order to expand effective investment more widely,companies should attach importance to and actively utilize M&A funds to solve the problem of resource shortage.At the same time,the government should actively guide social capital to participate in the establishment of M&A funds,so as to promote the application of new investment tools and comprehensively promote the high-quality development of the real economy.