政策不确定性、营商环境与企业异地并购

Policy Uncertainty, Business Environment, and Corporate Cross-Regional M&A

投资目标地的政策不确定性是影响异地并购的重要因素。以中国省级政府官员更替衡量地区政策不确定性,使用2007—2018年中国上市公司跨省域并购事件,研究政策不确定性对企业异地并购规模的影响及其机制,并考察营商环境差异对二者关系的调节作用。研究发现,政策不确定性会显著降低异地并购规模,收购企业所在地相对目标企业所在地的营商环境差异越大,政策不确定性对异地并购规模的抑制作用越弱。政策不确定性通过竞争保护机制和低效评估机制影响并购规模,且这种抑制作用仅在民营企业中显著,在国有企业中不显著。绩效检验结果表明,目标地政策不确定性显著降低企业异地并购绩效。据此,企业在实践中应重视异地并购中的政策不确定性风险,制定合理的并购方案,降低不确定性冲击。政府应持续完善官员考核晋升机制、优化营商环境,为企业异地投资提供制度保障。

The policy uncertainty of investment target location is an important factor affecting cross-regional mergers and acquisitions(M&A).By using the turnover of China provincial government officials to measure regional policy uncertainty and adopting the cross-provincial M&A events of China listed companies from 2007 to 2018,this study examines the impact and mechanism of policy uncertainty on the scale of corporate cross-regional M&A,and investigates the moderating effect of business environment difference on the relationship between the two.It is found that policy uncertainty significantly reduces the scale of cross-regional M&A,and the greater the difference in business environment between the location of the acquiring company and the location of the target company,the weaker the inhibitory effect of policy uncertainty on the scale of cross-regional M&A;and that policy uncertainty affects the scale of M&A through competition protection mechanism and inefficient evaluation mechanism,and this inhibitory effect is only significant in private enterprises rather than in state-owned enterprises.The performance test results indicate that policy uncertainty in the target location significantly reduces the performance of corporate cross-regional M&A.Accordingly,enterprises should pay attention to policy uncertainty risks in cross-regional M&A in practice,formulate reasonable M&A program,and reduce the impact of uncertainty.The government should continue to perfect the mechanism of assessing and promoting officials,optimize the business environment,and provide institutional guarantees for enterprises to invest in other places.