资本结构调整对企业并购行为的影响研究

Research on the Impact of Capital Structure Adjustment on Enterprise M&As

基于2010~2020年中国A股上市公司并购数据,从理论与实证两个方面分析和检验了资本结构调整对企业并购行为的影响及其经济后果。研究发现:整体上,资本结构调整会抑制企业并购,且这种抑制效应主要体现在过度负债企业。机制检验表明,融资约束加剧与代理成本削减是资本结构调整抑制过度负债企业并购的潜在影响路径。异质性检验发现,上述抑制效应在金融发展水平较高地区、内部控制质量较差以及非国有企业中更加明显。经济后果检验证实,资本结构调整能够提升过度负债企业的并购绩效。

Using M&As data of Chinese A-share listed companies from 2010 to 2020,this study theoretically and empirically examines the impact and economic consequence of capital structure adjustment on enterprise M&As.The results show that capital structure adjustment inhibits enterprise M&As and this inhibitory effect is mainly reflected in over indebted enterprises.The mechanism tests show that intensified financing constraints and reduced agency costs are potential pathways for capital structure adjustment to inhibit M&As of over indebted enterprises.The heterogeneity tests show that the above inhibitory effects are concentrated in the regions with higher levels of financial development,and in the enterprises with poor internal control quality or those are non-state-owned.The economic consequence test confirms that capital structure adjustment can enhance the M&As performance of over indebted enterprises.