金融资源与企业并购——从地区不平衡到企业再平衡的解释

Financial Resources and Companies’ M & As: An Explanation from Regional Imbalance to Firm Rebalance

中国区域发展的不平衡造成了金融资源在地区层面的不平衡,这也会影响不同地区企业的并购决策。以中国A股上市公司的国内股权并购交易事件为研究样本,可对企业并购行为与地区金融资源不平衡的关系进行研究。研究发现:企业所在地区内金融资源越丰富,国有企业越偏好于选择异地并购,但非国有企业则越倾向于减少异地并购。在并购完成后,国有企业的负债水平会显著降低,而非国有企业的负债水平与融资能力却出现了显著提高,意味着两类企业通过并购缩小了在负债融资上的差距,并且异地并购有助于企业实现金融资产的跨地区优化配置。由此可见,企业的并购行为一定程度上缓解了金融资源不平衡现象对企业自身的消极影响,进而在企业层面实现了金融资源的再平衡。

In China,development imbalance leads to financial resources imbalance at the regional level,which impacts companies’M&A decisions.Research shows that financial resources have a positive impact on the probability of SOEs opting for a cross-regional acquisition and a negative impact on that of non-SOEs.After the completion of acquisition,the asset-liability ratio of SOEs tends to decrease significantly while that of non-SOEs usually increases significantly,indicating that the gap between the two types of enterprises can be reduced by M&As.In addition,cross-regional M&As can help companies optimally reallocate financial assets among different regions.All in all,companies’M&As can reduce the negative influence of financial resources imbalance to some degree and rebalance the allocation of financial courses at the firm level.