摘要
促进要素在更大范围内畅通流动是建设全国统一大市场的主要目的。异地并购是资本要素跨地区流动的一种形式。基于2011—2023年中国A股上市公司的并购数据,考察了来自公司注册地之外的非控股大股东能否助力企业突破异地并购壁垒。研究发现,异地大股东能显著提高企业在异地大股东所在地实施并购的概率。并且,当异地大股东为国有性质、经营年限较长、向企业委派董事或其高管在当地其他企业兼职时,这种促进作用更明显。机制检验表明,异地大股东促进企业异地并购的原因是,异地大股东拥有当地的市场信息优势和社会关系网络资源。拓展性分析发现,异地大股东促进企业异地并购能提升企业的长期价值。为此,企业要利用异地大股东的信息优势和社会关系网络资源构建长期竞争优势。
The main purpose of building a unified national market is to promote the smooth flow of factors on a larger scale.Cross regional mergers and acquisitions are a form of capital flow across regions.Based on the merger and acquisition data of Chinese A-share listed companies from 2011 to 2023,this study examines whether non controlling major shareholders from outside the company's registered location can help companies break through barriers to cross-border mergers and acquisitions.The findings show that major shareholders in different regions can significantly increase the probability of a company implementing mergers and acquisitions in the location of the major shareholder.Moreover,when the major shareholders in other regions are state-owned,have a long operating period,and the appoint directors or their executives to work part-time in other local enterprises,this promoting effect is more pronounced.The mechanism testing shows that the reason why major shareholders in different regions promote cross-border mergers and acquisitions is that they have local market information advantages and social network resources.The expansion analysis reveals that promoting cross regional mergers and acquisitions by major shareholders can enhance the long-term value of the enterprise.To this end,enterprises need to leverage the information advantages and social network resources of the major shareholders in different regions to build long-term competitive advantages.
作者
黄婉
陈小运
陈坤
Huang Wan;Chen Xiao-yun;Chen Kun(Sichuan University,Chengdu 610065;Party School of Anhui Provincial Committee of C.P.C,Hefei 230022;Guangdong University of Finance and Economics,Guangzhou 510320,China)
出处
《当代财经》
北大核心
2025年第9期140-153,共14页
Contemporary Finance and Economics
基金
国家自然科学基金青年项目“内部人减持与公司策略性客户信息披露:影响机制、获利方式与经济后果”(72302167)
中国博士后科学基金面上项目“内部人交易与非财务信息披露操纵研究:基于客户信息的视角”(2022M722240)
广东财经大学会计学院科研培育项目“高管绩效薪酬延付对商业银行盈余持续性的影响研究”(PYXM-2025-8)。
关键词
异地大股东
异地并购
资本跨地区流动
社会资本
资源效应
nonlocal large shareholders
inter-regional M&As
cross-regional capital flows
social capital
resource effect
