海外并购对实体企业金融化的抑制效应研究

Inhibitory Effect of Overseas Mergers and Acquisitions on the Financialization of Real Enterprises

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摘要 2008年全球金融危机以来,受内外部经济影响,我国实体经济增速放缓。相反,金融体系日渐成熟与完善,金融产品的高额收益和多样化,吸引越来越多非金融企业涉足金融领域,呈现出企业金融化现象。随着“一带一路”倡议的实施与推进,海外并购步伐加快,成为全球跨境直接投资中不可替代的力量。因此,研究海外并购对实体企业金融化的抑制效应有着较为重要的实践意义。本文以我国2011-2020年沪深A股上市公司的面板数据为样本,将海外并购看作一次准自然实验,使用双重差分模型,研究海外并购对企业金融化的影响,并通过平行趋势检验、倾向得分匹配、安慰剂检验等方法验证结果的稳健性。同时,基于不同产权性质探讨海外并购对企业金融化的影响,并分析融资约束在二者之间的调节效应。研究发现:海外并购与企业金融化呈显著负相关,海外并购有助于抑制企业金融化,为降低企业金融化水平提供新的路径。异质性分析结果表明,海外并购对企业金融化的抑制作用在国有企业中更为显著。进一步研究发现,企业面临的融资约束会弱化海外并购对企业金融化的抑制效应。基于此,从海外并购视角提出抑制企业金融化的建议。 Since the global financial crisis in 2008,China’s real economy has slowed down due to the influence of internal and external economy.On the contrary,the financial system is becoming more and more mature and perfect,and the high returns and diversification of financial products attract more and more non-financial enterprises to enter the financial field,showing the phenomenon of corporate financialization.With the implementation and promotion of“the Belt and Road”,the pace of overseas mergers and acquisitions has accelerated and become an irreplaceable force in global cross-border direct investment.Therefore,it is of great practical significance to study the inhibitory effect of overseas mergers and acquisitions on the financialization of real enterprises.Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,this paper regards overseas mergers and acquisitions as a quasi-natural experiment and uses a differences-in-differences model to study the impact of overseas mergers and acquisitions on corporate financialization.The robustness of results is verified by parallel trend test,propensity score matching,placebo test and so on.At the same time,based on the nature of different property rights,this paper discusses the impact of overseas mergers and acquisitions on corporate financialization,and analyzes the regulating effect of financing constraints between them.The study found that there is a significant negative correlation between overseas mergers and acquisitions and corporate financialization.Overseas mergers and acquisitions help to restrain corporate financialization and provide a new way to reduce the level of corporate financialization.The results of heterogeneity analysis show that the inhibitory effect of overseas mergers and acquisitions on the financialization of enterprises is more significant in state-owned enterprises.Further research found that the financing constraints faced by enterprises will weaken the inhibitory effect of overseas mergers and acquisiti

作者沈小燕庞国庆高婷 SHEN Xiaoyan;PANG Guoqing;GAO Ting

机构地区南通大学经济与管理学院

出处《金融发展》 2023年第1期30-50,共21页 Financial Development

基金 2023年度高校哲学社会科学研究重大项目“促进江苏经济社会绿色低碳转型的财税政策研究” 江苏省研究生科研与实践创新计划项目“OFDI能否抑制实体企业‘脱实向虚’”(项目编号:SJCX21_1433) 江苏省研究生科研与实践创新计划项目“共同富裕下江苏率先实现‘橄榄型’收入结构的财税政策研究”(项目编号:KYCX22_3311)

关键词海外并购企业金融化实体经济双重差分法融资约束 Overseas Mergers and Acquisitions Enterprise Financialization Real Economy Differences-in-Differences Model Financing Constraint

分类号 F276.7 [经济管理—企业管理]