摘要
在“十四五”规划对市场化程度提出更高标准的要求下,降低市场分割程度对我国经济的高质量发展至关重要。本文以2002—2019年A股上市公司发起的境内并购事件为研究对象,基于异地并购的视角分析高管的并购经历是否降低了市场分割程度。研究发现,当主并公司中具有异地并购经历的高管占比越高时,公司越倾向进行异地并购,且当主并公司为民营企业时该现象尤为明显。进一步研究表明,信息优势和关系网络是具有异地并购经历的高管影响公司并购决策的主要因素。同时,这类高管会影响公司异地并购时的区位选择并提升并购效率。本文的研究结果表明,高管的异地并购经历可以有效促进资源的跨区域流动,在改善我国省际市场分割情况中发挥了重要作用。
The 14th Five-year Plan of China has set higher standards for marketization.Reducing the phenomenon of market segmentation is crucial to economic high-quality development.Taking the events of domestic mergers and acquisitions made by Chinese listed companies from 2002 to 2019 as research subjects,this paper studies whether executives with acquisition experiences can lower the degree of market segmentation from the perspective of cross-province M&A.It is found that managerial crossprovince acquisition experiences are positively related to subsequent cross-province M&A decisions.This effect is stronger in non-state-owned firms.Further research shows that senior executives with cross-province acquisition experiences have information advantages and a wide range of social relations.In the meantime,they affect the specific location choices,and enhance the efficiency in the process of crossprovince M&A.The results have revealed that managerial cross-province acquisition experiences play an important role in promoting the flow of resource,and reducing the degree of regional market segmentation.
作者
董卉宁
张峥
Dong Huining;Zhang Zheng
出处
《金融学季刊》
2022年第1期270-301,共32页
Quarterly Journal of Finance
关键词
市场分割
并购经历
异地并购
Market Segmentation
Acquisition Experiences
Cross-province M&A
