摘要
加快资本跨区域流动对构建以国内大循环为主体、国内国际双循环相互促进的新发展格局具有重要的战略意义。本文以2008—2022年中国A股上市公司为样本,借助异地并购这一重要的资本跨区域流动形式,考察新发展格局下企业数字化转型对资本跨区域流动的影响。研究发现:企业数字化转型通过降低并购交易成本和提高集团管控能力,有效地促进了异地并购决策,尤其对跨省并购决策的促进作用更显著。异质性分析结果表明,当并购企业所在地区市场化程度更高、税负水平更低、数字金融发展水平更高以及目标企业所在地区营商环境更好时,企业数字化转型对异地并购决策的促进作用更强;同时,这一促进作用在民营企业、非高新技术企业以及高管具有金融背景或海外背景的企业中更显著。本研究丰富了数字经济时代资本跨区域流动驱动因素的研究,从异地并购视角提供了企业数字化转型促进资本跨区域流动的微观证据。
The acceleration of inter-regional capital flows holds significant strategic implications for establishing a new development paradigm with domestic circulation as the mainstay,and with domestic and international circulations reinforcing each other.Using the sample of Chinese A-share listed companies from 2008 to 2022,this study examines the impact of enterprise digital transformation on inter-regional capital flows in the context of the new development paradigm,focusing on inter-regional mergers and acquisitions(M&As)as a critical form of inter-regional capital flows.The results indicate that enterprise digital transformation significantly promotes inter-regional M&A decision-making by reducing transaction costs and strengthening group control capabilities,especially in the realm of the inter-province M&As.The results of heterogeneity analysis show that the enhanced role of enterprise digital transformation in driving inter-regional M&A decision-making is more pronounced in acquirer regions with higher levels of marketization,lower tax burdens,greater digital finance adoption,and target regions with better business environments.Moreover,this promotional effect is more significant in private enterprises,non-high-tech enterprises,and enterprises led by executives with financial or international expertise.This study enriches research on the driving factors of inter-regional capital flows in the digital economy landscape,providing compelling micro evidence on how enterprise digital transformation promotes inter-regional capital flows through inter-regional M&As.
作者
刘锴
纳超洪
樊骁
LIU Kai;NA Chaohong;FAN Xiao(School of Economics and Management,China University of Petroleum,Qingdao 266580,China;School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2024年第4期3-16,共14页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金项目“数字化转型导向下的财务共享与公司价值创造研究”(72062033)。
关键词
数字化转型
资本跨区域流动
异地并购
交易成本
集团管控能力
Digital Transformation
Inter-regional Capital Flows
Inter-regional M&As
Transaction Cost
Group Control Capability
