摘要
从异地并购的视角研究高铁通车对资本跨区流动的影响,并考察地区间信任在其中的调节作用,研究发现:高铁通车增加了通车城市之间企业的异地并购规模,这种效果在地区间有较多直达高铁以及信任程度较低的样本中更为显著。机制检验发现,高铁通车能提升远距离、跨行业以及原始交通禀赋较差地区的企业异地并购规模,表明高铁通车通过提高信息传递效率影响资本跨区流动。进一步研究显示,高铁通车对企业并购效率和民营企业的异地并购规模有显著正向影响。研究结论提供了高铁建设促进资本跨区流动的经验证据,对优化企业异地并购决策以及推动区域间经济协同发展具有一定的借鉴价值。
This paper studies the impact of the opening to traffic of high-speed railways(HSR)on the trans-regional capital flow from the perspective of trans-regional M&As and examines the regulating effect of the inter-regional trust in them. The findings show that the opening to traffic of HSR has increased the scale of corporate trans-regional M&As among the cities with HSRs, and this effect is more significant among the regions with more direct HSRs and lower degrees of trust. The findings of the mechanism tests indicate that HSR can increase the scale of M&As of the enterprises with far-away distance, cross-industry or located in the regions with poor original traffic endowments, indicating that HSR can affect the trans-regional capital flow by improving the efficiency of information transmission. Further research shows that the opening to traffic of HSR has a significant positive impact on the efficiency of business M&As and the scale of private enterprises’ trans-regional M&As.The conclusions of this paper provide empirical evidences of HSR construction promoting trans-regional capital flows, which has certain reference value for the enterprises to make decisions of optimizing the trans-regional M&As and to promote inter-regional coordinated economic development.
作者
吴倩
潘爱玲
邱金龙
WU Qian;PAN Ai-ling;QIU Jin-long(Shandong University,Jinan 250100,China)
出处
《当代财经》
CSSCI
北大核心
2020年第10期75-86,共12页
Contemporary Finance and Economics
基金
国家社会科学基金重点项目“企业绿色并购的驱动因素、决策选择与长效机制研究”(19AGL010)
教育部人文社会科学青年基金项目“业绩补偿承诺在并购中的风险:衍生机理、传导路径及经济后果”(19YJC630132)
山东省自然科学基金项目“新旧动能转换背景下重污染企业绿色并购的推动机制与创新绩效研究”(ZR2019MG004)
关键词
高铁通车
资本流动
异地并购
地区间信任
信息不对称
high-speed railways
capital flow
trans-regional M&As
inter-regional trust
information asymmetry
