当代财经 ›› 2024, Vol. 0 ›› Issue (9): 152-164.

• 现代会计 • 上一篇    

并购基金、产业政策与上市公司资本配置效率

宋昕倍1, 逯东2   

  1. 1.重庆工商大学 会计学院,重庆 400067;
    2.西南财经大学 会计学院,四川 成都 611130
  • 收稿日期:2024-03-23 修回日期:2024-05-13 出版日期:2024-09-15 发布日期:2024-09-19
  • 通讯作者: 宋昕倍,重庆工商大学讲师,管理学博士,主要从事并购基金和信息披露研究,联系方式xbsong@ctbu.edu.cn
  • 作者简介:逯东,西南财经大学教授,博士生导师,管理学博士,主要从事资本市场财务和公司治理研究。
  • 基金资助:
    国家自然科学基金面上项目“高管激励、内部团队培养与企业创新研究”(71972157); 教育部人文社会科学研究项目“资本合作促进上市公司高质量发展的机制与效应研究——来自并购基金运行的经验证据”; 作者简介:宋昕倍(通信作者),重庆工商大学讲师,管理学博士,主要从事并购基金和信息披露研究,联系方式xbsong@ctbu.edu.cn; 逯东,西南财经大学教授,博士生导师,管理学博士,主要从事资本市场财务和公司治理研究

M&A Funds, Industrial Policies and Capital Allocation Efficiency of Listed Companies

SONG Xin-bei1, LU Dong2   

  1. 1. Chongqing Technology and Business University, Chongqing 400067;
    2. Southwest University of Finance and Economics, Chengdu, 611130, China
  • Received:2024-03-23 Revised:2024-05-13 Online:2024-09-15 Published:2024-09-19

摘要: 从宏观政策支持和投资工具应用层面,促进实体经济资本配置效率的提升,有助于推动经济高质量发展。以2011—2020年A股上市公司为研究对象,聚焦并购基金这一新型投资工具,深入探讨并购基金运行对上市公司资本配置效率的影响,以及产业政策对两者关系的调节效应。研究发现,并购基金运行能够显著提高上市公司的资本配置效率,特别是当公司未获得产业政策支持时,并购基金运行对资本配置效率提升的促进作用更为显著。机制检验结果显示,并购基金的运行通过缓解公司面临的投资机会约束和融资约束,有效地提高了公司资本配置效率。异质性分析表明,当公司资源较为匮乏或获取资源的能力较弱时,如没有风险投资股东或高管团队资本较少,并购基金运行提高其资本配置效率的作用更为显著。因此,为了更广泛地扩大有效投资,公司应重视并积极利用并购基金解决资源短缺问题。同时,政府应积极引导社会资本参与并购基金的设立,以推广新型投资工具的应用,全面促进实体经济的高质量发展。

关键词: 并购基金, 产业政策, 资本配置效率, 投资机会约束, 融资约束

Abstract: From the perspective of macro policy support and investment tool application, promoting the efficiency of capital allocation in the real economy can help promote high-quality economic development. Taking A-share listed companies from 2011 to 2020 as the research objects, this study focuses on the new investment tool of M&A funds, and deeply explores the impact of M&A fund operation on the capital allocation efficiency of listed companies, as well as the regulatory effect of industrial policies on the relationship between the two. The findings show that the operation of M&A funds can significantly improve the capital allocation efficiency of listed companies, especially when the company does not receive industrial policy support, the promotion effect of M&A fund operation on capital allocation efficiency is more significant. The mechanism test results show that the operation of M&A funds can effectively improve the efficiency of capital allocation by alleviating the investment opportunity constraints and financing constraints faced by the company. The heterogeneity analysis indicates that when a company's resources are relatively scarce or its ability to acquire resources is weaker, such as without venture capital shareholders or with limited capital from the executive team, the role of M&A fund operation in improving its capital allocation efficiency is more significant. Therefore, in order to expand effective investment more widely, companies should attach importance to and actively utilize M&A funds to solve the problem of resource shortage. At the same time, the government should actively guide social capital to participate in the establishment of M&A funds, so as to promote the application of new investment tools and comprehensively promote the high-quality development of the real economy.

Key words: M&A fund, industrial policies, capital allocation efficiency, investment opportunity constraints, financing constraints

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