跨所有制并购对民营企业金融资源配置扭曲的影响研究

doi:10.19571/j.cnki.1000-2995.2025.04.018

摘要/Abstract

摘要： 金融资源配置优化与效率提升是实现经济高质量发展的重要前提。基于信息不对称理论与资源互补理论，在分析跨所有制并购缓解主并民营企业金融资源配置扭曲理论机理及其可能存在的地域与行业选择异质性特征后，本文进一步构建面板数据模型并以2009—2019年我国A股民营上市企业为样本进行实证检验。经研究发现：（1）跨所有制并购有助于提升主并民营企业会计信息质量，进而降低主并民营企业金融资源配置扭曲程度；（2）通过降低债权人对主并民营企业的风险感知，跨所有制并购可以有效缓解主并民营企业金融资源配置扭曲；（3）相较于异地并购与同业并购而言，属地内与跨行业的跨所有制并购更有利于主并民营企业金融资源配置扭曲程度的降低。本研究在理论层面上有助于明晰跨所有制并购降低民营企业金融资源配置扭曲的内在机理，在实践层面上可以为如何通过跨所有制并购破除民营企业“融资难、融资贵”问题提供决策参考与借鉴。

关键词: 跨所有制并购, 民营企业, 金融资源错配

Abstract: Financial resource allocation′s optimization and its efficiency improvement is the important prerequisite to ensure high-quality economy development. Based on the asymmetric information theory and the resource complementary theory, after analyzing the theoretical mechanism of cross-ownership M&As on alleviating private enterprises′ financial resource misallocation and its possible heterogeneity resulting from regional and industrial selection, this paper constructed a panel data model and conducted an empirical test by taking the data of listed private enterprises in China A′s stock market from 2009 to 2019 as a sample. The findings are as follows: (1) the cross-ownership M&As can heighten acquirer private enterprises′ accounting information quality and thus alleviate their financial resource misallocation degree; (2) through decreasing creditors′ risk sensitivity about acquirer private enterprises, the cross-ownership M&As can also alleviate acquirer private enterprises′ financial resource misallocation; and (3) in contrast to the outside-region and within-industry M&As, the within-region and cross-industry cross-ownership M&As do better to acquirer private enterprises′ financial resource misallocation alleviation. This study can help to clarify the inherent mechanism of cross-ownership M&As on alleviating acquirer private enterprises′ financial resource misallocation in theory, and it will provide reference on how to solve private enterprises′ difficult and expensive financing through cross-ownership M&As in practice.

Key words: cross-ownership M&A, private enterprise, financial resource misallocation

左勇华, 孔雯, 刘斌斌, 左妹华. 跨所有制并购对民营企业金融资源配置扭曲的影响研究[J]. 科研管理, 2025, 46(4): 182-192.

Zuo Yonghua, Kong Wen, Liu Binbin, Zuo Meihua. Research on the impacts of cross-ownership M&As on private enterprises′ misallocation of financial resources[J]. Science Research Management, 2025, 46(4): 182-192.

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