李嫦,胡一川,杜巨澜

• 1:华东师范大学经济学院、上海并购金融研究院
• 2:同济大学经济与管理学院
• 3:香港中文大学经济系

摘要(Abstract)：

本文基于商业银行异地分支机构信息和企业异地并购数据，探究银行跨区域经营对于实体投资的影响。研究表明，异地分支机构的设立对两地间并购规模和企业并购绩效均存在显著的正面效应。进一步分析发现，当主并企业面临的融资约束越大或当目标地区市场化水平较低时，商业银行跨区域经营对于并购绩效的改善作用越强。本文的研究发现为金融资本流动影响实体资本流动提供了微观研究基础，并且为我国完善金融体系、推动企业并购促进地区间资本配置效率的提高提供了理论支持。

关键词(KeyWords)： 银行分支机构;跨区域经营;企业异地并购

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金青年项目(71803048)“全球价值链下的企业并购研究:基于网络分析的方法”;国家自然科学基金青年项目(72203159)“全球经济变局下的跨国并购研究:基于企业高管复杂网络视角”的资助

作者(Author): 李嫦,胡一川,杜巨澜

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• (1)本文所述的分支机构包括分行、支行、营业部和营业所等,涉及的金融机构包括国有银行、城市商业银行、股份制银行、农村商业银行、农村合作银行、村镇银行等。
• (2)考虑到并购规模以及银行分支机构数量同两地间经济、文化联系等因素密切相关,本文在模型(1)中控制了主并省份×目标省份的固定效应,即省-省配对的固定效应。如果将主并省份固定效应和目标省份固定效应分别加入回归模型或是控制省份×年份的固定效应,异地分支机构的建立仍保持对企业异地并购规模的显著推动作用。
• (3)感谢匿名审稿人的宝贵建议。作者手动收集了所有省份每一年省委常委的个人信息,包括历任工作地和籍贯地,共涉及1029位省级领导人,构建了两个双边政治联系变量:(1)Official Native Connection,当年主并省份的省委常委籍贯地为目标省份或目标省份省委常委的籍贯地是主并省份时,该虚拟变量取值1;(2)Official Past Working Experience,当年主并省份的省委常委曾在目标省份任职或是目标省份的省委常委曾在主并省份任职时,该虚拟变量取值1。主并省份和目标省份的市场化环境差异以各年份樊纲指数的差值进行衡量。
• (4)感谢匿名审稿人的建议。作者认为这一稳健性检验的估计系数相比基准回归降低具有其合理性,五大行在全国各地具有丰富的经营经验,可收集和拥有更多的地区、行业层面的信息。地方性银行虽与总行所在的地方政府绑定较深,但与新设分支机构所在地政府打交道并无明显优势,五大行则可从总行层面进行全国范围内的信息收集、整理和传递工作,与各地政府更易保持政治联系,能为客户提供更为有效的市场信息;同时,五大行的流动性相比城商行、农商行更高,也可在全国范围内进行信贷资源调配,为并购提供的贷款资源可能更为充沛。
• (5)为进一步说明分样本之间存在差别,本节对组间系数的差异性采用基于似无相关模型的检验(SUEST检验),系数差异检验的经验p值列于表6中。结果显示,各分样本系数均在1%的显著性水平上存在差别。