管理评论

管理评论 ›› 2023, Vol. 35 ›› Issue (12): 3-19.

• 经济与金融管理 •    下一篇

地区风险偏好与企业并购行为——基于彩票销售数据的证据

齐保垒1,2, 杜英1,2, 陆正飞3, 薛志欣4   

  1. 1. 西安交通大学管理学院, 西安 710049;
    2. 西安交通大学管理国家级实验教学示范中心, 西安 710049;
    3. 北京大学光华管理学院, 北京 100871;
    4. 西北大学经济管理学院, 西安 710127
  • 收稿日期:2022-01-04 出版日期:2023-12-28 发布日期:2024-01-30
  • 通讯作者: 杜英（通讯作者），西安交通大学管理学院博士研究生。
  • 作者简介:齐保垒，西安交通大学管理学院教授，博士生导师，博士；陆正飞，北京大学光华管理学院教授，博士生导师，博士；薛志欣，西北大学经济管理学院讲师，博士。
  • 基金资助:
    国家社会科学基金青年项目（72102180）；国家自然科学基金面上项目（72172116）。

Regional Risk Preference and Corporate M&A: Evidence Based on Lottery Sales Data

Qi Baolei1,2, Du Ying1,2, Lu Zhengfei3, Xue Zhixin4   

  1. 1. The School of Management, Xi'an Jiaotong University, Xi'an 710049;
    2. National Demonstration Center for Experimental Management Education, Xi'an Jiaotong University, Xi'an 710049;
    3. Guanghua School of Management, Peking University, Beijing 100871;
    4. School of Economics & Management, Northwest University, Xi'an 710127
  • Received:2022-01-04 Online:2023-12-28 Published:2024-01-30

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摘要： 本文基于非正式制度视角，以2010—2019年度沪深A股上市公司为样本，实证检验了地区风险偏好对企业并购行为的影响。研究发现，地区风险偏好对企业并购行为具有显著的促进效应，在风险偏好越高的地区，企业选择并购作为成长方式的概率越大。该结论在经过一系列稳健性检验和采用倾向得分匹配（PSM）、工具变量以及双重差分模型（DID）缓解内生性问题后仍然成立。进一步研究发现，风险偏好较高地区的企业更倾向于进行异地并购，所从事的并购项目风险更高；与风险偏好较低地区的企业相比，并购后取得的短期并购绩效虽无显著差异，但长期并购绩效却显著较差。最后，从影响非正式制度发挥作用的企业内外部治理因素角度进行的异质性检验表明，地区风险偏好对企业并购行为的影响主要存在于非国有企业、规模较小的企业以及正式制度建设较差地区的企业。本文揭示并提供了地区风险偏好影响企业并购行为的理论逻辑和经验证据，有助于更加全面地认识和了解经济高质量发展背景下非正式制度对我国资本市场的作用，同时丰富了文化与金融领域的相关研究。

关键词: 地区风险偏好, 并购倾向, 异地并购, 并购风险, 并购绩效

Abstract: Taking Shanghai and Shenzhen A-share listed companies from 2010—2019 as sample, this paper empirically studies the effect of regional risk preference on corporate M&A from the perspective of informal institution. We find that regional risk preference has a significant promoting effect on firms' M&A behavior. Specifically, the probability of M&A is higher for firms in region with higher risk preference. This conclusion remains unchanged after a series of robustness tests and using PSM, instrumental variables and DID method to overcome endogenous problems. Further studies show that enterprises in regions with high risk preference are more inclined to carry out cross-regional M&A and the risk of M&A is higher; compared with enterprises in regions with low risk preference, although there is no significant difference in short-term M&A performance, the long-term M&A performance is significantly poor. Finally, focusing on the internal and external corporate governance factors that influence the role of informal institution, we find that the promotion effects of regional risk preference on comporate M&A are mainly concentrated in non-state-owned firms, small-scale firms and firms located in areas with poor formal institution development. This paper reveals and provides the theoretical logic and empirical evidence of the impact of regional risk preference on companies' M&A behavior, which helps us to have a overall understanding on the influence of informal institution on China's capital market in the background of high-quality development and enriches the relevant researches in the field of “culture and finance”.

Key words: regional risk preference, M&A preference, cross-regional M&A, M&A risk, M&A performance