管理评论

管理评论 ›› 2026, Vol. 38 ›› Issue (9): 30-42.

• 经济与金融管理 • 上一篇    

并购、融资约束与目标房地产企业价值

蒋春迪1, 王先柱2,3, 胡海青1   

  1. 1. 西安理工大学经济与管理学院, 西安 710054;
    2. 池州学院商学院, 池州 247000;
    3. 安徽工业大学商学院, 马鞍山 243032
  • 收稿日期:2024-09-02 发布日期:2026-10-09
  • 作者简介:蒋春迪，西安理工大学经济与管理学院博士研究生；王先柱（通讯作者），池州学院商学院、安徽工业大学商学院教授，博士生导师，博士；胡海青，西安理工大学经济与管理学院教授，博士生导师，博士。
  • 基金资助:
    国家自然科学基金面上项目（72374003；72072144）；安徽省哲学社会科学重点实验室协同创新项目（GXXT-2022-098）。

M&As, Financing Constraints and Target Real Estate Firms Value

Jiang Chundi1, Wang Xianzhu2,3, Hu Haiqing1   

  1. 1. School of Economics and Management, Xi'an University of Technology, Xi'an 710054;
    2. School of Business, Chizhou University, Chizhou 247000;
    3. School of Business, Anhui University of Technology, Ma'anshan 243032
  • Received:2024-09-02 Published:2026-10-09

PDF (PC)

22

摘要： 并购作为一种资源重新配置的重要手段，对房地产企业价值创造、转型升级具有重要作用。区别于以往文献将研究对象聚焦于并购方企业，本文以2010—2022年沪深A股上市房地产企业的并购事件为样本，利用多时点双重差分模型，探究并购对目标房地产企业价值的影响效应及作用机制。研究结果表明，并购会暂时降低目标房地产企业的短期价值，但可以显著提升目标房地产企业的长期价值，上述结论经过一系列内生性和稳健性检验后依然成立。机制检验表明，并购通过缓解目标房地产企业融资约束，进一步提升其企业长期价值。基于并购交易特征的异质性检验表明，垂直型并购和属地并购对目标房地产企业长期价值提升作用更显著；基于企业外部环境的异质性检验表明，当货币政策宽松、地区数字普惠金融发展程度较高时，并购对目标房地产企业长期价值提升作用更显著；基于企业内部特征的异质性检验表明，并购对规模较小、成长能力强、投资不足、管理者风险偏好大的目标房地产企业长期价值提升作用更显著。本文结论为激发房地产企业寻求被并购，政府出台房地产企业并购重组政策以及房地产企业间并购实施工作提供有益参考。

关键词: 并购, 融资约束, 目标房地产企业, 多时点双重差分模型, 企业价值

Abstract: As an important means of resource reallocation, mergers and acquisitions (M&As) play a vital role in value creation and transformation and upgrading for real estate firms. Unlike previous literature that focuses on acquiring firms, this paper takes M&A events of Chinese A-share listed real estate firms in Shanghai and Shenzhen stock markets from 2010 to 2022 as samples, and employs the multi-period difference-in-differences (DID) model to investigate M&As’ effect on the value of target real estate firms as well as the underlying mechanism. The empirical results show that M&As temporarily reduce the short-term value of target real estate firms, but significantly increase their long-term value. These conclusions remain robust after a series of endogeneity and robustness checks. Mechanism tests indicate that M&As enhance the long-term value of target real estate firms by alleviating their financing constraints. Heterogeneity tests based on M&A transaction characteristics show that vertical M&As and local M&As have a more significant positive effect on the long-term value of target real estate firms. Heterogeneity tests based on the external environment show that the positive impact of M&As on the long-term value of target real estate firms is more pronounced when monetary policy is accommodative and regional digital financial inclusion is higher. Heterogeneity tests based on internal firm characteristics show that M&As exert a stronger positive effect on the long-term value of small, high-growth, under-invested and risk-seeking target real estate firms. The conclusions of this paper provide useful implications for motivating real estate firms to seek being acquired, for the government to formulate and implement policies promoting M&As and restructuring of real estate firms, and for the practice of M&As among real estate firms.

Key words: M&As, financing constraints, target real estate firms, multi-period difference-in-differences, firm value