【摘要】 并购是实现经济高质量发展的重要手段。本文以中国A股上市公司数据为样本，考察了政府补助对企业并购的影响及其作用机制。研究发现，政府补助显著促进了企业并购。影响机制检验发现，政府补助通过缓解企业融资约束、提高企业风险承担水平从而促进企业并购，但是，获得政府补助的企业发起并购交易的动机更多是为了“寻补贴”而不是追求协同效应。异质性分析表明，政府补助对国有企业、成熟期和衰退期企业以及位于低市场化程度地区企业的并购促进效应更显著，此外，普惠性补助显著促进了企业并购，但专项补助的影响不显著。基于上述研究结论，本文提出优化引导与扶持企业并购的政府补助政策、提高政府补助的针对性和差异化、加强多种政策之间的协调与配合等建议。更多还原

【Abstract】 Mergers and acquisitions(M&As) are an important means to achieve high-quality economic development. Using data from China’s A-share listed companies, this paper examines the impact of government subsidies on corporate M&As and explores the underlying mechanisms. The empirical results show that government subsidies significantly promote corporate M&As. The mechanism analysis further reveals that government subsidies facilitate M&As by easing firms’ financing constraints and increasing their risk-taking capacity. However,firms receiving government subsidies are more motivated to initiate M&A transactions for "subsidies-seeking" rather than pursuing synergistic effects. The heterogeneity analysis indicates that the promotion effect of government subsidies on M&As is more pronounced among state-owned enterprises, firms in the maturity or decline stage, and firms located in regions with low marketization. In addition, while universal subsidies significantly encourage corporate M&As, the impact of special-purpose subsidies is not significant. Based on the above findings, this paper puts forward policy suggestions including optimizing government subsidy policies that guide and support corporate M&As, improving the targeting and differentiation of government subsidies, and strengthening the coordination and collaboration between various policies.更多还原