【摘要】 企业跨区域并购是破除资本要素市场分割、建设全国统一大市场的关键突破口,然而在实践中面临诸多阻碍.本文创新性地从供应链地理分布视角,提出推动企业跨区域并购的新解释框架.通过手工搜集上市公司供应商和客户的地理位置信息,本文发现异地供应链网络能够打破区域壁垒,显著扩大企业跨区域并购规模,该结论在一系列稳健性检验之后均成立.机制分析发现,异地供应链网络通过发挥并购信息交流效应、制度知识共享效应和标的信任建构效应等多重作用,助力企业破除跨区域并购阻碍.此外,围绕异地供应链网络特征的研究表明,当异地供应链网络关系强度大,异地供应链网络成员商业属性为供应商角色、产权性质为非国有企业、经营年限较长时,异地供应链网络对企业跨区域并购的促进作用更显著.进一步分析发现,异地供应链网络还能够有效提升企业跨区域并购的成功率,缩短跨区域并购的完成时间以及助力企业进行跨区域横向并购活动.本研究为推动全国统一大市场建设提供了重要的理论支撑与政策启示.更多还原

【Abstract】 Cross-regional mergers and acquisitions(M&As) are widely viewed as an important mechanism for reducing capital market segmentation and advancing the development of a unified national market,yet they face substantial obstacles in practice.This study develops a novel framework that links firms’ cross-regional M&A activity to the geographic distribution of their supply chain networks.Using hand-collected data on the locations of major suppliers and customers,we find that non-local supply chain networks can break down regional barriers and significantly increase the scale of cross-regional M&As,and this result remains robust across a series of robustness checks.Mechanism tests reveal that such networks mitigate cross-regional frictions through three channels:facilitating M&A information transmission,sharing institutional knowledge,and enhancing target firms’ trust in acquirers.Furthermore,analysis of the characteristics of non-local supply chain networks indicates that their positive impact on cross-regional M&As is strengthened when network ties are stronger,when the non-local member is a supplier,when it is non-state-owned,and when it has a longer operating history.We also find that non-local supply chain networks are associated with a higher likelihood of deal completion,shorter completion time,and a greater propensity for crossregional horizontal M&.As.Overall,this study offers important theoretical and policy implications for promoting the construction of a unified national market.更多还原