风险投资介入推动了资本跨区域流动吗？——基于企业异地并购的实证研究

《财经研究》 2022年48卷第1期 页码：108 - 122  online：2022年1月5日

风险投资介入推动了资本跨区域流动吗？——基于企业异地并购的实证研究

Does Venture Capital Promote Inter-regional Capital Flow? An Empirical Study Based on Cross-regional M&A

作者（中）：余婕1, 董静2, 邓浩然2

作者（英）：Yu Jie1, Dong Jing2, Deng Haoran2

作者单位：1.上海外国语大学贤达经济人文学院 商学院, 上海 200083 2.上海财经大学 商学院, 上海 200433

摘要：资本跨区域流动是优化地区间资源配置、推动国内经济大循环、促进区域协调发展的重要载体，而金融要素又是促进更高水平的区域协调发展的有效推动力。为此，文章从异地并购的视角探讨了风险投资对资本跨区域流动的影响，并探讨了多维管理层特征的调节机制。研究发现：（1）风险投资参与程度的提升促使被投企业扩大异地并购规模，从而推动了资本跨区域流动；但风险投资对资本跨区域流动的促进作用更可能发生在各风险投资股东均为非大股东、主导风险投资为非国有产权属性和风险投资联合投资的情境中。（2）风险投资介入对资本跨区域流动的影响在欠发达地区企业并购发达地区企业的逆流并购的情境中更显著，且风险投资的参与也打破了地理距离障碍，激发被投企业愿意在远距离的异地并购中扩大投资规模。（3）企业管理层股权集中度的提高抑制了风险投资参与程度对异地并购规模的促进作用；CEO任期的增加强化了风险投资参与程度对异地并购规模的促进作用。文章提供了风险投资促进资本跨区域流动的经验证据，对优化企业异地并购决策以及推动区域间经济协同发展具有重要的借鉴价值。

关键词：风险投资; 异地并购; 资本跨区域流动; 管理层特征

Summary: Inter-regional capital flow is a form of carrier to optimize the allocation of resources among regions and promote the coordinated development of regions. With the further improvement of China’s capital market, cross-regional M&A has become a means for enterprises to obtain scarce or useful resources, expand business scope, enhance competitiveness, and become bigger and stronger in regional diversification. It is also an important thrust to promote the inter-regional flow of resources and stock capital and coordinated development among regions. However, there is still a lack of research to identify the mechanism of the impact of modern financial entities on inter-regional capital flow by promoting the real economy.From the perspective of cross-regional M&A, this paper studies the impact of venture capital support on inter-regional capital flow. It is found that the improvement of venture capital participation promotes invested enterprises to expand the scale of cross-regional M&A. However, the promotion effect of venture capital on cross-regional capital flow is more likely to occur in the situation that all venture capital shareholders are not major shareholders, in the situation that the leading venture capital is non-state-owned property rights, and in the situation of syndication venture capital. The impact of venture capital intervention on inter-regional capital flow is more significant in the counter-current M&A situation that enterprises in less developed areas merge enterprises in developed areas. The participation of venture capital also breaks the geographical distance barrier, and stimulates invested enterprises to expand the investment scale in the long-distance cross-regional M&A. In addition, the increase of the equity concentration of enterprise management inhibits the promotion of venture capital participation on the scale of cross-regional M&A, and the increase of CEO tenure strengthens the role of venture capital participation in promoting the scale of cross-regional M&A.This paper provides micro evidence for venture capital to promote inter-regional capital flow, and enriches the research on the impact of venture capital on regional economy. It finds that there is an impact of investment behavior and strategic learning between venture capital and invested enterprises. As active investors, the participation degree of venture capital will also affect the investment behavior of invested enterprises, so as to drive the inter-regional capital flow. This study enriches the organizational strategy theory from the perspective of strategic learning. The conclusion provides the empirical evidence that venture capital promotes inter-regional capital flow, which has a certain reference value for optimizing the decision-making of cross-regional M&A and promoting the coordinated development of regional economy.

Key words: venture capital; cross-regional M&A; inter-regional capital flow; management characteristics

DOI：10.16538/j.cnki.jfe.20211015.202

收稿日期：2021-7-5

基金项目：国家自然科学基金面上项目（71872108）；上海财经大学研究生创新基金项目（CXJJ-2020-396）

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