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共同机构所有权现象在资本市场上越来越普遍，学术界对共同机构所有权影响微观企业行为的探讨也越来越深入。本研究基于2007—2020年中国沪深A股上市公司数据，实证检验了共同机构所有权对公司并购支付方式的影响及其作用机制。研究结果表明：存在共同机构所有权的收购方更倾向于选择股票支付方式，且结论经过一系列稳健性检验后依然成立。进一步研究发现：共同机构所有权通过发挥治理优势和信息优势来影响公司并购支付方式，且这种影响在国有企业和市场化进程慢的样本中更显著。本研究拓展了我国转型经济背景下共同机构所有权对公司并购决策的作用机制，也有助于从公司并购的视角来反观中国上市公司的机构投资者股权关联现象，进一步考察共同机构所有权在中国资本市场的成效与可能存在的问题。
Abstract：The phenomenon of common institutional ownership is more and more common in the capital market, and the discussion about the influence of common institutional ownership on the micro enterprise behavior has been more thorough in the academic circle. Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2020, this paper empirically tests the impact of joint institutional ownership on the corporate M&A payment methods and its mechanism. It is found that acquirers with common institutional ownership are more inclined to choose the share-based payment method, and the conclusion remains valid after a series of robustness tests. Further research also finds that common institutional ownership influences the corporate M&A payment methods by making full use of governance and information advantages, and this influence is more significant in the state-owned enterprises and samples with the slow marketization process. While expanding the mechanism that joint institutional ownership affects the corporate M&A decision-making under the background of China's economic transition, this study helps to review the equity correlation phenomenon of institutional investors in China's listed companies from the perspective of corporate M&A, so as to further investigate the achievements and possible problems of joint institutional ownership in China's capital market.
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基本信息:
DOI：10.15886/j.cnki.hnus.202304.0386
中图分类号:F271;F832.51
引用信息:
[1]曾春华,芦宇欣.共同机构所有权会影响公司并购支付方式吗？[J].海南大学学报(人文社会科学版),2025,43(03):193-202.DOI:10.15886/j.cnki.hnus.202304.0386.
基金信息:
国家自然科学基金一般项目（72062012）; 海南省自然科学基金项目（720RC571）; 海南省高层次人才项目（2019RC099）; 海南省社会科学规划重大项目（HNSKZD22-02）