3317 
2291省际资本流动壁垒成为构建全国统一大市场的重要阻碍，而普遍存在的机构跨区域持股现象为增强异地并购促进资本跨区域流动提供了可能。文章从企业异地并购视角切入，基于共同所有权理论与区位理论，分别构建垄断市场和竞争市场机构跨区域持股影响企业异地投资决策的理论模型，并借助2005—2020年异地并购数据，实证检验机构跨区域持股对省际资本流动壁垒的影响机理。研究表明：目标地市场垄断程度较高时，机构跨区域持股降低了异地并购发生的概率，提高了省际资本流动壁垒，发挥了市场分割作用；目标地市场垄断程度较低时，机构跨区域持股提高了异地并购发生的概率，降低了省际资本流动壁垒，发挥了市场整合作用。进一步研究发现，目标地市场垄断程度较高时，机构跨区域持股能够通过退出威胁提高省际资本流动壁垒，而并购方企业的信息透明度与异地并购经验能够缓解这种不利影响；目标地市场垄断程度较低时，机构跨区域持股通过减少交易成本降低省际资本流动壁垒，能够为提升异地并购的长期绩效提供保障。文章为揭示资本跨区域流动的微观影响机理提供了经验证据，对引导共同机构股东降低省际资本流动壁垒、激发国内循环动力具有重要启示。
机构跨区域持股降低了省际资本流动壁垒吗？
摘要
参考文献
7 何慧爽. 产品差异化、竞争强度与企业R&D策略分析[J]. 科学学研究,2010,(9).
29 Ahern K R, Daminelli D, Fracassi C. Lost in translation? The effect of cultural values on mergers around the world[J]. Journal of Financial Economics,2015,117(1):165–189. DOI:10.1016/j.jfineco.2012.08.006
30 Azar J, Schmalz M C, Tecu I. Anticompetitive effects of common ownership[J]. The Journal of Finance,2018,73(4):1513–1565. DOI:10.1111/jofi.12698
31 Banal-Estañol A, Newham M, Seldeslachts J. Common ownership and market entry: Evidence from the pharmaceutical industry[R]. BSE Working Paper No 1042, 2018.
32 Bottazzi L, Da Rin M, Hellmann T. The importance of trust for investment: Evidence from venture capital[J]. The Review of Financial Studies,2016,29(9):2283–2318. DOI:10.1093/rfs/hhw023
33 Breuer W, Ghufran B, Salzmann A J. Investors' time preferences and takeover performance[J]. International Review of Financial Analysis,2020,67:101435. DOI:10.1016/j.irfa.2019.101435
34 Brooks C, Chen Z, Zeng Y Q. Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions[J]. Journal of Corporate Finance,2018,48:187–216. DOI:10.1016/j.jcorpfin.2017.11.003
35 He J J, Huang J K, Zhao S. Internalizing governance externalities: The role of institutional cross-ownership[J]. Journal of Financial Economics,2019,134(2):400–418. DOI:10.1016/j.jfineco.2018.07.019
36 He J J, Huang J K. Product market competition in a world of cross-ownership: Evidence from institutional blockholdings[J]. The Review of Financial Studies,2017,30(8):2674–2718. DOI:10.1093/rfs/hhx028
37 Park J, Sani J, Shroff N, et al. Disclosure incentives when competing firms have common ownership[J]. Journal of Accounting and Economics,2019,67(2–3):387–415. DOI:10.1016/j.jacceco.2019.02.001
38 Ramalingegowda S, Utke S, Yu Y. Common institutional ownership and earnings management[J]. Contemporary Accounting Research,2021,38(1):208–241. DOI:10.1111/1911-3846.12628
39 Renneboog L, Vansteenkiste C. Failure and success in mergers and acquisitions[J]. Journal of Corporate Finance,2019,58:650–699. DOI:10.1016/j.jcorpfin.2019.07.010
40 Shy O, Stenbacka R. Common ownership, institutional investors, and welfare[J]. Journal of Economics & Management Strategy,2020,29(3):706–723.
41 Xia J, Ma X F, Lu J W, et al. Outward foreign direct investment by emerging market firms: A resource dependence logic[J]. Strategic Management Journal,2014,35(9):1343–1363. DOI:10.1002/smj.2157
引用本文
王垒, 牛文正, 沙一凡. 机构跨区域持股降低了省际资本流动壁垒吗？[J]. 上海财经大学学报, 2023, 25(4): 18-32.
导出参考文献，格式为：
