3582 
2787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
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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.
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