M&A Funds,Industrial Policies and Capital Allocation Efficiency of Listed Companies
From the perspective of macro policy support and investment tool application,promot-ing the efficiency of capital allocation in the real economy can help promote high-quality economic development.Taking A-share listed companies from 2011 to 2020 as the research objects,this study focuses on the new investment tool of M&A funds,and deeply explores the impact of M&A fund operation on the capital allocation efficiency of listed companies,as well as the regulatory effect of industrial policies on the relationship between the two.The findings show that the operation of M&A funds can significantly improve the capital allocation efficiency of listed companies,especially when the company does not receive industrial policy support,the promotion effect of M&A fund operation on capital allocation efficiency is more significant.The mechanism test results show that the operation of M&A funds can effectively improve the efficiency of capital allocation by alleviating the invest-ment opportunity constraints and financing constraints faced by the company.The heterogeneity analy-sis indicates that when a company's resources are relatively scarce or its ability to acquire resources is weaker,such as without venture capital shareholders or with limited capital from the executive team,the role of M&A fund operation in improving its capital allocation efficiency is more signifi-cant.Therefore,in order to expand effective investment more widely,companies should attach impor-tance to and actively utilize M&A funds to solve the problem of resource shortage.At the same time,the government should actively guide social capital to participate in the establishment of M&A funds,so as to promote the application of new investment tools and comprehensively promote the high-quali-ty development of the real economy.
万方数据
维普
