关键词: 异地并购, 人口流动, 教育水平, 正式制度, 非正式制度

Abstract: This paper examines the effect of migration on interregion mergers and acquisitions (M&As) using the M&A data and National Population Census data. The results show that a large volume of immigrants promotes firms in recipient regions to make M&A investments in the home regions, and the effect is more striking for immigrants with tertiary education or those working in finance industry. Further analysis shows that the influence of migration on M&As is more pronounced when target regions (home regions of immigrants) have a lower degree of marketization, weaker investor protection, stronger Confucian tradition, or lower cultural tolerance. This paper provides robust evidence that migration imposes a substantial impact on the volume of interregion M&As by overcoming investment barriers and provides policy implications for the deepening reform of household registration and the promotion of interregion investments.

Key words: interregion mergers and acquisitions, migration, education, formal institutions, informal institutions