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

摘要： 本文以中国企业异地并购事件为研究对象，采用全国人口普查的微观数据，考察人口流动对企业并购的影响。结果表明，地级市之间流动人口的增加可以显著提高人口迁入地企业在迁出地进行并购投资的规模，且这一推动作用在高学历流动人口和从事金融行业的流动人口中更为明显。进一步研究发现，当目标公司所在地（人口迁出地）投资者保护程度越差、市场化程度越低、传统儒家文化越浓厚或当代文化包容度越低时，流动人口对企业异地并购的推动作用越强。本文揭示出流动人口可帮助企业在异地并购中消除投资壁垒，为户籍政策调整和促进企业跨区域投资提供了重要的政策启示。

关键词: 异地并购, 人口流动, 教育水平, 正式制度, 非正式制度