發(fā)布時間：2018-03-11 03:30

  本文選題：關系　切入點：財務顧問　出處：《財貿經濟》2017年11期 　論文類型：期刊論文

【摘要】：本文以我國A股上市公司2009-2014年聘請了財務顧問的并購事件為樣本,基于關系的視角,探討具有不同關系的財務顧問對并購經濟后果的影響及其作用機制。研究發(fā)現(xiàn):有"關系"的財務顧問參與公司并購能顯著提高并購績效,短期平均為公司增加了1.3億元的股東價值,長期平均為公司增加了1.8%的凈資產收益率,并且"關系"越緊密,并購績效越好;但是,有"關系"的財務顧問并沒有顯著提升并購成功概率。進一步的研究表明,有"關系"的財務顧問顯著降低了并購溢價水平、縮短了并購持續(xù)時間。并且,上述結論主要在信息不對稱程度較高的公司中成立。上述結論表明,"關系"作為公司和投行擁有的一種專用性資產,有助于降低公司與投行間的信息不對稱程度,提高并購效率,支持了"交易優(yōu)越假說"。本文的研究不僅拓展了"關系"與金融領域的交叉研究,豐富了關于公司并購中金融中介作用的相關文獻,還為監(jiān)管部門如何促進我國資本市場的并購市場化發(fā)展和提高上市公司并購效率提供了重要的政策啟示。
[Abstract]:This paper takes the M & A events of Chinese A-share listed companies in 2009-2014 as a sample, based on a relational perspective. This paper probes into the influence of financial advisers with different relationships on the economic consequences of mergers and acquisitions and its mechanism. It is found that the participation of financial advisers with "relationships" in mergers and acquisitions can significantly improve the performance of mergers and acquisitions. The short-term average added 130 million yuan to the company's shareholder value, and the long-term average increased the company's return on net assets by 1.8%, and the closer the relationship, the better the M & A performance; however, Financial advisers with "relationships" did not significantly improve the chances of success. Further studies showed that financial advisers with "relationships" significantly reduced the M & A premium level and shortened the duration of M & A. These conclusions are mainly found in companies with high degree of information asymmetry. They show that "relationships", as a special asset owned by companies and investment banks, can help to reduce the degree of information asymmetry between firms and investment banks. Improving the efficiency of M & A supports the hypothesis of transaction superiority. The research in this paper not only expands the cross-study of "relationship" and financial field, but also enriches the relevant literature on the role of financial intermediation in corporate M & A. It also provides important policy enlightenment for supervision department how to promote the market development of M & A in China's capital market and improve the efficiency of M & A of listed companies.
【作者單位】： 西南大學經濟管理學院;鄭州航空工業(yè)管理學院;
【基金】：教育部人文社會科學研究青年基金項目“業(yè)績補償承諾、盈余管理行為及其經濟后果研究”(17YJC630063) 國家自然科學基金面上項目“預算管理程序公平:決定因素與影響后果”(71672208) 西南大學中央高�；�本科研重大創(chuàng)新團隊項目“農業(yè)現(xiàn)代化中農地資本化的路徑優(yōu)化與制度創(chuàng)新研究”(SWU1509384)
【分類號】：F271;F275
，

本文編號：1596398