本文選題：關(guān)系　切入點(diǎn)：財(cái)務(wù)顧問(wèn)　出處：《財(cái)貿(mào)經(jīng)濟(jì)》2017年11期 　論文類(lèi)型：期刊論文

【摘要】：本文以我國(guó)A股上市公司2009-2014年聘請(qǐng)了財(cái)務(wù)顧問(wèn)的并購(gòu)事件為樣本,基于關(guān)系的視角,探討具有不同關(guān)系的財(cái)務(wù)顧問(wèn)對(duì)并購(gòu)經(jīng)濟(jì)后果的影響及其作用機(jī)制。研究發(fā)現(xiàn):有"關(guān)系"的財(cái)務(wù)顧問(wèn)參與公司并購(gòu)能顯著提高并購(gòu)績(jī)效,短期平均為公司增加了1.3億元的股東價(jià)值,長(zhǎng)期平均為公司增加了1.8%的凈資產(chǎn)收益率,并且"關(guān)系"越緊密,并購(gòu)績(jī)效越好;但是,有"關(guān)系"的財(cái)務(wù)顧問(wèn)并沒(méi)有顯著提升并購(gòu)成功概率。進(jìn)一步的研究表明,有"關(guān)系"的財(cái)務(wù)顧問(wèn)顯著降低了并購(gòu)溢價(jià)水平、縮短了并購(gòu)持續(xù)時(shí)間。并且,上述結(jié)論主要在信息不對(duì)稱(chēng)程度較高的公司中成立。上述結(jié)論表明,"關(guān)系"作為公司和投行擁有的一種專(zhuān)用性資產(chǎn),有助于降低公司與投行間的信息不對(duì)稱(chēng)程度,提高并購(gòu)效率,支持了"交易優(yōu)越假說(shuō)"。本文的研究不僅拓展了"關(guān)系"與金融領(lǐng)域的交叉研究,豐富了關(guān)于公司并購(gòu)中金融中介作用的相關(guān)文獻(xiàn),還為監(jiān)管部門(mén)如何促進(jìn)我國(guó)資本市場(chǎng)的并購(gòu)市場(chǎng)化發(fā)展和提高上市公司并購(gòu)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(xué)經(jīng)濟(jì)管理學(xué)院;鄭州航空工業(yè)管理學(xué)院;
【基金】：教育部人文社會(huì)科學(xué)研究青年基金項(xiàng)目“業(yè)績(jī)補(bǔ)償承諾、盈余管理行為及其經(jīng)濟(jì)后果研究”(17YJC630063) 國(guó)家自然科學(xué)基金面上項(xiàng)目“預(yù)算管理程序公平:決定因素與影響后果”(71672208) 西南大學(xué)中央高�；究蒲兄卮髣�(chuàng)新團(tuán)隊(duì)項(xiàng)目“農(nóng)業(yè)現(xiàn)代化中農(nóng)地資本化的路徑優(yōu)化與制度創(chuàng)新研究”(SWU1509384)
【分類(lèi)號(hào)】：F271;F275
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本文編號(hào)：1596398