【摘要】：并購重組是財務(wù)學研究的經(jīng)典話題,而中介機構(gòu)聲譽在并購重組中的作用則是近年來研究的熱點和重點問題。本文研究了資產(chǎn)評估機構(gòu)這一之前鮮有文獻提及的中介機構(gòu)的聲譽對并購重組定價的影響,并考察了資產(chǎn)評估機構(gòu)聲譽機制發(fā)揮作用的制度安排。本文得到以下研究結(jié)論:(1)資產(chǎn)評估機構(gòu)的聲譽越好,其評估值越會被作為并購重組定價的依據(jù),表現(xiàn)為并購重組成交價與評估值差異越小;(2)非國有企業(yè)中,資產(chǎn)評估機構(gòu)聲譽和并購重組成交價與評估值的差異顯著負相關(guān),在國有企業(yè)中,這一相關(guān)性不存在;(3)在制度環(huán)境好的地區(qū),資產(chǎn)評估機構(gòu)聲譽和并購重組成交價與評估值的差異顯著負相關(guān),在制度環(huán)境差的地區(qū),資產(chǎn)評估機構(gòu)的聲譽機制沒有影響;(4)在外部治理好的企業(yè)中,資產(chǎn)評估機構(gòu)聲譽和并購重組成交價與評估值的差異顯著負相關(guān),在外部治理差的企業(yè)中,資產(chǎn)評估機構(gòu)的聲譽未對并購重組定價產(chǎn)生影響。這些結(jié)論在經(jīng)過資產(chǎn)評估機構(gòu)聲譽度量替換和Heckman(1979)兩階段檢驗方法控制自選擇問題后依然穩(wěn)健地成立。本文的研究豐富了中介機構(gòu)聲譽和并購重組方面的學術(shù)文獻,同時對并購重組實踐和評估機構(gòu)發(fā)展具有重要啟示。
[Abstract]:M & A is a classic topic in finance research, and the role of intermediary reputation in M & A is a hot and important issue in recent years. This paper studies the influence of the reputation of asset appraisal institution on the pricing of M & A, which is rarely mentioned in previous literature, and examines the institutional arrangements in which the reputation mechanism of asset appraisal institution plays a role. The following conclusions are obtained in this paper: (1) the better the reputation of the asset appraisal institution, the more the evaluation value will be used as the basis of the M & A pricing, the smaller the difference between the M & A transaction price and the evaluation value; (2) in the non-state-owned enterprises, There is a significant negative correlation between the reputation of asset appraisal institutions and the transaction price of mergers and acquisitions, which does not exist in state-owned enterprises. (3) in areas where the institutional environment is good, The reputation of asset appraisal institution and the transaction price of M & A are negatively correlated with the evaluation value. In the region with poor institutional environment, the reputation mechanism of asset appraisal institution has no effect; (4) in the enterprises with good external governance, the reputation mechanism of the asset appraisal institution is not affected. The reputation of asset appraisal institutions and the transaction price of M & A are negatively correlated with the evaluation value. In the enterprises with poor external governance, the reputation of asset appraisal institutions has no effect on the M & A pricing. These conclusions are firmly established after the replacement of reputation measures of asset appraisal institutions and the control of self-selection by Heckman (1979) two-stage test method. The research in this paper enriches the academic literature on the reputation of intermediary organizations and M & A reorganization, and also has important implications for the practice of M & A and the development of evaluation institutions.
【作者單位】： 中央財經(jīng)大學研究生院;中央財經(jīng)大學財政稅務(wù)學院;
【基金】：國家自然科學基金青年項目(71503283) 教育部人文社會科學研究青年基金項目(14YJC630069) 北京市社會科學基金青年項目(15JGC173) 中財-鵬元地方財政投融資研究所研究項目(ZCPY171) 中央財經(jīng)大學"青年英才"培育支持計劃項目(QYP1601) 中央高�；究蒲袠I(yè)務(wù)費專項資金和中央財經(jīng)大學科研創(chuàng)新團隊支持計劃資助項目(KYI1501)
【分類號】：F233;F271;F275

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