本文關(guān)鍵詞：董事聯(lián)結(jié)對企業(yè)并購影響的研究　出處：《吉林大學(xué)》2017年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 董事聯(lián)結(jié) 聯(lián)結(jié)董事并購經(jīng)驗(yàn) 股權(quán)性質(zhì) 并購目標(biāo)選擇 并購溢價 并購績效

【摘要】：20世紀(jì)90年代以來,在全世界范圍內(nèi)的各不同行業(yè)中,并購活動在持續(xù)而頻繁地進(jìn)行。并購的初衷是通過收購目標(biāo)公司,使并購公司獲得并購后的協(xié)同效應(yīng),為企業(yè)創(chuàng)造價值。在過去40多年里,國際學(xué)術(shù)界開展了大量的關(guān)于并購價值效應(yīng)方面的研究,但是至今尚未形成一致結(jié)論。在中國,對于并購價值效應(yīng)的認(rèn)識也存在很大的差異。一種觀點(diǎn)認(rèn)為,并購活動能夠?yàn)椴①徆竟蓶|創(chuàng)造財富,獲得協(xié)同效應(yīng)。另一種觀點(diǎn)認(rèn)為,并購活動并沒有為并購公司股東創(chuàng)造財富,并購產(chǎn)生的收益大多歸于目標(biāo)公司股東,而并購公司股東的收益為零甚至為負(fù)值�！安①徥欠駝�(chuàng)造價值”成為并購研究領(lǐng)域中的重要議題。圍繞著“并購是否創(chuàng)造價值”這一議題,現(xiàn)有研究主要從并購公司、目標(biāo)公司以及并購雙方之間關(guān)系三個角度進(jìn)行解答。相對于并購公司和目標(biāo)公司研究視角而言,從并購雙方之間關(guān)系角度探究并購價值效應(yīng)的文獻(xiàn)還相對薄弱,更少有研究從并購雙方的董事聯(lián)結(jié)關(guān)系角度對這一議題進(jìn)行考察。實(shí)際上,中國正處于經(jīng)濟(jì)轉(zhuǎn)型時期,這一時期制度尚不成熟和完善,在交易過程中信息的透明度較低,企業(yè)之間獲取信息的成本較為高昂,企業(yè)在這一環(huán)境下的交易成本和交易風(fēng)險遠(yuǎn)高于制度成熟和完善的發(fā)達(dá)國家。在轉(zhuǎn)型經(jīng)濟(jì)體正式制度較為弱化的環(huán)境下,非正式制度將扮演著極為重要的角色。學(xué)者們認(rèn)為,董事聯(lián)結(jié)作為一種非正式的關(guān)系機(jī)制,為交易雙方的私有信息溝通和交流提供了合法途徑,有助于緩解由于正式制度缺失而帶來的信息摩擦問題。不僅如此,董事聯(lián)結(jié)還可以使交易雙方變得熟悉和信任,促進(jìn)交易雙方的協(xié)調(diào)合作,減少交易過程中充斥的各種風(fēng)險和不確定性。如果并購交易發(fā)生于存在董事聯(lián)結(jié)的企業(yè)之間,董事聯(lián)結(jié)的信息傳遞和組織協(xié)調(diào)功能可能會有助于降低并購雙方的信息不對稱程度,加強(qiáng)并購雙方的協(xié)調(diào)合作,進(jìn)而可能對并購價值創(chuàng)造產(chǎn)生影響。有鑒于此,本文基于董事聯(lián)結(jié)的信息傳遞和組織協(xié)調(diào)功能,試圖從并購雙方董事聯(lián)結(jié)關(guān)系角度回答如下問題:在并購交易的不同階段,董事聯(lián)結(jié)具體發(fā)揮哪些作用從而促進(jìn)并購價值的創(chuàng)造?當(dāng)建立并購雙方董事聯(lián)結(jié)關(guān)系的聯(lián)結(jié)董事職務(wù)不同時,董事聯(lián)結(jié)對并購價值創(chuàng)造的影響會存在差異嗎?雖然研究組織間關(guān)系的學(xué)者認(rèn)為董事聯(lián)結(jié)有助于組織間的信息傳遞和協(xié)調(diào)合作,但是,也有研究指出許多企業(yè)未能對董事聯(lián)結(jié)的功能進(jìn)行充分地認(rèn)知和有效地利用。那么,在企業(yè)并購過程中,怎樣才能使董事聯(lián)結(jié)的功能得到更有效地發(fā)揮呢?此外,鑒于政府控制企業(yè)的現(xiàn)象在許多國家普遍存在,尤其是轉(zhuǎn)型經(jīng)濟(jì)和新興市場國家,并購公司的股權(quán)性質(zhì)是否會對董事聯(lián)結(jié)與企業(yè)并購的關(guān)系產(chǎn)生影響呢?本文以2002~2015年并購雙方均為中國A股上市公司的并購事件為研究樣本,系統(tǒng)考察了并購雙方的董事聯(lián)結(jié)關(guān)系對并購交易前期的并購目標(biāo)選擇、并購交易中期的并購溢價支付和并購交易后期取得的并購績效的影響,明確了董事聯(lián)結(jié)促進(jìn)并購價值創(chuàng)造的作用機(jī)理;從組織學(xué)習(xí)視角探索促進(jìn)董事聯(lián)結(jié)功能有效發(fā)揮的影響因素,考察了聯(lián)結(jié)董事并購經(jīng)驗(yàn)在董事聯(lián)結(jié)促進(jìn)并購價值創(chuàng)造過程中發(fā)揮的積極作用及發(fā)揮作用的條件;鑒于國有并購公司的并購活動易受到政府干預(yù),檢驗(yàn)了并購公司的股權(quán)性質(zhì)對董事聯(lián)結(jié)與企業(yè)并購(并購目標(biāo)選擇、并購溢價和并購績效)關(guān)系產(chǎn)生的影響。本文研究發(fā)現(xiàn):(1)與并購公司存在董事聯(lián)結(jié)關(guān)系的潛在目標(biāo)公司更有可能成為目標(biāo)公司,當(dāng)董事聯(lián)結(jié)關(guān)系是由內(nèi)部董事建立時,與并購公司存在董事聯(lián)結(jié)關(guān)系的潛在目標(biāo)公司成為目標(biāo)公司的可能性更大,但是,當(dāng)董事聯(lián)結(jié)關(guān)系是由外部董事建立時,董事聯(lián)結(jié)對并購目標(biāo)選擇沒有顯著直接影響。上述結(jié)果意味著,董事聯(lián)結(jié)關(guān)系會對并購目標(biāo)選擇產(chǎn)生重要影響,但是,其影響程度在不同董事聯(lián)結(jié)類型間存在差異。并購公司在做出并購目標(biāo)選擇決策時,除了需要考慮潛在目標(biāo)公司的財務(wù)指標(biāo)等因素外,還應(yīng)充分考慮并購公司與潛在目標(biāo)公司的董事聯(lián)結(jié)關(guān)系(特別是內(nèi)部董事聯(lián)結(jié)關(guān)系)能夠帶來的信息優(yōu)勢和合作優(yōu)勢,并購公司與潛在目標(biāo)公司的董事聯(lián)結(jié)關(guān)系形成的“關(guān)系并購”也將對并購目標(biāo)選擇產(chǎn)生重要影響。(2)如果并購雙方存在董事聯(lián)結(jié)關(guān)系,那么并購公司支付的并購溢價相對較低,當(dāng)董事聯(lián)結(jié)關(guān)系是由內(nèi)部董事建立時,董事聯(lián)結(jié)對并購溢價的負(fù)向影響更強(qiáng),但是,當(dāng)董事聯(lián)結(jié)關(guān)系是由外部董事建立時,董事聯(lián)結(jié)對并購溢價沒有顯著直接影響。上述結(jié)果意味著,并購雙方的董事聯(lián)結(jié)關(guān)系會對并購溢價產(chǎn)生重要影響,但是,其影響程度在不同董事聯(lián)結(jié)類型間存在差異。因此,當(dāng)并購定價時,并購公司除了需要考慮企業(yè)層面和市場層面對并購溢價的影響因素外,還應(yīng)充分利用并購雙方的董事聯(lián)結(jié)關(guān)系(特別是內(nèi)部董事聯(lián)結(jié)關(guān)系)對目標(biāo)公司進(jìn)行較為準(zhǔn)確地估價,提高并購公司的議價能力,從而降低并購溢價。(3)如果并購雙方之間存在董事聯(lián)結(jié)關(guān)系,那么并購公司短期并購績效、使用會計業(yè)績指標(biāo)衡量的并購公司長期并購績效和并購后實(shí)體并購績效相對較好;當(dāng)董事聯(lián)結(jié)關(guān)系是由內(nèi)部董事建立時,董事聯(lián)結(jié)對上述并購績效的正向影響更強(qiáng),然而,當(dāng)董事聯(lián)結(jié)關(guān)系是由外部董事建立時,董事聯(lián)結(jié)對上述并購績效沒有顯著直接影響;并購雙方的董事聯(lián)結(jié)關(guān)系對使用市場業(yè)績指標(biāo)衡量的并購公司長期并購績效和目標(biāo)公司相對并購績效沒有顯著直接影響。上述結(jié)果意味著:第一,董事聯(lián)結(jié)對并購價值的積極影響不僅能夠在并購事件宣告之初被投資者所發(fā)現(xiàn),而且在并購一段時間以后還能夠通過財務(wù)指標(biāo)得以體現(xiàn)。但是由于受到并購事件以外的其他事件的噪音干擾,董事聯(lián)結(jié)未能促進(jìn)使用市場業(yè)績指標(biāo)衡量的并購公司長期并購績效的提高。第二,董事聯(lián)結(jié)有助于并購雙方股東財富的創(chuàng)造,因此,董事聯(lián)結(jié)不僅能夠?qū)Σ①徆静①徔冃Мa(chǎn)生積極影響,還會促進(jìn)將并購公司和目標(biāo)公司二者作為一個整體考慮的并購后實(shí)體并購績效的提高,但是董事聯(lián)結(jié)并未導(dǎo)致目標(biāo)公司相對并購績效降低,不會對并購雙方的并購績效產(chǎn)生差異性的影響。第三,相對于外部董事聯(lián)結(jié)而言,內(nèi)部董事聯(lián)結(jié)的信息傳遞和組織協(xié)調(diào)功能更強(qiáng),從而使并購公司和并購后實(shí)體獲得較好的并購績效。(4)當(dāng)并購公司為非國有控股公司時,與并購公司存在董事聯(lián)結(jié)關(guān)系的潛在目標(biāo)公司成為目標(biāo)公司的可能性更大;當(dāng)并購公司為非國有控股公司時,并購雙方的董事聯(lián)結(jié)對并購溢價的負(fù)向影響更強(qiáng),對并購公司短期并購績效、使用會計業(yè)績指標(biāo)衡量的并購公司長期并購績效和并購后實(shí)體并購績效的正向影響更強(qiáng)。但是,并購公司的股權(quán)性質(zhì)未能對董事聯(lián)結(jié)與使用市場業(yè)績指標(biāo)衡量的并購公司長期并購績效以及目標(biāo)公司相對并購績效之間的關(guān)系產(chǎn)生顯著直接影響。上述結(jié)果意味著,鑒于政府控制企業(yè)的現(xiàn)象在許多國家普遍存在,尤其是轉(zhuǎn)型經(jīng)濟(jì)和新興市場國家,國有并購公司的并購活動更容易受到政府干預(yù),并購公司的股權(quán)性質(zhì)會對并購雙方的董事聯(lián)結(jié)與企業(yè)并購(并購目標(biāo)選擇、并購溢價和并購績效)的關(guān)系產(chǎn)生影響。(5)按照聯(lián)結(jié)董事從并購活動中獲取并購知識或者并購技能的差異性,聯(lián)結(jié)董事并購經(jīng)驗(yàn)可分為同行業(yè)或同產(chǎn)品市場并購經(jīng)驗(yàn)、相關(guān)并購經(jīng)驗(yàn)和非相關(guān)并購經(jīng)驗(yàn)三種類型。若聯(lián)結(jié)公司曾經(jīng)對某行業(yè)或某產(chǎn)品市場中的公司進(jìn)行過并購,而焦點(diǎn)并購公司也在該行業(yè)或該產(chǎn)品市場進(jìn)行并購,聯(lián)結(jié)董事的同行業(yè)或同產(chǎn)品市場并購經(jīng)驗(yàn)?zāi)軌蚣訌?qiáng)董事聯(lián)結(jié)對并購目標(biāo)選擇、并購溢價以及焦點(diǎn)并購公司和并購后實(shí)體并購績效的影響;在相關(guān)并購中,聯(lián)結(jié)董事的相關(guān)并購經(jīng)驗(yàn)?zāi)軌蚣訌?qiáng)董事聯(lián)結(jié)對并購目標(biāo)選擇、并購溢價以及焦點(diǎn)并購公司和并購后實(shí)體并購績效的影響;在非相關(guān)并購中,聯(lián)結(jié)董事的非相關(guān)并購經(jīng)驗(yàn)?zāi)軌蚣訌?qiáng)董事聯(lián)結(jié)對并購目標(biāo)選擇、并購溢價以及焦點(diǎn)并購公司和并購后實(shí)體并購績效的影響。并購過程中,如焦點(diǎn)并購公司并未對董事聯(lián)結(jié)關(guān)系帶來的信息優(yōu)勢和合作優(yōu)勢進(jìn)行充分地認(rèn)知和有效地利用,將導(dǎo)致董事聯(lián)結(jié)的功能難以得到有效地發(fā)揮。上述結(jié)果意味著,當(dāng)滿足聯(lián)結(jié)公司前期的并購與焦點(diǎn)并購公司當(dāng)前的并購相類似這一前提條件時,聯(lián)結(jié)董事的并購經(jīng)驗(yàn)?zāi)軌驇椭裹c(diǎn)并購公司充分認(rèn)知并有效利用董事聯(lián)結(jié)的信息傳遞和組織協(xié)調(diào)功能,提高并購決策的合理性和并購執(zhí)行的有效性,促進(jìn)并購價值的創(chuàng)造。本文在已有研究的基礎(chǔ)上,深入系統(tǒng)地考察董事聯(lián)結(jié)對企業(yè)并購的影響,可能的創(chuàng)新之處有:(1)通過系統(tǒng)考察董事聯(lián)結(jié)對并購目標(biāo)選擇、并購溢價和并購績效的影響,明確董事聯(lián)結(jié)促進(jìn)并購價值創(chuàng)造的作用機(jī)理。本文綜合運(yùn)用信息不對稱理論和資源依賴?yán)碚?系統(tǒng)考察了董事聯(lián)結(jié)對并購目標(biāo)選擇、并購溢價和并購績效的影響,從而發(fā)現(xiàn)因?yàn)槎侣?lián)結(jié)加強(qiáng)了并購雙方的溝通交流和協(xié)調(diào)合作,所以能夠幫助并購公司在并購交易前期做出恰當(dāng)?shù)牟①從繕?biāo)選擇,降低并購交易成本,在并購交易中期進(jìn)行合理的并購定價,減少并購溢價支付,進(jìn)而在并購交易后期提高并購公司和并購后實(shí)體的并購績效,最終促進(jìn)并購價值的創(chuàng)造。在此基礎(chǔ)上,本文將董事聯(lián)結(jié)劃分為內(nèi)部董事聯(lián)結(jié)和外部董事聯(lián)結(jié)兩種類型,發(fā)現(xiàn)雖然董事聯(lián)結(jié)對并購價值創(chuàng)造具有積極影響,但是其影響程度在不同董事聯(lián)結(jié)類型間存在差異,內(nèi)部董事聯(lián)結(jié)能夠在并購雙方的信息傳遞和組織協(xié)調(diào)方面發(fā)揮更重要的作用。上述發(fā)現(xiàn),有效的揭示了董事聯(lián)結(jié)與并購價值創(chuàng)造之間的反應(yīng)“黑箱”,探明了董事聯(lián)結(jié)促進(jìn)并購價值創(chuàng)造的作用機(jī)理,是對該研究系列的有益補(bǔ)充。(2)從組織學(xué)習(xí)視角探索促進(jìn)董事聯(lián)結(jié)功能有效發(fā)揮的影響因素。雖然研究組織間關(guān)系的學(xué)者認(rèn)為董事聯(lián)結(jié)關(guān)系有助于促進(jìn)信息的有效傳遞,加強(qiáng)交易雙方的協(xié)調(diào)合作。但是,也有研究指出,許多企業(yè)未能對董事聯(lián)結(jié)的信息傳遞和組織協(xié)調(diào)功能進(jìn)行充分地認(rèn)知和有效地利用。可是如何能夠幫助企業(yè)充分認(rèn)知和有效利用董事聯(lián)結(jié)的這兩種功能,卻較少有文獻(xiàn)進(jìn)行深入思考。本文從組織學(xué)習(xí)視角探索促進(jìn)董事聯(lián)結(jié)功能有效發(fā)揮的影響因素,發(fā)現(xiàn)當(dāng)滿足聯(lián)結(jié)公司前期的并購與焦點(diǎn)并購公司當(dāng)前的并購具有相似性這一前提條件時,聯(lián)結(jié)董事從聯(lián)結(jié)公司獲取的并購經(jīng)驗(yàn),能夠幫助焦點(diǎn)并購公司充分認(rèn)知并有效利用董事聯(lián)結(jié)帶來的信息優(yōu)勢和合作優(yōu)勢,在并購決策和并購執(zhí)行過程中促進(jìn)董事聯(lián)結(jié)功能的更有效發(fā)揮。上述研究結(jié)論從組織學(xué)習(xí)視角深化了該領(lǐng)域的相關(guān)研究。(3)從多個維度評價并購價值效應(yīng)。國內(nèi)已有研究主要關(guān)注并購對并購公司或目標(biāo)公司價值帶來的影響,較少有研究將并購公司和目標(biāo)公司二者作為一個整體考察并購后實(shí)體的并購價值效應(yīng),也鮮有研究關(guān)注目標(biāo)公司相較于并購公司的相對并購價值效應(yīng)。本文從多個維度對并購價值效應(yīng)進(jìn)行評價,除了考察董事聯(lián)結(jié)對并購公司并購價值的影響以外,還對并購公司和目標(biāo)公司的總體凈經(jīng)濟(jì)收益以及目標(biāo)公司相較于并購公司的相對凈經(jīng)濟(jì)收益進(jìn)行測度,檢驗(yàn)了董事聯(lián)結(jié)對并購后實(shí)體并購價值以及目標(biāo)公司相對并購價值的影響,使研究更為全面,進(jìn)一步擴(kuò)展了現(xiàn)階段國內(nèi)關(guān)于并購價值效應(yīng)的研究。
[Abstract]:Since 1990s, different industries worldwide, mergers and acquisitions and frequently in mergers and acquisitions continue. The intention is through the acquisition of Target Corp, the company obtained the synergy effect after the merger, to create value for the enterprise. In the past 40 years, the international academic circles have done research on the effect of the value of mergers and acquisitions a lot of, but has not yet formed a consistent conclusion. In China, great differences also exist for understanding the value of the acquisition effect. A view that mergers and acquisitions can create wealth for the shareholders of the company mergers and acquisitions, have a synergistic effect. Another view is that the merger does not create wealth for the shareholders of the company mergers and acquisitions, mergers and acquisitions the income largely attributed to shareholders of the Target Corp, and the acquisition of the company shareholders return to zero or even negative. "Whether create value" has become the research field of mergers and acquisitions An important issue. Around the "merger create value" this topic, the existing research mainly from the acquisition of the company, as well as the relationship between the two sides of Target Corp mergers and acquisitions three angles to answer. Relative to the company and the Target Corp mergers and acquisitions in the research perspective, from the Perspective of mergers and acquisitions between the two sides on the relationship between M & a value effect of literature is still relatively weak, and there is less study on this issue from the acquisition of both Directors Association perspective. In fact, China is in economic transition period, the system of this period is not mature and perfect, in the transaction process of CITIC interest lower transparency, access to information between enterprises comparatively high cost of transaction costs in this environment and trading risk far higher than that of the developed countries mature and perfect. The system is weakening in the transition economies formal institutional environment, informal institution will play an extremely Important role. Scholars believe that the board of Directors Association as an informal relationship mechanism, provides legal means for both parties to private communication and exchange of information, the information will help ease the friction problem due to the lack of formal institutions and bring. Moreover, the connection can also make both parties become familiar with and trust, promote trade coordination and cooperation between the two sides, to reduce the risk in the transaction process and full of uncertainty. If a merger occurs between directors' connection enterprise, the connected information transmission and coordination function can help to reduce the degree of information asymmetry between the two sides of the mergers and acquisitions, mergers and acquisitions to strengthen coordination and cooperation between the two sides, which may create impact the value of mergers and acquisitions. In view of this, this paper board connection information and coordination function based on the acquisition of both board connection attempts from the angle of Is to answer the following questions: in different stages of mergers and acquisitions, the specific connection which play a role to promote mergers and acquisitions create value? When establishing connection connection between M & board of directors is not at the same time, influence the board connection to value there will be difference? Although the research of Inter Organizational relationship scholars that the board is connected help to organize the information transfer between cooperation and coordination, but also studies have pointed out that many companies failed to connect to the board of directors function fully and effectively use cognition. So, in the process of mergers and acquisitions, how to make the connected function more effectively? In addition, in view of the phenomenon of government controlled enterprises are common in many countries, especially in economies in transition and emerging market countries, whether the nature of equity mergers and acquisitions company for the board of Directors Association and enterprise merger between. The influence of? This paper based on the 2002~2015 merger both Chinese A shares of Listed Companies in mergers and acquisitions as the research sample, were investigated on both sides of the connection board choose mergers and acquisition targets of mergers and acquisitions in the early effects of mergers and acquisitions and mergers and acquisitions to pay premium mid to late achieved the performance of mergers and acquisitions, the board of directors coupling mechanism of promoting value; from organizational learning perspective to explore influencing factors promoting play board connecting function effectively, examines the association director acquisition experience in the joint promotion play a positive role in the process of mergers and acquisitions of value creation and the role of the conditions; in view of state-owned corporate mergers and acquisitions are vulnerable to government intervention, test the nature of corporate acquisitions and equity linked to the board of directors and enterprise (target selection, Acquisition Premium and MampA) relationship. Ring. This study found that: (1) the directors association with the acquisition of the company's potential Target Corp are more likely to become Target Corp, when the connection is established by the board of directors are internal, connection with the acquisition of the company's potential to become Target Corp Target Corp is more likely, however, when the connection is established by external directors the board of directors, connection to the target selection has no significant direct impact. The results imply that the Directors Association will produce important influence on the choice of target but the degree of influence in different types. There are differences between the connected M & a company to make the target selection decisions, in addition to the need to consider the potential of Target Corp financial indicators and other factors also, should fully consider the acquisition of the company and the potential link between the directors of the Target Corp (especially internal Directors Association) can Bring the information superiority and advantages of cooperation, mergers and acquisitions and potential. The directors of the Target Corp association formed "mergers and acquisitions" will also have an important impact on the choice of target. (2) if both sides exist the connected relationship, then the merger company to pay the premium is relatively low, when the connection is established by the internal the board of directors, linked to premium negative effect is stronger, but when the connection is established by the board of directors outside, no significant direct impact on the bond premium. These results imply that the link between the acquisition of two directors will have a significant impact, but the Acquisition Premium, the degree of influence in different directors connection type differences. Therefore, when the acquisition price, the acquisition of the company in addition to the consideration of the enterprise level and market level premium factors, also We should make full use of the link between the acquisition of two directors (especially internal Directors Association) for more accurate valuation of the Target Corp, to improve the acquisition of the company's bargaining power, thereby reducing the acquisition premium. (3) if there is relationship between directors of mergers and acquisitions, short term performance of the company mergers and acquisitions, measure the accounting performance indicators of mergers and acquisitions the company long-term performance of mergers and acquisitions and mergers and acquisitions after the entity acquisition performance is relatively good; when the connection is established by the board of directors of internal, connection and positive influence on the performance of mergers and acquisitions is stronger, however, when the connection is established by the board of directors outside, no significant direct impact on the coupling performance of mergers and acquisitions; mergers and acquisitions on both sides of the board of directors connection on the use of market performance index to measure the long term performance of mergers and acquisitions and acquisitions companies Target Corp mergers and acquisitions performance has no significant direct relative Effect. The above results suggest that: first, the positive influence of coupling value of mergers and acquisitions can not only declared at the beginning of the events in the mergers and acquisitions by investors, but also reflected by the financial indicators to mergers and acquisitions after a period of time. But due to the noise of other events outside the event, director connection failed to promote the use of market the performance measure of the company's long-term acquisition of M & a performance improvement. Second, the board of Directors Association helps create shareholder wealth of both sides so that the connected can not only have a positive impact on corporate performance of mergers and acquisitions, mergers and acquisitions will also promote the company and the Target Corp in two as a whole to consider the entity after the merger to improve the performance of mergers and acquisitions the board of directors, but did not cause the relative performance of mergers and acquisitions of Target Corp link reduced, will not produce the difference on both sides of the MampA performance . third, relative to the outside directors association, director of internal connection of information transmission and coordination function is stronger, so that the company merger and post merger entity merger performance better. (4) when the company mergers and acquisitions of non-state-owned holding company, the directors association with the acquisition of the company's potential Target Corp are more likely to become Target Corp when the company mergers and acquisitions; non-state-owned holding company, the acquisition of two directors to premium connection the negative effect is stronger, on the short term performance of mergers and acquisitions, mergers and acquisitions accounting performance indicators used to measure the company's long-term performance of mergers and acquisitions and mergers and acquisitions entity positive influence the performance of mergers and acquisitions stronger. However, not the acquisition of the company's equity nature of to measure the connection with the use of the market performance of mergers and acquisitions company long term performance of mergers and acquisitions and Target Corp mergers and acquisitions relative relationship between performance Have a significant direct impact. The above results suggest that, given the government control of the enterprise is a common phenomenon in many countries, especially in economies in transition and emerging market countries, state-owned corporate mergers and acquisitions are more vulnerable to government intervention, the nature of equity mergers and acquisitions company for the board of Directors Association and enterprise merger both mergers and acquisitions (M & a target selection, mergers and acquisitions the premium and the influence of the relationship between the performance of mergers and acquisitions). (5) the difference of mergers and acquisitions or mergers and acquisition of knowledge skills from mergers and acquisitions activities in accordance with the connection board, joint director acquisition experience can be divided into the same industry or product market experience in mergers and acquisitions, mergers and acquisitions experience related and non related mergers and acquisitions experience three types. If the company had a connection to the industry or a product in the market of company mergers and acquisitions, and mergers and acquisitions focus companies in the industry or the product market, the same industry or connection board The product market experience in mergers and acquisitions to strengthen board connection to the target selection, Acquisition Premium and focus acquisition of the company after the merger and acquisition performance in the affected entity; related to mergers and acquisitions, joint directors related experience in mergers and acquisitions to strengthen board connection to the target selection, and purchase premium and focus after the merger and acquisition company entity influence the performance of mergers and acquisitions; in the non related mergers and acquisitions, joint director of non related experience in mergers and acquisitions to strengthen board connection to the target selection, Acquisition Premium and focus acquisition of the company after the merger and acquisition performance entities. The influence of the acquisition process, such as the focus of mergers and acquisitions did not lead to the board of directors association information advantage and cooperation advantages fully and effectively in cognitive use, will cause the connected function is difficult to be effectively. The above results suggest that, while satisfying the first phase coupling company The merger and acquisition company focus of the current merger is similar to a condition when the connection board experience in mergers and acquisitions can help focus the acquisition of the company fully recognized and effective use of information transmission and connection board coordination function, improve the effectiveness and rationality of the merger and acquisition decision implementation, promote the creation of the value of mergers and acquisitions based on. The existing research on the systematic study of the influence of Directors Association on mergers and acquisitions, possible innovations are: (1) through a systematic study on board connection to the target selection, Acquisition Premium and influence the M & a performance, define the coupling mechanism of promoting value. This paper relies on the theory of asymmetric information and the resource theory, systematically investigated the board connection to the target selection, the impact of the premium and performance of mergers and acquisitions mergers and acquisitions, which found that because the Directors Association strengthened Acquisition of both communication and coordination, so can help the company pre merger make the target selection appropriate in mergers and acquisitions, mergers and acquisitions to reduce transaction costs, reasonable pricing in mergers and acquisitions MampA premium payment period, reduce, and trading late in the mergers and acquisitions to improve the performance of MampA company after the merger and the entity, and ultimately promote to create the value of mergers and acquisitions. On this basis, this paper will be divided into internal connection board directors and external directors joint connection in two types, found that although the board connection has positive influence on merger value creation, but the degree of influence in different Directors Association

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2017
【分類號】：F271;F271
，

本文編號：1363898