异质预期下股权制衡对公司并购绩效的影响

中国管理科学 ›› 2013, Vol. 21 ›› Issue (4): 144-151.

异质预期下股权制衡对公司并购绩效的影响

刘星, 蒋弘

重庆大学经济与工商管理学院, 重庆 400044

收稿日期:2011-10-19 修回日期:2012-09-26 出版日期:2013-08-30 发布日期:2013-08-24
基金资助:
国家自然科学基金重点资助项目(71232004);国家自然科学基金面上资助项目(71172082)

The Influence of Check-and-balance Ownership Structure on the M&A Performance under Idiosyncratic Expectations

LIU Xin, JIANG Hong

College of Economics and Business Administration, Chongqing University, Chongqing 400044, China

Received:2011-10-19 Revised:2012-09-26 Online:2013-08-30 Published:2013-08-24

摘要/Abstract

摘要： 本文通过建立理论模型,对异质预期下股权制衡对公司并购绩效的影响进行了分析。研究结果发现:二级市场投资者的异质预期会引发并购交易后公司股价的下行调整,造成以股价反映的并购绩效出现下滑;在适当的异质预期下,公司大股东之间的股权制衡能够减缓并购绩效的下降幅度。股权制衡程度越高,并购绩效越好。但是,当投资者的异质预期逐渐增强,超出适当的范围时,股权制衡对并购绩效的影响呈现出非线性的特征。

关键词: 异质预期, 股权制衡, 并购绩效

Abstract: By a way of theory model establishment, the influence of check-and balance ownership structure on the M&A performance under idiosyncratic expectations is investigated in this paper. The results show that investors' idiosyncratic expectations will lead to the declining adjustment of acquirer's stock price after M&A transaction, and then result in the drop of M&A performance, which is measured by stock price. Under appropriate idiosyncratic expectations, the check-and-balance ownership structure will reduce the extent of M&A performance drop. The higher the check-and-balance degree is, the better the M&A performance will be. However, along with the strengthen of idiosyncratic expectations, the influence of check-and balance ownership structure on the M&A performance will become nonlinear when idiosyncratic expectations go beyond the appropriate range.

Key words: idiosyncratic expectations, check-and-balance ownership structure, M&A performance

中图分类号:

F275.5

刘星, 蒋弘. 异质预期下股权制衡对公司并购绩效的影响[J]. 中国管理科学, 2013, 21(4): 144-151.

LIU Xin, JIANG Hong. The Influence of Check-and-balance Ownership Structure on the M&A Performance under Idiosyncratic Expectations[J]. Chinese Journal of Management Science, 2013, 21(4): 144-151.

参考文献

[1] Shleifer A,Vishny R W.Large shareholders and corporate control[J].Journal of Political Economy,1986,(3):461-488.
[2] Cronqvist H,Fahlenbrach R.Large shareholders and corporate policies[J].Review of Financial Studies,2009,22(10):3941-3976.
[3] 冯根福,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001,(1):54-68.
[4] 李善民,曾昭灶,王彩萍,等.上市公司并购绩效及其影响因素研究[J].世界经济,2004,(9):60-67.
[5] Claessens S,Djankov S,Fan J,et al.Disentangling the incentive and entrenchment effects of large shareholders[J].Journal of Finance,2002,57(6):2741-2771.
[6] 冉戎,刘星,陈其安.潜在风险对大股东获取控制权私利行为的影响研究——兼析部分控制权私利的合理性[J].中国管理科学,2009,17(3):173-182.
[7] Pagano M,Roell A.The choice of stock ownership structure:Agency costs,monitoring and the decision to go public[J].The Quarterly Journal of Economics,1998,133(1):187-225.
[8] Gomes A,Novaes W.Multiple large shareholders in corporate governance[R].Working Paper, The Rodney L. White Center for Financial Research,1999.
[9] Bennedsen M,Wolfenzon D.The balance of power in closely held corporations[J].Journal of Financial Economic,2000,58(1):113-139.
[10] 刘星,刘伟.监督,抑或共谋?——我国上市公司股权结构与公司价值的关系研究[J].会计研究,2007,(6):68-75.
[11] 陈德萍,陈永圣.股权集中度、股权制衡度与公司绩效关系研究——2007~2009年中小企业板块的实证检验[J].会计研究,2011,(1):38-43.
[12] Ben-Amar W,Andre P.Separation of ownership from control and acquiring firm performance:the case of family ownership in Canada[J].Journal of Business Finance & Accounting,2006,(3):517-543.
[13] 朱琪,黄祖辉.我国上市公司并购中控制权变更市场效应的实证研究[J].中国管理科学,2004,12(3):28-33.
[14] 洪道麟,刘力,熊德华.多元化并购、企业长期绩效损失及其选择动因[J].经济科学,2006,(5):63-73.
[15] 刘笑萍,黄晓薇,郭红玉.产业周期、并购类型与并购绩效的实证研究[J].金融研究,2009,(3):135-153.
[16] 陈小悦,陈晓, 顾斌.中国股市弱型效率的实证研究[J].会计研究,1997,(9):13-17.
[17] 程希骏,吴振翔,周晖.中国股市ST板块弱有效性检验[J].中国管理科学,2003,11(4):1-4.
[18] 张月飞,史震涛,陈耀光.香港与大陆股市有效性比较研究[J].金融研究,2006,(6):33-40.
[19] 赖步连,杨继东,周业安.异质波动与并购绩效——基于中国上市公司的实证研究[J].金融研究,2006,(12):126-139.
[20] Hong H,Stein J.Disagreement and the stock market[J].Journal of Economic Perspectives,2007,21(2):109-128.
[21] Miller E.Uncertainty and divergence of opinion[J].Journal of Finance,1977,32(4):1151-1168.
[22] Chen J,Hong H,Stein J.Breadth of ownership and stock returns[J].Journal of Financial Economics, 2002,66(2):171-205.
[23] Harris M,Raviv A.Differences of opinion make a horse race[J].Review of Financial Studies,1993,6(3):473-525.
[24] 蒋弘,刘星.股权制衡、并购信息披露质量与主并公司价值——基于中国上市公司的模型与实证研究[J].管理工程学报,2012,(4):17-25,126.
[25] Bae K H,Kang J K,Kim J M.Tunneling or value added?Evidence from mergers by Korean business groups[J].The Journal of Finance,2002,57(6):2695-2740.
[26] 李增泉,余谦,王晓坤.掏空、支持与并购重组——来自我国上市公司的经验证据[J].经济研究,2005,(1):96-105.