摘要
由于我国上市公司并购中存在信息不对称性和制度管制等问题,导致虚假并购、忽悠式并购及花式并购现象频出。文章利用手工搜集的高管在协会类组织担任职务的数据,检验了高管的跨组织任职对企业并购决策的影响。研究发现,高管在协会类的跨组织中任职能够显著提升并购成功概率,扩大并购规模,该影响在民营企业和高融资约束企业中更加显著。拓展性检验显示,高管在协会的跨组织任职对并购概率和规模的影响仅在国家级协会和省级协会中显著,且并购后公司业绩、市场回报及企业价值均显著提高,而高管的市级协会任职则并不显著。研究表明,高管在行业协会建立的社会网络对企业并购具有正面的促进作用,这为强化上市公司的并购行为监管、改进和加强对社会组织的管理提供了参考。
Merger and acquisition(M&A)is a very important financial decision-making activity of enterprises,and also a hot topic in China’s capital market now.The success of M&A will directly affect company value or shareholder wealth.Therefore,the information asymmetry in M&A has become a malignant tumor in the M&A market.Senior executives working in the"association"across organizations will enable enterprises to build a new social network,which may help to overcome the information asymmetry between master and target enterprises and improve the efficiency of effective identification of target enterprises.Evidenced on the listed companies of China’s A-share market in 2000-2015 as the research object,we analyze"association"executives across the organization at the size of the probability of successful M&A.It is found that corporate executives in the"association"across the organization will significantly increase the probability of successful M&A and the scale of M&A,and the influence is more significant in private enterprises and enterprises of high financing constraints.Further examination shows that the influence of executives’cross-organizational position in the"association"on M&A probability and scale is only significant in national and provincial association organizations,but there is no result in the executive office of the municipal association.In addition,it is also found that executives’cross-organizational position in the"association"can significantly improve corporate performance,market return and enterprise value after M&A,which further confirms,complements and strengthens that the impact of executives’crossorganizational position in the"association"on M&A decision-making will improve the company’s value effect.This paper not only enriches the literature on the influencing factors of M&A decisionmaking,but also provides new empirical evidence to solve the information asymmetry in M&A.Moreover,the subjects of sociology and public management are interdisciplinary with the research on corporate finance and accounting,which enriches the research objects in the fields of accounting and corporate finance,deepens and expands the literature on the influence of the"background"of corporate executives on corporate financial decision-making behavior,and provides a new perspective and explanation for the research on the social network of corporate executives,so it has a strong value and significance of policy application.In addition,the study provides necessary policy implications for regulators to identify the informal institutional factors behind M&A behaviors and strengthen the supervision on the M&A behaviors of listed companies,and provides references for social organization management departments to recognize and evaluate the functions of the"association".All in all,this paper will improve and strengthen the management of social organizations.
作者
罗劲博
Luo Jingbo(School of Accountancy,Jiangxi University of Finance and Economics,Jiangxi Nanchang 330013,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2020年第1期85-99,共15页
Journal of Shanghai University of Finance and Economics
基金
国家自然科学基金项目“高管的协会任职与企业并购决策:影响、机理与经济后果”(71762014)
江西省教育厅科技项目“企业的社会责任之谜与税收规避:影响、机理和经济后果”(GJJ180258)
江西省高校人文社科重点研究基地项目“严监管背景下企业商誉形成的机理与经济后果:理论与实证”(JD19027).
关键词
企业并购
跨组织
行业协会
企业产权
融资约束
M&A
enterprise M&A
across-organization
trade association
enterprise property rights
financing constraints
M&A performance
作者简介
罗劲博(1973—),男,陕西陇县人,江西财经大学会计学院副教授,会计学博士。
