摘要
财务顾问对并购行为及绩效影响的研究逐渐兴起,但已有文献关于财务顾问声誉-质量机制的经验证据仍没有定论。本文考察财务顾问声誉是否有助于并购业绩承诺的实现,研究发现,高声誉财务顾问参与的并购项目,业绩承诺实现程度普遍更高。即使持续督导期届满,这类财务顾问对业绩承诺实现的促进作用依然存在,体现为有效监督。承诺期结束后,高声誉财务顾问参与的业绩承诺变脸概率更低。机制分析表明,财务顾问声誉通过发挥风险过滤职能保障承诺业绩实现,表现为设置更低的业绩增长率、更可能包含股份补偿及双向补偿条款,更小可能变更承诺内容。此外,当企业机会主义动机更强以及宏观经济增速趋缓时,财务顾问声誉对业绩承诺实现的积极作用更明显。本文从中介机构声誉视角丰富了业绩承诺实现影响因素的研究,为财务顾问声誉机制有效性提供了直接证据,为打造一流投行,发挥服务实体经济和维护金融稳定的作用提供了政策启示。
While studies exploring the impact of financial advisors on M&A behavior and performance are gradually emerging,the empirical evidence on the reputation-quality mechanism remains inconclusive.This paper examines the impact of financial advisors'reputation on M&A performance commitments and finds that higher-reputation advisors lead to a higher accomplishment ratio,even after the supervision period ends,highlighting their role in effective oversight.Furthermore,there is a lower probability of performance deterioration for M&A projects involving high-reputation financial advisors after the end of the commitment period.Mechanism analysis reveals that financial advisor reputation filters risks by ensuring commitment realization through a lower growth rate,increased likelihood of setting up equity and double-side compensation,and less likely to alter the commitment.Additionally,the relationship between higher-reputation financial advisors and achieving the commitments is more significant in firms with stronger tunneling incentives and during periods of economic downturns.In summary,this paper provides direct evidence for the effectiveness of financial advisors'reputation as determinants in performance commitments while delivering policy insights into their role in serving the real economy and maintaining financial stability.
出处
《会计研究》
CSSCI
北大核心
2023年第9期59-73,共15页
Accounting Research
基金
国家自然科学基金面上项目(72372007)
中央高校基本科研业务费专项资金(BLX202222)的资助。
关键词
财务顾问
声誉机制
业绩承诺实现
并购重组
业绩变脸
Financial Advisors
Reputation Mechanism
Achievement of Performance Commitment
Mergers and Acquisitions
Performance Deterioration
作者简介
通讯作者:周绍妮,snzhou@bjtu.edu.cn。
