摘要
本文从契约视角出发,分析了专用资产的信息传递作用,以及并购市场能够捕捉到公司专用资产投入传递出的信息。选取2012-2018年有并购标的方记录的上市公司作为研究对象,构建并购标识虚拟变量;通过中国投入产出表构建公司专用资产投入密度指标,并进行了Logistic概率分布回归。实证结果表明:(1)专用资产投入密度高的公司在并购市场中更容易成为标的方;(2)财务困境程度、地区经济发展水平对专用资产投入密度与并购标的概率的关系分别具有正向的调节作用。
Two issues are concerned in this paper:How do specific assets affect the M&A(Mergers&Acquisition)market?Can M&A market capture the information of specific assets investment?Results show that:(1)Companies with higher density of investment on specific assets are more likely to be regarded as targets in the M&A market;(2)Financial distress and the economic development play a positive moderating role in the relationship between specific assets and probability of being a target,respectively.Sampling data of listed companies from 2012 to 2018,we create dummy variable of being targeted in the M&A market and measure specific density index.We analyze the relationship between specific density index and the probability of being targeted using logistic model.This paper explains that specific assets transmit information from a contracting perspective.
作者
王佳星
刘淑莲
Wang Jiaxing;Liu Shulian
出处
《会计研究》
CSSCI
北大核心
2020年第3期95-109,共15页
Accounting Research
基金
国家自然科学基金(71602024、71603028)
国家社会科学基金(16CJY006)的资助
关键词
专用资产
并购概率
财务困境
地区经济发展
Specific Asset
Probability of Being a Target
Financial Distress
Areal Economic Development
