摘要
本文以2000至2018年A股上市公司并购事件为样本,分析并购方聘用的法律顾问的质量对股东价值的影响。研究发现,法律顾问质量与并购事件窗口期超额累计收益率正相关,高质量的法律顾问有助于提高股东价值。进一步研究发现,并购方聘用的高质量财务顾问会显著提升高质量法律顾问的效果,意味着法律顾问与财务顾问在并购中存在协同效应。此外,高质量法律顾问对国有企业并购方股东价值的提升作用显著高于非国有企业,但地域优势并不能进一步优化法律顾问的效果。本文首次分析法律顾问在并购中的作用,有助于资本市场参与者更好地了解法律顾问在并购中的角色。
This article takes the M&A events of A-share listed companies from 2000 to 2018 as a sample to analyze the impact of the quality of the legal counsel employed by the acquiring companies on the value of its shareholders.We found that the quality of legal consultants is positively correlated with the CAR during the M&A event window period,and high-quality legal consultants conduce to shareholder value.Further analysis found that the high-quality financial consultants will significantly improve the effectiveness of high-quality legal consultants,suggesting a synergistic effect between legal and financial consultants in M&As.In addition,the role of high-quality legal consultants in enhancing the value of shareholders of SOE in M&As is significantly higher than that of non-SOE,but the geographical advantages cannot further optimize the effectiveness of legal consultants.The study helps capital market participants better understand the role of legal counsel in M&As.
作者
解学竟
麻志明
张海燕
韩深任
Xie Xuejing;Ma Zhiming;Zhang Haiyan;Han Shenren
出处
《投资研究》
CSSCI
北大核心
2020年第12期4-22,共19页
Review of Investment Studies
关键词
法律顾问
并购
股东价值
Legal counsel
M&A
the value of shareholders
作者简介
麻志明,北京大学光华管理学院会计系,副教授;张海燕,北京清华大学经济管理学院会计系,副教授。
