摘要
本文以2014—2019年我国深交所上市公司为研究对象,考察了投资者关系管理对企业并购行为的影响。研究发现:投资者关系管理能够显著提高企业发起并购的可能性和并购规模。机制检验表明,缓解融资约束和经理人代理问题是投资者关系管理影响企业并购行为的潜在机制。进一步研究表明,企业外部信息环境和产权性质会影响投资者关系管理的效果,投资者关系管理对企业并购行为的促进作用在分析师关注程度较低、投资者信息需求较强的企业中以及国有企业中更加明显。本文的研究提供了投资者关系管理与企业并购行为之间因果关系的经验证据,对于现实中如何提高上市公司质量、推进产业结构升级以及推动我国经济高质量发展具有较强的启示意义。
As one of the most important ways of enterprise expansion, M&A plays an important role in improving the quality of listed companies and promoting industrial integration and upgrading.The relaxed merger and reorganization policies issued by CSRC provide favorable conditions for listed companies to become bigger and stronger and optimize resource allocation.Under the support of relevant policies, M&A activities in China’s capital market are increasingly active.However, information asymmetry always exists in each link of M&A process, and the financing constraints and agency conflicts caused by information asymmetry may cause enterprises to give up some M&A projects with positive net present value.Therefore, how to reduce the information asymmetry in the process of M&A and alleviate financing constraints and agency conflicts is of great importance to enhance the motivation of M&A.Good investor relations management can reduce information asymmetry between listed companies and investors, enhance investors’ understanding and recognition of the companies, and reduce the financing cost of the companies.In the process of in-depth communication with investors, listed companies also standardize the corporate governance system, restrain the opportunistic behavior of management, and reduce agency cost.It can be seen that investor relations management may have a positive impact on M&A behaviors by alleviating financing constraints and agency problems.However, up to now, few studies have explored the value effect of investor relations management in M&A decision making.From the perspective of investor relations management, this paper takes the listed companies on Shenzhen Stock Exchange from 2014 to 2019 as the research sample, and examines the impact of investor relations management on corporate M&A behavior.The results show that: investor relations management can significantly improve the possibility and scale of mergers and acquisitions.The mechanism test shows that the mitigation of financing constraints and manager agency problems are the potential mechanisms for investor relations management to affect M&A behavior.Further research shows that the external information environment and property right nature of enterprises will affect the effect of investor relations management, and the promotion effect of investor relations management on M&A is more obvious in enterprises with low analyst attention and strong investor information demand and state-owned enterprises.This paper provides empirical evidence of the causal relationship between investor relationship management and M&A behavior, which has strong enlightenment significance for how to improve the quality of listed companies, promote the upgrading of industrial structure and promote the high-quality development of China’s economy in reality.Therefore, we can get the following policy recommendations.1.Listed companies should attach great importance to the value of investor relations management in M&A decisions, proactively, timely and accurately disclose more business information that investors care about, and strengthen two-way interaction and communication with investors to create a good environment for M&A investment activities.2.External information environment will affect the effect of investor relations management.It is suggested that enterprises should fully consider the differences of external information environment when carrying out investor relations management activities, so as to optimize the effect of investor relations management.For those companies with low analyst attention and high investor information demand, investor relations management activities should be brought into the core strategic position.3.Enterprises should carry out investor relations management activities according to the nature of their ultimate controller, and state-owned enterprises should bring investor relations management activities into the strategic core position.4.Securities regulatory authorities should constantly improve the investor relations management system, play a regulatory and coordinating role, and guide and encourage listed companies to continuously improve the level of investor relations management.
作者
刘波波
高明华
LIU Bo-bo;GAO Ming-hua(School of Business and Administration,Beijing Normal University,Beijing,100875,China)
出处
《经济管理》
CSSCI
北大核心
2021年第10期154-172,共19页
Business and Management Journal ( BMJ )
关键词
投资者关系管理
企业并购
融资约束
外部信息环境
investor relations management
M&A
financing constraints
external information environment
作者简介
刘波波,女,博士研究生,研究领域是国企改革与公司治理,电子邮箱:boboliu91@163.com;通讯作者:高明华,男,教授,博士生导师,研究领域是国企改革与公司治理,电子邮箱:mhgao@bnu.edu.cn。
