摘要
基于2008—2019年中国公司并购数据,本文发现在短期和长期中,并购中均存在正向匹配效应,即并购溢价与标的公司盈利质量越匹配、收购方并购绩效越高;并且,本文证实了短期匹配效应的信号传递机制、长期匹配效应的投资效率和协同效应机制。进一步研究表明,在连续并购中也存在短期和长期匹配效应,但在受产业政策支持的并购中不存在长期匹配效应。本文拓展了并购溢价合理性的理论框架,为正确认识匹配对并购绩效和资源再配置的影响提供了依据。
Based on the M&A data of Chinese companies from 2008 to 2019, this paper finds positive short-term and long-term matching effects: acquirers earn higher performance when their M&A premium matches the target firms’ earnings quality. This paper also confirms the signal transmission mechanism of short-term matching effect and the investment efficiency and synergy mechanism of long-term matching effect. Further research shows that such short-term and long-term matching effects still exist in continuous M&A, but only short-term matching effects work in the M&A supported by industrial policy. This paper expands the theoretical framework of the rationality of M&A premium and provides a reference for correctly understanding the effect of matching on M&A performance and resource reallocation.
作者
蓝发钦
国文婷
LAN Faqin;GUO Wenting(Department of Economics and Management,East China Normal University)
出处
《经济理论与经济管理》
CSSCI
北大核心
2022年第5期50-64,共15页
Economic Theory and Business Management
基金
国家自然科学基金青年项目(71803048)
华东师范大学经济与管理学部“博士研究生科研创新计划”一般项目(2018FEM-BCKYB010)的资助。
作者简介
通讯作者:国文婷,华东师范大学经济与管理学部,邮政编码:200062,电子信箱:wentingg_wt@163.com。
