异地并购、家乡偏好与长期业绩表现

Inter-regional M&As, Home Bias and the Post-merger Performance

本文以上市公司发起的异地并购为样本,从家乡偏好这一非正式制度的角度对并购业绩进行了考察。实证结果表明:(1)相较于其他异地并购,高管回乡并购后的长期市场业绩较差,该结果仅在董事长和总经理级别的高管中存在,且考虑多种替代性解释后结论依然成立。(2)该结果的部分原因在于:一是上市公司在回乡并购时支付了更高的并购溢价,且以后年度计提了更多的商誉减值损失;二是上市公司在回乡并购后的整合效率较低,具体表现为回乡并购后的超额雇员程度增加。(3)异质性分析表明,回乡并购与长期业绩负相关的结果仅存在于被并购企业所在省份的市场化发展水平较低、上市公司为非国有企业或者高管年龄较高的样本组。(4)交互效应检验表明,基金持股、分析师跟踪以及媒体报道能够缓解家乡偏好对并购业绩的负面影响。

The under-performance of mergers and acquisitions(M&As)resulting from impairment of goodwill is of great interest to regulators and investors.This study investigates the performance of M&As from the perspective of home bias.The results indicate that(1)Post-merger performance is worse when purchased companies are in high-level executives’hometowns.(2)When located in the executives’hometown,listed companies pay higher premiums,and further loss of goodwill occurs in the following years.Integration efficiency after M&As is lower,as reflected in the higher degree of excess employees.(3)Cross-sectional analyses indicate that M&A under-performance only occurs when the province has a low level of market development,listed companies are non-state-owned enterprises,or listed companies’executives are older.(4)Interactive effect test results suggest that fund holding,analyst following and media coverage can allevative impact of home bias on long-term performance.