摘要
本文利用2008-2010年中国上市公司换股并购的相关数据,采用修正的Jones模型对中国上市公司换股并购活动中的盈余管理问题进行了研究。实证研究发现:(1)收购方并购前一年存在显著的正向盈余管理行为;(2)收购方进行盈余管理的程度与第一大股东持股比例有关,两者之间呈现倒U型关系;(3)收购方并购前一年的盈余管理程度越高,并购后公司业绩下降越大;(4)第一大股东持股比例越高,并购绩效越差。本文研究结果意味着,公司并购前的盈余管理在并购后反转,对并购后绩效表现不佳具有一定解释力度。
Based on the related data of listed company from 2008to 2010, we investigate whether acquiring firms attempt to make earning management during a stock for stock mergers and acquisitions. We find that acquiring firms overstate their earnings in the periods prior to the merger announcement; There is an inverse U -shape relation between earnings management and the largest shareholder' s share; We also find earning management before the year of merger lead to post - merger underperformance; The acquiring firms' performance is negative to the shareholding proportion of the largest shareholders. Our results suggest that post - M&A underperformance by acquiring firms is partly attributable to the reversal of the earning management of pr - M&A.
出处
《南方经济》
CSSCI
2012年第11期80-88,共9页
South China Journal of Economics
基金
国家自然科学基金项目(71062007)的资助
关键词
盈余管理
股份支付
并购绩效
Earnings management
Share payment
M&A performance