内部控制、并购整合能力与并购业绩——来自我国上市公司的经验证据

Internal Control,Integration Ability and Performance in merger and acquisition——Empirical evidence from Chinese listed firms

内部控制在合理保证财务报告可靠性方面的作用已为大量经验证据所证实,但鲜有文献实证检验内部控制在企业具体经营活动中所发挥的作用。本文围绕企业并购活动,以2008—2009年已完成交易且上市公司为收购方的并购事件为样本,进行实证检验,结果发现:收购方的内部控制质量越高,并购完成当年及其后3年内破产风险增大的幅度越小、并购业绩也越好。这说明,高质量的内部控制有助于增强企业并购后的整合能力,从而提高并购业绩。该研究丰富和拓展了与内部控制和企业并购相关的文献,对于企业并购活动与内部控制实务有一定的启示意义。

The role of internal control on reasonably assuring the reliability of financial report has been verified by extensive empirical evidences, however few literatures explores the role of internal control on detail firms＇ opera- tional activities. Therefore, taking merger and acquisition （M＆A） activity as example, with sample of M＆A events which listed firms are buyers and have been finished in 2008 and 2009, we find that buyer＇ s internal control quali- ty is negatively associated with increasing of bankruptcy risk in right and subsequent 3 years when M＆A has been completed ; consistent with this, the higher firm＇ s internal control quality is, the better M＆A performance will be. These findings indicate that higher quality internal control can improve firm＇ s integration ability and performance after M＆A. This study enriches and broadens literatures on internal control and M＆A, and has certain implication for firms＇ internal control practice.