主并企业会计信息可比性与股东长期财富效应

Accounting Comparability of Acquirers and Long-term Stock Returns

本文以2006-2011年我国A股上市公司发起的并购交易事件为样本,研究主并企业会计信息可比性能否增强并购后股东的长期财富效应。研究发现:(1)可比性增强了会计信息的有用性,主并企业会计信息可比性与并购后股东的长期财富效应显著正相关;(2)并购导致主并企业不确定性显著增加,且增加的程度与并购后股东的长期财富效应显著负相关,但主并企业会计信息可比性抑制了不确定性增加的程度,从而有利于并购后股东长期财富的提升。上述结果表明,主并企业会计信息可比性在并购的价值创造中发挥重要作用。

This study examines whether accounting information comparability of acquiring firms contributes to acquirer's long-term stock returns based on M&A events initiated by listed companies from 2006 to 2011 in China.We predict and find that acquisitions lead to increases in information uncertainty of acquiring firms,and the change in information uncertainty is negatively related to accounting comparability of acquirers.We also find that the relation between the change in information uncertainty and the long-term stock returns of acquiring firms is significantly negative after controlling for the relative deal size,the unexpected earnings and agency problem etc al.Our results suggests that accounting information comparability of acquiring firms can reduce the information uncertainty due to M&A strategy implemented by acquirers,thereby increasing the value creation effect of M&A in acquiring firms.This study contributes to the M&A literature in that it improves our understanding of how accounting information comparability of acquirers affect its long-term returns,and therefore has implications for the government and the relevant regulatory authorities to optimize capital allocation in the context of M&A.