摘要
以2004—2016年我国A股上市公司的并购事件为样本,研究并购双方共享审计师对并购绩效的影响,并考察了信息不对称程度对两者之间关系的调节作用。结果表明并购双方共享审计师能显著提高并购方及目标方的并购绩效;对于信息不对称程度更大的跨行业、跨地域并购事件,共享审计对并购绩效的正向影响更为显著。进一步检验发现共享审计可以显著降低并购双方之间的信息不对称程度,进而导致较低的并购溢价。
Shared auditors as a network of social relationships can facilitate the transmission and sharing of information between enterprises within the network. Using a sample of domestic mergers that acquirers and targets are all A share listed firms from 2004 to 2016,this paper analyzes whether shared auditors between the acquirer firm and the target firm can affect M&A performance,in addition,we also make a study on whether the information asymmetry can moderate the relationship. Our findings are that: shared auditors between acquirer and target has a significant positive effect on M&A performance of acquirer firms and target firms; Furthermore,the positive impact of shared auditors on M&A performance is more pronounced for crossindustry and cross-regional M&A events where information asymmetry is greater.
作者
姚海鑫
李璐
YAO Haixin;LI Lu(School of Business, Liaoning University, Shenyang 110036, China)
出处
《审计与经济研究》
CSSCI
北大核心
2018年第3期29-39,共11页
Journal of Audit & Economics
基金
辽宁省社会科学规划基金一般项目(L17BGL006)
关键词
共享审计
信息媒介
信息不对称
并购绩效
审计意见
审计费用
shared auditor
information media
information asymmetry
M&A performance
audit opinion
audit fees