独立董事投行经历与上市公司并购行为及其效应研究——来自中国市场的证据

Research on the Investment Banking Experience of Independent Director and Listed Company’s M&A Behavior and its Effect:Evidence from China

本文以2006-2012年中国A股上市公司为研究样本,采用实证研究的方法,研究独立董事的投行经历在上市公司并购中能否发挥咨询作用。研究发现,董事会中有投行独董并不会带来收购可能性的增加,投行独董对公司的收购决策不能产生实质影响;然而,在收购实施阶段,投行独董却有助于提升收购方公司价值。进一步研究发现,收购宣告时独立董事正在投行任职或收购方CEO缺乏投行经历时,投行独董的正向财富效应更加显著,在这两种情况下,投行独董更能体现咨询价值。最后,又从收购溢价和咨询费用两个方面探究了收购方价值增加的可能原因,初步确定了投行独董增加公司价值的作用机制。

Using the sample of A-share companies in 2006-2012,this paper studies whether independent directors with investment banking experience(for short,IB directors)can play advisory roles in mergers and acquisitions of listed companies in China.We find that the presence of IB directors on boards can not increase the likelihood of acquisition,IB directors has no real impact on company's acquisition decision.However,in the stage of acquisition implementation,IB directors can help to enhance the market reactions to the announcement of M&As.Further study finds that the positive effect of wealth associated with IB directors is more significant when independent directors are working in the investment bank at the time of acquisition announcement or acquirers,CEO lack of investment banking experience.Finally,we find that the positive effect on market reaction might be associated with the lower takeover premiums and advisory fees that IB directors bring to the acquirers,preliminarily determine the action mechanism of IB directors increasing the value of company.