非理性冲击抑或理性协同的并购动能?

Is M&A Momentum Affected by Irrational Impact or Rational Synergy?

选取2008-2016年深市431家收购方上市公司为样本,并结合2008-2018年相关的市场交易数据,研究发现并购动能存在于我国资本市场,且在牛市时期尤为突出。究其原因,这主要是投资者和管理者非理性行为交互作用的结果,而理性的协同效应影响微弱。此外,公司治理是另一不容忽视的因素,提高信息披露质量的确有助于降低代理成本、提高治理效率、增强市场信心,改善长期并购绩效。该结论深化了对资本市场不成熟性和不规范性的认识,并据此对投资者、收购方公司及监管机构三方分别提出建设性意见。

With 431 listed companies by the bidders on Shenzhen Stock Exchange from 2008-2016 as the sample,this paper,analyzing the trade-related data from 2008-2018,finds that A&A momentum exists in China’s capital markets,and is particularly significant in the bull market.The reasons lie in the irrational interaction between the investors and the managers,but weak impact from rational synergistic effects.Besides,corporate governance is another factor that cannot be overlooked.The results show that improvement of information disclosure quality can reduce agency costs,increase governance efficiency,boost market confidence,and perfect long-term M&A performance.While deepening the immature and abnormal cognition of capital markets,these findings are utilized to put forward some constructional suggestions for the investors,the bidding firms,and the regulators respectively.