摘要
文章以事件研究法为基础,测度了2005-2018年中国上市公司海外并购的市场绩效,并从上市公司内部控制有效性和机构投资者持股的角度进一步探讨了市场绩效差异的来源。研究发现:内部控制评级、机构投资者持股比例均与上市公司海外并购绩效之间存在正向关系,且机构投资者持股对代理成本的抑制作用在国有企业组中表现得更加明显。研究结果表明,完善的内部控制系统、机构投资者持股比例的提升有助于缓解上市公司在海外并购中的代理成本,推动海外并购绩效的提升。
Based on the event research method,the paper measures the market performance of Chinese listed companies’ cross-border mergers and acquisitions from 2005 to 2018,and further discusses the sources of market performance differences from the perspective of listed companies’ internal control effectiveness and institutional shareholdings. The study found that there is a positive relationship between the internal control rating,the percentage of institutional shareholdings and the performance of listed companies’ cross-border mergers and acquisitions,and the inhibitory effect of institutional shareholdings on agency costs is more obvious in the state-owned enterprise group. The results of the study show that a sound internal control system and an increase in the shareholdings of institutional investors can reduce the agency costs of listed companies in overseas mergers and acquisitions and promote the improvement of overseas merger and acquisition performance.
作者
王治皓
廖科智
齐岳
WANG Zhihao;LIAO Kezhi;QI Yue(School of Management,Zhejiang University of Technology,Hangzhou 310014,China;Business School,Nankai University,Tianjin 300071,China;China Institute of Corporate Governance,Nankai University,Tianjin 300071,China)
出处
《华东经济管理》
CSSCI
北大核心
2020年第10期120-128,共9页
East China Economic Management
基金
浙江省自然科学基金青年项目“包含公司治理的多目标投资组合选择模型研究”(LQ20G020019)
浙江工业大学人文社科预研基金项目“一带一路背景下我国企业并购的问题与对策研究”(2018107010529)
国家社会科学基金项目“金融创新背景下多目标公司治理投资支持实体经济研究”(18BGL063)
教育部人文社会科学重点研究基地重大项目“资本市场改革与公司治理有效性”(16JJD630003)。
关键词
海外并购绩效
事件研究法
机构投资者持股
内部控制有效性
cross-border M&A performance
event research method
institutional shareholdings
internal control effec⁃tiveness
