党组织成员交流能提高国有资产并购溢价吗

Does the Personnel Exchanges of Corporate Party Organizations Improve the M&A Premium

文章基于中央企业党组成员信息,研究企业党组织加强成员交流对控股上市公司并购溢价水平的影响,评价企业党组织交流制度的治理效应。研究发现:当中央企业党组织中外部交流进入的党组成员占比越高时,控股上市公司在出售国有资产或股权时的并购溢价水平越高。然而,这种影响主要存在于中央企业持股比例较低和控制链条较长的上市公司。上述发现在理论上拓展了企业党组织参与公司治理效果的研究,在实践上为优化企业党组织交流制度提供了启示。

Based on the information of members of party organizations from 82 Chinese central SOEs,the paper studies the influence of strengthening personnel exchanges among corporate Party organizations on the M&A premium level of holding listed companies,and evaluate the governance effect of the personnel exchange system of corporate Party organizations.The results show that the higher the proportion of the external members in the corporate Party organizations of Chinese central SOEs,the higher the M&A premium when the listed companies sell state-owned assets or shares;however,the influence mainly exists in the listed companies with low shareholding ratio of Chinese central SOEs and long control chain.The above research findings not only expand the existing research on the effect of the corporate Party organizations participating in corporate governance theoretically,but also provide practical enlightenment for optimizing the personnel exchange system of corporate Party organizations.