语言与公司并购——基于收购方独立董事方言特征的视角

Language,Mergers and Acquisitions:An Analysis Based on the Perspective of the Independent Directors’ Dialect Feature

制度(正式与非正式)是制约经济发展的关键因素,语言作为一种非正式制度对公司行为产生重要影响。本文从公司具体财务行为切入,以首次公告日在2000—2012年的中国上市公司并购非上市公司事件(非关联)为样本,研究独立董事方言特征如何影响其在并购过程中发挥咨询功能。实证研究发现,收购方与目标方之间的方言差异导致并购绩效下降,而独立董事具有目标方方言背景能够起到更好的咨询功能,减弱上述影响;在信息不对称程度相对严重、地区分割问题严重、普通话普及程度较差的情形下,独立董事的咨询功能更加明显。本文提供了从语言角度研究经济行为的新思路,阐述了非正式制度在中国社会经济中的作用。

As an important informal institution, language is essential for the economic development. Using unique data from China, our paper examines how the characteristics of independent directors’ dialect backgrounds influence their functions in the consulting process of mergers and acquisitions. We identify acquisitions made by listed companies between 2000 and 2012 and find that the greater the language gap is, the less the shareholder value will be and the independent directors with the background of target dialect play a better advisory role. Further analysis shows that under the situation of more serious information asymmetry and regional segmentation as well as poorer popularizing of mandarin, independent directors who have the background of target dialect exert a more pronounced influence. Our studies provide a new idea of studying corporate economic behaviors from a linguistic perspective,and then elaborate the role of informal institution in China’s socio-economy.