共享会计师事务所对并购交易影响的实证研究——基于我国上市公司并购交易数据

How the Shared Accountant Offices Influence the Consequence of the Merger and Acquisition Evidence from China

为检验会计师事务所的共享特征对并购交易达成可能性的影响,使用2015—2016年两年的上市公司数据进行概率回归。同时,使用2007—2016年我国上市公司之间发生并达成的347个并购交易事件为样本,运用Stata统计软件进行回归检验,旨在研究会计师事务所的共享特征对并购交易溢价产生的影响。所使用的双方都是上市公司的并购交易事件中有近四分之一的样本具有共享会计师事务所特征,8%的样本具有共享会计师事务所地区分所特征。共享特征使并购双方的非书面信息传递更有效率,对并购交易发生可能性和交易结果都具有影响,即共享会计师事务所特征导致了更高的并购交易达成率、更低的交易溢价。实证研究结果表明,共享会计师事务所对并购交易的发生、完成和溢价都产生了显著影响。

In this paper,shared accountant offices means the one that service the both companies in the merger and acquisition a year ago.The samples of this paper are 347 mergers and acquisitions between listed companies in2007-2016,and using the statistical software—Stata to test regression,in order to research how the shared accountant offices influence the consequence of the merger and acquisition.This paper will also use the data of listed companies in 2015-2016 to test probability regression.A quarter of the sample in this paper has the characteristics of shared accountant offices,and 8%has the shared auditor accountant offices.Shared characteristics means the non-written information will transmit efficiently,it also has impact on the probability and the results.Shared accountant offices lead to a higher deal rate and a lower premium.The research results of this paper show the shared accountant offices has significant impact on occurrence,complete and premium of a merger and acquisition.