摘要
不同于已有文献以IPO为场景研究VC/PE对IPO公司中介机构选择的影响,以并购退出的场景研究作为标的方股东的VC/PE是否会影响并购资产评估机构的选择。研究发现:并购重组有VC/PE参股的标的时,双方更可能聘请高质量的资产评估机构,特别是当并购方缺乏并购经验和标的方的信息环境较差时,聘请高质量资产评估机构的可能性更高;在关联并购情况下,为减少市场对并购方可能与资产评估机构进行合谋的担忧,同时向市场释放出并购交易价格是公允、客观的信号,并购重组有VC/PE参股的标的时,聘请高质量资产评估机构的可能性更高。进一步的补充性检验显示,聘请高质量的资产评估机构有助于获得更高的市场认可。
Different from the previous literature that study how VC/PE affects the choice of intermediary in IPO,this paper shows whether VC/PE impacts the choice of asset appraisal institutions in M & As for the first time.The study shows that the acquirer will be more likely to employ high-quality asset appraisal institutions when the target has VC/PE,Especially,when the acquire lacks of M & A′s experience and the target locates in bad information environment,this effect is more significant.In the case of related M & As,in order to reduce concern that the acquirer may collude with the asset appraisal institution,to release the signal of the M & As price is objective and fair.When the target has VC/PE,the acquirer more likely to select the high-quality asset appraisal institutions.The paper also confirms that employing high quality asset appraisal institutions has gained higher market evaluation.
作者
黎文飞
唐清泉
LI WenFei;TANG QingQuan(School of Economics and Statistics,Guangzhou University,Guangzhou 510006;Business School,Sun Yat-sen University,Guangzhou 510275)
出处
《财贸研究》
CSSCI
北大核心
2019年第7期98-110,共13页
Finance and Trade Research
基金
国家自然科学基金青年项目“VC/PE在并购重组中的作用及影响机制研究”(71702038),国家自然科学基金面上项目“不确定性、会计稳健性与并购重组有效决策的机制研究”(71672204)
广州大学引进人才科研启动项目“产业政策与并购决策的有效性”
