摘要
连锁机构投资者作为同时持有多家企业股权的特殊机构投资者,在企业并购过程中除了传统意义上的治理功能外,还扮演着作为专业投资者的咨询角色,其双重功能和角色对于企业并购价值具有重要影响。本文以中国资本市场2008—2018年发生并购事件的A股上市公司为样本,基于咨询和治理的双重功能视角,考察连锁机构投资者对企业并购价值的影响。研究发现,连锁机构投资者有利于企业并购价值的创造;机制检验发现,连锁机构投资者利用并购经验机制和行业信息机制在并购价值创造中发挥了咨询功能;利用对大股东的监督机制和对管理层的激励机制,在并购价值创造中发挥了积极的治理功能。进一步检验表明,在民营上市公司、以稳定型机构投资者为主的公司中,连锁机构投资者的并购价值创造效应更为显著;机构调研活动是连锁机构投资者提高并购价值的重要作用渠道。本文研究结论为连锁机构投资者在企业发展中的功能研究和角色认知提供了新的经验证据,丰富了我国连锁机构投资者的经济后果研究,对企业高质量发展和资本市场监管都具有重要的启示意义。
Value creation is the key of enterprises to achieve high-quality development through M&As.Studying the functions of multiple shareholding institutional investors is a great significance for promoting value creation in M&As.Multiple shareholding is a unique attribute of institutional investors based on market mechanism.They have the characteristics of connection and high shareholding, which leads to the dual functions of multiple shareholding institutional investors in consulting and governance for enterprise development.However, the existing literature ignores the important influence of the dual functions of consulting and governance on the value creation of enterprise M&As.Therefore, this paper takes the companies with M&A events in Shanghai and Shenzhen A-shares from 2008 to 2018 as samples to investigate the impact of multiple shareholding institutional investors on M&A value and its mechanism.The empirical results show that multiple shareholding institutional investors have a significant positive promoting effect on the value creation of M&As, and companies with multiple shareholding institutional investors have higher long-term M&A value.The research conclusion is still valid after a series of robustness tests, such as changing main variable measurement method and sample selection interval, placebo test, propensity score matching(PSM) method and Heckman’s two steps method.The mechanism test shows that multiple shareholding institutional investors play an important consulting role in M&A value creation by using the M&A experience mechanism and industry information mechanism, and play a positive governance function by using the supervision mechanism for the major shareholders and the incentive mechanism for the management.The heterogeneity test shows that the value creation effect of multiple shareholding institutional investors is more significant in private enterprise and enterprise with stable institutional investors’ governance environment.In addition, institutional investors’ visit to corporate site
作者
张志平
潘爱玲
吕风光
ZHANG Zhi-ping;PAN Ai-ling;LV Feng-guang(School of Business,Shandong University,Weihai,Shandong,264209,China;School of Management,Shandong University,Jinan,Shandong,250100,China;School of Humanities and Social Sciences,Xi'an Jiaotong University,Xi'an,Shaanxi,710049,China)
出处
《经济管理》
CSSCI
北大核心
2022年第11期148-166,共19页
Business and Management Journal ( BMJ )
基金
国家自然科学基金青年项目“中国情境下并购目标公司选择的动因与效应研究:产业政策视角”(71902099)
国家社会科学基金重点项目“企业绿色并购的驱动因素、决策选择与长效机制研究”(19AGL010)。
关键词
连锁机构投资者
并购价值
咨询功能
治理功能
multiple shareholding institutional investors
M&A value
consulting function
governance function
