摘要
与以往单纯从微观或者宏观角度研究企业并购的文献不同,本文引入企业并购的宏微观互动框架,考察股票市场波动与CEO权力及其交互作用对上市公司并购决策的影响以及并购后CEO薪酬及公司绩效的变化。研究发现,在我国上市公司中,股票市场波动对上市公司并购产生正向影响,且CEO权力越大,这种正向影响越明显,虽然与未实施并购公司相比,实施并购公司的CEO薪酬明显增加,但是绩效并未明显改善,说明在股票市场波动环境下的并购,可能是上市公司CEO利用管理层权力达到自身利益最大化的结果。进一步的研究还发现,作为政府宏观调控重要手段的货币政策对企业并购行为及效果的影响明显,与货币政策宽松时期相比,在货币政策紧缩时期,股票市场波动对企业并购行为的影响减弱,相对于未实施并购公司而言,实施并购公司的CEO薪酬未有明显提高,但是公司业绩在一定程度上得以改善。
Different from the previous literature that studied enterprise mergers and acquisitions simply from micro or macro perspective,this paper introduces a macro and micro interaction framework of company mergers to study the influence of stock market volatility,CEO power and their interaction on M&A decisions of the listed companies as well as the changes of CEO compensation and company performance after M&A.The study finds that stock market volatility has a positive impact on M&A of the listed companiesin China.And the greater CEO power is,the more obvious this positive effect become.Although CEO compensation increases obviously in the firm M&A has been implemented compared with those who have not carry out M&A transactions,the performance has not improved significantly.It indicates that mergers could be the results of CEO of the listed companies using management power to maximize their own interests in the environment of stock market volatility.Further research also finds that as an important means of government.s macro-regulation,monetary policy has a great influence on enterprise M&A behavior and effect.Compared with the relaxed monetary policy period,the impact of stock market volatility on enterprise M&A weakens in the time of monetary policy tightening.Compared with those corporations which have not carry out M&A,CEO compensation has no significant improvement in the company M&A have been implemented.But corporation performance is improved to a certain extent.
作者
徐虹
林钟高
李敏
Hong Xu;Zhonggao Lin;Min Li
出处
《会计与控制评论》
2018年第1期1-34,共34页
Review of Accounting and Control
基金
国家自然科学基金项目“货币政策影响企业并购行为及效率的传导机制研究”(71372204)
关键词
股票市场波动
CEO权力
并购
CEO薪酬
并购绩效
货币政策
stock market volatility
CEO power
mergers and acquisitions
CEO compensation
M&A performance
monetary policy
