投行关系、声誉与并购绩效——基于关系契约的视角  

Investment Bank Relationship,Reputation and M&A Performance——Based on Relational Contract

作　　者：余鹏翼 陈新 陈文婷 余言 Yu Pengyi;Chen Xin;Chen Wenting;Yu Yan(School of Accounting,Guangdong University of Foreign Studies,Guangzhou 510006;Institution of Cross⁃border M&A and Innovation Strategy,Research Center of Humanities and Social Sciences for Guangdong Province,Guangzhou 510006;School of Management,Jinan University,Guangzhou 510006;Business School,National University of Singapore,Singapore 119245)

机构地区：[1]广东外语外贸大学会计学院,广州510006 [2]广东省普通高校人文社科重点研究基地“跨国并购与创新战略研究中心”,广州510006 [3]暨南大学管理学院,广州510006 [4]Business School,National University of Singapore,Singapore 119245

出　　处：《管理评论》2022年第12期251-263,共13页Management Review

基　　金：广州市哲学社会科学规划2020年度课题(2020GZYB44)

摘　　要：投行参与并购重组既可以提升投行声誉,又有利于提高市场并购效率。本文基于关系契约理论,以2013—2016年中国沪深A股发生并购事件的收购方上市公司为研究样本,研究投行在并购中的作用。研究发现,现有关系契约构建的投行关系损害了企业长期和短期并购绩效;投行声誉提升了企业长期并购绩效;在声誉较低的投行中,投行关系对并购绩效的负向影响更加显著。低效率并购提高了外部投资者与收购企业之间的信息不对称程度,引发投行的逆向选择和道德风险问题,从而降低了并购绩效。本研究揭示了投行关系和投行声誉对并购绩效的影响,为现阶段政府职能部门完善相关制度,进一步提升投行参与并购重组的效率提供了经验证据和政策启示。The participation of investment banks in M&As can not only enhance the reputation of investment banks but also improve the efficiency of M&As.Based on the relational contract theory,this paper examines the role of investment banks in M&As by taking the listed companies of acquirers who conducted M&As in China’s Shanghai and Shenzhen Stock Exchanges from 2013 to 2016 as the research samples.The results show that the investment bank relationship established by the existing relational contract damages long-term and short-term M&A performance;the reputation of investment banks improves long-term M&A performance;the negative impact of investment bank relationship on M&A performance is more significant among investment banks with lower reputations.Low-efficiency M&As increase the degree of information asymmetry between external investors and acquired companies,which causes adverse selection and moral hazard issues in investment banks,and thus reduces the performance of M&As.This study reveals the influence of investment bank relationship and reputation on M&A performance,and provides empirical evidence and policy inspiration for government functional departments to improve the relevant systems,and further improve the market efficiency of investment banks in M&As.

关 键 词：投行关系 投行声誉 并购绩效 关系契约 

分 类 号：F832.51[经济管理—金融学] F271