内部控制、高管权力与并购绩效——来自中国证券市场的经验证据  

Internal Control, Managerial Power and M&A Performance: Evidence from the Chinese Securities Market

作　　者：赵息[1] 张西栓[1,2] 

机构地区：[1]天津大学管理与经济学部 [2]河南理工大学经济管理学院

出　　处：《南开管理评论》2013年第2期75-81,共7页Nankai Business Review

基　　金：教育部人文社会科学研究规划基金项目(11YJA630208)

摘　　要：本文分析了内部控制与高管权力的相互作用关系及其对并购绩效的影响,利用中国上市公司数据,运用结构方程模型进行了实证分析。研究发现,内部控制对并购绩效具有显著的正向影响,而高管权力与并购绩效负相关,并且内部控制与高管权力之间存在反向的相互作用关系。当高管权力缺乏制衡时,并购成为高管实现个人收益的手段,而企业本身并不能实现预期的并购价值,内部控制是针对高管权力的制衡机制,对并购绩效的实现具有重要作用。As an important means of optimizing resource allocation and achieving rapid expansion, merger and acquisition （M＆A） has always been an eternal topic of mutual concern by theoretical and practical circles, in particular the M＆A value creation. Taking into account the dynamic role of senior management on the design and implementation of internal control system, the constraint of internal control effectiveness on managerial power, and the leading role of senior management in the whole process of M＆A, this article explores the impact of managerial power, internal control and their interaction on M＆A performance. Then the M＆A data of Chinese listed companies are collected, structural equation model is con- structed so as to empirically analyze the relationship between the three, in the model, the effectiveness of internal control is measured by information disclosure and internal control index, the managerial power is measured by three indexes： duality of manager and chair- man, tenure and the number of positions, and the M＆A performance is measured by the changes of three indexes： cash flow, earnings per share and Tobin＇s Q. The study finds that, effective internal control is an important protection mechanism for the implement of M＆A value, and has a significant positive impact on the M＆A performance; senior management are usually more concerned about their private interests rather than the interests of shareholders in the M＆A, and the over-expansion of managerial power would inhibit the improvement of M＆A performance; and there exists a reverse interaction between internal control and managerial power. The research results show that, in the lack of checks and balances of managerial power, M＆A will become a means for senior management grabbing private benefits, and the enterprise itself is difficult to achieve the expected M＆A value, while internal control is an important checks and balances of managerial power, and plays an important role in the realization of the M＆A

关 键 词：内部控制 高管权力 并购绩效 

分 类 号：F832.51[经济管理—金融学] F271