董事网络、信息不对称和并购财富效应  

Board Networks,Information Asymmetry and Wealth Effects of M&A of Listed Companies

作　　者：曹廷求[1] 张钰[1] 刘舒[1] 

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《经济管理》2013年第8期41-52,共12页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重大招标项目"系统性金融风险防范与监管协调机制研究"(12&ZD069);国家自然科学基金项目"治理风险导向的商业银行公司治理研究:理论发展与机制耦合"(71272119);教育部规划基金项目"基于公司治理的商业银行货币政策传导机制研究"(12YJA790005)

摘　　要：本文从董事网络能够减少公司并购时信息不对称的角度出发，研究了董事网络对并购参与双方财富效应的影响。与现有的文献不同，在对2007～2011年间共2401起并购事件的研究中，本文发现收购公司向董事网络中心位置靠近的过程中，公司的并购财富先增加，在达到一个最优点后，开始下降，呈现倒u型关系。而单纯改变目标公司在董事网络中的位置，并不能明显提高其财富效应，只有通过董事网络获取高质量的信息才能对其财富产生明显作用。深入验证董事网络对降低信息不对称的作用的实证结果表明，在信息披露质量差的公司中，董事网络发挥的作用更显著。In this paper, we consider that better network boards have access to important information via their networks that makes them more informed in their monitoring and decision-making capacities. M＆A behavior, as an economic act, faces lots of risks. M＆A information is usually divided into public information and private information which refers to the undisclosed information in the potential counterparties. Board networks are efficient ways to de- liver private information, which can break the limitation of mastering two sides＇ information and thus weaken the in- formation asymmetry risk. Whether board networks can influence M＆A wealth and how to influence has attracted wide attention of scholars at home and abroad, but they have not get consistent results due to different samples and indicators selected. Based on the view that board networks can reduce information asymmetry, this paper studies the influence of board networks on the wealth of acquiring and target firms. Firstly, in the process of selecting the transaction object, the existing of board networks is helpful to pass true and useful information between the potential acquirers and tar- gets; meanwhile, these companies might have information advantages thus they can grasp the M＆A opportunities more easily. Secondly, on one hand, after selecting transaction object, acquiring firms can estimate the value of tar- gets accurately in order to avoid overpayment. On the other hand, in the implementation of acquisition process, the director networks can transfer information within the two sides to make strategy timely to increase both sides＇ wealth effect. Thirdly, after an agreement in the transaction, acquiring firms can understand the advantages of each other in order to fully integrate their resources, which also increase the wealth effect of both sides. In addition, more informa- tion means higher market position which could also reduce transaction costs. Different from the existing literatures ,we use 2401 M＆A events happened during 2007 to 20

关 键 词：董事网络 信息不对称 上市公司并购 财富效应 信息披露 

分 类 号：F276.6[经济管理—企业管理]