董事联结、目标公司选择与并购绩效——基于并购双方之间信息不对称的研究视角  

The Board Ties, the Selection of the Target Company, and Acquisition Performance:A Study from the Perspective Based on the Information Asymmetry between the Acquirer and the Target

作　　者：陈仕华[1] 姜广省 卢昌崇[1] 

机构地区：[1]东北财经大学工商管理学院

出　　处：《管理世界》2013年第12期117-132,187-188,共16页Journal of Management World

基　　金：国家自然科学基金青年项目(批准号:71002093);国家自然科学基金面上项目(批准号:71172120);国家社会科学基金重大招标项目(批准号:10zd&035);国家社会科学基金青年项目(批准号:12CGL027);中国博士后科学基金第四十九批面上项目(资助编号:20110490766);中国博士后科学基金第五批特别资助项目(资助编号:2012T50222);"长江学者和创新团队发展计划资助"(资助编号:IRT0926);2012年"辽宁省高等学校杰出青年学者成长计划"(资助编号:WJQ2012022)的资助

摘　　要：本文基于并购双方之间信息不对称的研究视角,检验了并购双方之间的董事联结关系对目标公司选择和并购绩效的影响,结果显示:与并购方存在董事联结(包括间接董事联结)关系的公司更可能成为并购的目标公司,当这种董事联结关系是由内部董事形成时,以及当目标公司与并购方地处不同区域时,与并购方存在董事联结关系的公司成为目标公司的可能性更大;当并购方与目标公司之间存在董事联结关系时(与不存在董事联结关系相比),并购方获得的短期并购绩效并无显著差异,但获得的长期并购绩效会相对较好;并且当这种董事联结关系是由内部董事形成时,以及当目标公司与并购方地处不同区域时,董事联结关系对长期并购绩效的正向影响更强。这些发现意味着,并购双方之间的董事联结关系对并购行为产生重要影响,但其影响程度大小同时还依赖于联结关系类型、并购双方空间距离,特别地,董事联结关系的正向绩效效应需要在并购后一段时间之后才得以体现。Based on the perspective of the information asymmetry between the acquirer and the target, we have, in this pa-per, examined the influences of the board ties relations(BTR) on the target selection and the acquisition performance.The results of our examination shows that the company that has the relationship of the director ties(including the indirect director ties) is more likely to be the target company of the acquisition, that, when this kind of BTR is formed within the internal directors and when the target company does not locate in the same place as that of the acquirer, the probability of the company that has the BTR with that of the acquirer becoming the target company is greater, that,when there exists the BTR( compared with having no the BTR), the acquirer cannot get better short-term acquisition performance but he can get better long-term acquisition performance, and that, when this kind of BTR is formed within internal directors and when the target company does not locate in the same region as the acquirer does, the positive effect of the BTR on the long-term acquisition performance is still greater. The above-mentioned findings mean that the BTR between both parties of acquisition have important impact on the acquisition behavior, that the degree of this impact relies, at the same time, on the kind of the BTR, the spatial distance, and that, especially, the positive performance effect of the BTR will emerge after a period of time after the acquisition deal.

关 键 词：董事联结 信息不对称 目标公司选择 并购绩效 实证研究 

分 类 号：F271[经济管理—企业管理]