管理层能力、投资银行声誉与并购绩效反应  

Managerial Ability,Investment Bank Reputation and M&A Performance

作　　者：李彬[1] 秦淑倩 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《北京交通大学学报（社会科学版）》2016年第2期61-70,共10页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：国家社科基金重大项目(14ZDA051);国家社科基金重点项目(14AGL012);国家自然科学基金青年项目(71302091);教育部人文社科青年项目(12YJC630083);中国博士后科学基金面上项目(2012M511527);山东省优秀中青年科学家奖励基金项目(BS2012SF013)

摘　　要：公司并购中管理层能力的相对缺陷需要投资银行等中介机构的决策辅助。以2007-2013年上市公司并购为样本,实证检验管理层能力、投资银行声誉对并购绩效反应的影响。研究发现:在管理层能力显著提升并购绩效的基础上,选聘适当的投资银行能够进一步强化正面效应,但需要确保管理层能力与投资银行声誉的协同与匹配。当管理层能力较强时,无论是高声誉投行还是低声誉投行均能显著提升并购绩效,但当管理层能力较弱时,即使是高声誉投行,其并购绩效提升效果也并不显著,由此表明管理层能力的基础性和投资银行参与的局限性。本研究可为公司并购选聘适当的投资银行提供技术标准。In case of managerial ability shortage,the MA requires the participation of intermediary agencies such as investment banks in decision-making.Based on the data of listed companies from2007-2013,this paper empirically tests how the managerial ability and investment bank reputation influence the MA performance.It is found that,as the improvement of managerial ability can promote MA performance significantly,the participation of investment banks can further strengthen the positive performanceat the condition of coordination and matching between the managerial ability and the investment banks＇ reputation.When the managerial ability is high,the MA performance can be promoted significantly with any investment banks;but when the managerial ability is low,the MA performance can hardly be improved even with investment banks of high-reputation.This research demonstrates the leading role of managerial ability and the limitations of investment banks in the MA.It is hoped that this finding can facilitate the selection of investment banks in the MA.

关 键 词：公司并购 管理层能力 投资银行声誉 中介机构 并购绩效 

分 类 号：F271.4[经济管理—企业管理] F832.5[经济管理—国民经济]