银行关联对企业并购投资的影响研究  

An Empirical Study of the Relationship between Bank Connection and M&As

作　　者：罗付岩[1] 

机构地区：[1]桂林理工大学现代企业管理研究中心,广西桂林541004

出　　处：《财经论丛》2016年第12期56-64,共9页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(71562007);广西高校人文社会科学重点研究基地基金资助项目(15YB004)

摘　　要：从银企关系的视角分析银行关联是否影响企业并购概率及结果,重点考察银行关联对我国并购及并购绩效影响的作用机制。使用2006-2012年我国上市公司数据,实证检验结果发现:银行关联显著增加了企业并购概率,且董事会银行背景关联和银行股权关联都显著增加了企业并购的概率;银行关联公司的并购绩效显著低于非银行关联公司,董事会银行背景关联对企业并购的影响有限,股权关联显著降低了企业并购的绩效。这说明,银行关联促进企业并购的发生,但银行关联特别是股权关联降低了并购绩效。Using 2006- 2012 data of listed company in china,this paper empirically tests whether bank connection affects the probability and performance effect of mergers and acquisitions. The results are as follows:( 1) Bank connection,whether it is related to directors' bank background or bank equity associated,can significantly increase the probability of M&A;( 2) The M&A performance of banks-associated companies is significantly lower than those companies that have no connection with banks,while the relationship between directors' bank background and the performance of M&A is insignificant.These results indicate that on one hand,bank connection increases the probability of M&A,on the other hand,bank connection,especially bank equity connection reduces the performance of M&A. The results enrich and develop the literature about the relationship between bank connection and M&A.

关 键 词：银行关联 企业并购 并购绩效 

分 类 号：F275.5[经济管理—企业管理]