论董事联结的“双刃剑效应”——基于并购绩效的实证研究  

Discussion On the Double-edged Sword Effect of Directors Assossiations——An Empirical Study Based on Merge and Acquisition Performance

作　　者：王良辉[1] 张俊瑞[1] 曹建安[1] WANG Liang-hui;ZHANG Jun-rui;CAO Jian-an(School of Management,Xi＇an Jiaotong University,Xi＇an 710049,China)

机构地区：[1]西安交通大学管理学院

出　　处：《山西财经大学学报》2018年第12期76-91,共16页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71472148);财政部会计名家培养工程(财会(2015)14号)

摘　　要：董事联结作为公司间社会关系的表征,同时存在信息传递功能和人情影响功能。为探究董事联结对并购绩效的影响,本文选取1999—2014年间我国深、沪两市的306起上市公司间并购事件为样本进行研究。结果发现：一阶董事联结对并购绩效会产生负向影响,而二阶董事联结对并购绩效会产生正向影响;并购方管理层过度自信会加重董事联结中人情影响的负面效应;并购双方的信息不对称程度会加强董事联结中信息传递的正面效应。Directors assossiations represent the social connections among corporates, which also transfer information and exert the human impact. We selected 306 listed firms as the sample and explored the effect of directors assossiations on MA performance through studing the MA events during 1999 and 2014. The research finds that, the first-rank directors assossiations have a negative effect on MA performance, but the second-rank assossiations have a positive effect. Further research reveals that, the overconfidence of acquirer management would aggravate the negative effect of human impact. And the information asymmetry degree between participants would obviously affect information transfer.

关 键 词：董事联结 并购绩效 社会网络 信息传递 人情影响 

分 类 号：F271[经济管理—企业管理]