投资者保护能够降低并购溢价吗?——基于收购方公司成长压力视角  

Can Investor Protection Reduce Acquisition Premium?:Perspective of the Growth Pressure of Acquirer

作　　者：杨青 周绍妮[1] YANG Qing;ZHOU Shao-ni(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;School of Economics and Management,East China Jiaotong University,Nanchang Jiangxi 330013,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]华东交通大学经济管理学院,江西南昌330013

出　　处：《北京交通大学学报（社会科学版）》2018年第2期71-81,共11页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：国家社科基金一般项目"基于混合所有制改革动因的竞争性国企股权重组有效性研究"(17BGL074);教育部规划项目"机构投资者;国企并购行为与并购绩效"(16YJA630079);教育部人文社会科学研究项目"中国产业合并的影响因素和演进趋势:理论与实证"(08JC630004)

摘　　要：从收购方公司层面构建两维度投资者保护(即投资者收益权保护和投资者监督权保护),以此来考察收购方公司投资者保护水平对并购溢价的影响,并从收购方公司成长压力视角进一步检验其对投资者保护与并购溢价两者关系的调节作用。研究发现:收购方公司层面的投资者收益权保护水平与并购溢价呈现显著负相关关系;当收购方公司成长压力较大时,其投资者保护水平与并购溢价的负相关关系减弱。这说明收购方公司成长压力较小时,公司自身投资者保护水平能更有效降低并购溢价。研究还表明,收购方公司投资者保护水平因股权性质的不同对并购溢价的影响及企业成长压力的调节作用存在显著性差异。This paper constructs the two dimensions of investor protection indexes(i.e.investors’return rights protection and investors'supervision rights protection)from acquirer's perspective to investigate the effects of investor protection degree of acquirer on acquisition premium and further test its moderating effect on the relationship between them from the acquirer's growth pressure perspective.The paper found that the acquirer's investor protection and acquisition premium is negatively correlated;when the growth pressure of acquirer is relatively high,the negative relationship between the investor protection and acquisition premium weakens.This shows that when acquirer companies face low growth pressure,its investor protection can reduce acquisition premium more effectively.The paper also found that there are significant differences in the influences of investor protection on the acquisition premium and in the moderating effect of the corporate growth pressure due to the different ownership of acquirer.

关 键 词：投资者保护 并购溢价 企业成长压力 

分 类 号：F271[经济管理—企业管理]