海归董事降低了跨国并购溢价吗?——基于沪深A股上市公司的经验证据  

Do Directors with Overseas Background Lower the Premium of Cross-border M&A?Empirical Evidence from A-share Listed Companies in Shanghai and Shenzhen

作　　者：王爱群[1] 闫盼盼 赵东 WANG Aiqun;YAN Panpan;ZHAO Dong(School of Management,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学管理学院,吉林长春130012

出　　处：《南京审计大学学报》2020年第3期40-50,共11页Journal of Nanjing Audit University

基　　金：国家社会科学基金青年项目(17CJY057);教育部人文社会科学研究基金项目(13YJA630085);吉林省社会科学基金项目(2018B76)。

摘　　要：基于高阶梯队理论,以2009-2017年沪深A股上市公司跨国并购交易为样本,实证分析海归董事对跨国并购溢价的影响。研究结果表明:具有海外学习、工作经历的海归董事具有特有的信息优势和关系资源,在跨国并购定价过程中可以有效发挥咨询功能,显著降低了并购溢价;海归董事对跨国并购溢价的抑制效应在更大的国内市场竞争、国有企业、并购目标涉及资源与通信类等敏感性行业中更加显著。进一步分析发现,与海外学习背景相比,海归董事的海外工作背景能够对跨国并购溢价发挥更大的边际作用,并且只有外部海归董事才会对跨国并购溢价产生抑制作用。Based on the theory of high echelon,this paper makes an empirical analysis on the influence of overseas returned directors on the cross-border M&A premium,with the cross-border M&A transactions of A-share listed companies in Shanghai and Shenzhen from 2009 to 2017 as samples.The results show that overseas returned directors with overseas study and work experience have unique information advantages and relationship resources,and can effectively play a consulting role in the pricing process of cross-border M&A,significantly reducing the M&A premium.The inhibiting effect of overseas returned directors on cross-border M&A premium is more significant when dealing with greater domestic market competition,state-owned enterprises,and M&A targets involving sensitive industries such as resources and communications.Further analysis shows that working background of overseas returned directors can play a greater marginal role in the cross-border M&A premium compared with their overseas study background,and only these external ones can exert a restraining effect on the cross-border M&A premium.

关 键 词：跨国并购溢价 海归董事 市场竞争 产权性质 敏感行业 公司规模 

分 类 号：F276[经济管理—企业管理]