财务报告信息可比性与上市公司并购绩效  

Financial Statement Comparability and M&A Performance of Listed Companies

作　　者：袁天荣[1] 王霞 YUAN Tianrong;WANG Xia(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《中南财经政法大学学报》2021年第4期26-36,158,159,共13页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金项目“上市公司分红的外部监管与内部治理耦合研究”(13BJY014);中南财经政法大学研究生教育创新计划资助项目“员工持股计划与股价崩盘风险”(20203112)。

摘　　要：本文采用2010~2019年沪深A股上市公司并购数据,实证研究了主并方财务报告信息可比性对并购绩效的影响。研究发现,主并方财务报告信息可比性对并购绩效具有正向影响,即可比性越高的上市公司取得了更好的并购绩效。中介效应表明,财务报告信息可比性通过降低管理层代理冲突提升并购绩效,可比性在企业并购中发挥了治理效应。进一步研究发现,主并方财务报告信息可比性对并购绩效的提升作用在公司治理机制较不完善、信息不对称程度较高的企业中更加明显。本文有助于理解主并方财务信息质量对并购绩效的作用机理以及财务报告信息可比性带来的经济后果,同时为上市公司并购实践提供借鉴。Based on the data of A-share listed companies from 2010 to 2019,this paper empirically studies the impact of acquiring firms’financial statement comparability on M&A performance.The results show that the financial statement comparability has a positive impact on M&A performance,that is,the higher the comparability,the better the M&A performance.The mediating effect shows that comparability improves the M&A performance by reducing the agency cost of management,and it exerts a governance effect on mergers and acquisitions.Further study shows that the effect of financial statement comparability on M&A performance is more obvious in the enterprises with imperfect corporate governance mechanism and high degree of information asymmetry.This paper contributes to understand the mechanism of the effect of financial information quality on M&A performance,the economic consequences of the financial statement comparability,and provides reference for M&A practice of listed companies.

关 键 词：财务报告信息可比性 并购绩效 代理冲突 治理效应 

分 类 号：F275.5[经济管理—企业管理]