连续并购的同伴效应与企业内部控制  

The Peer Effect of Serial Mergers and Acquisitions and the Internal Control of Enterprises

作　　者：张晓旭[1] 姚海鑫[1] 杜心宇 ZHANG Xiaoxu;YAO Haixin;DU Xinyu(College of Business, Liaoning University, Shenyang 110036, China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110036

出　　处：《东北大学学报（社会科学版）》2021年第6期22-31,共10页Journal of Northeastern University(Social Science)

基　　金：辽宁省社会科学规划基金资助项目(L17BGL006);辽宁省教育厅高等学校基本科研资助项目(WQN201708);辽宁省社会科学规划基金青年资助项目(L18CJY011)。

摘　　要：以2010—2019年中国沪深A股上市公司完成的连续并购交易事件为样本,实证研究了上市公司是否存在连续并购的同伴效应,并检验了内部控制质量对连续并购同伴效应的作用机制。研究结果表明:同伴公司连续并购的平均交易数量越多,上市公司发生连续并购的可能性越大,连续并购的频率也越高,即上市公司的连续并购行为受同伴效应的影响;内部控制质量既能促进上市公司的连续并购行为,又能降低连续并购中可能存在的非理性行为,在连续并购受同伴效应影响的关系中发挥部分中介作用,即内部控制质量对连续并购的同伴效应具有一定程度的抑制作用。运用Sobel-Goodman检验、倾向匹配得分法(PSM)等进行稳健性检验,发现结论依然成立。This paper takes the serial M&A transactions completed by Chinese companies listed on A-share market in Shanghai and Shenzhen from 2010 to 2019 as a sample to investigate the peer effect of serial M&A,and examines the mechanism of internal control quality on the peer effect of serial M&A.It is found in the study that the greater the average transaction number of serial M&A in peer companies,the greater the probability of serial M&A of listed companies,and the higher the frequency of serial M&A.That is,serial M&A of listed companies are affected by the peer effect.The quality of internal control can not only promote serial M&A of listed companies,but also reduce the irrational behaviors that may exist in serial M&A.It plays a part of the mediating role in the relationship of serial M&A affected by the peer effect.That is,the quality of internal control has a certain degree of restraint on the peer effect of serial M&A.This paper uses Sobel-Goodman test and propensity score matching method(PSM)to conduct robustness tests,and finds that the above conclusions are still valid.

关 键 词：连续并购 同伴效应 内部控制 

分 类 号：F230.9[经济管理—会计学]