风险投资影响企业的多元化并购决策吗?  

Do Venture Capital Investments Influence Companies'Decisions to Diversify into M&A?

作　　者：王聪聪 刘圻[3] 张芳铭 Wang Congcong;Liu Qi;Zhang Fangming(School of Accounting,Henan University of Economics and Law,Zhengzhou 450000,Henan,China;Postdoctoral Mobile Research Station of Henan University,Kaifeng 475001,Henan,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,Hubei,China)

机构地区：[1]河南财经政法大学会计学院,河南郑州450000 [2]河南大学博士后流动站,河南开封475001 [3]中南财经政法大学会计学院,湖北武汉430073

出　　处：《金融发展研究》2023年第5期69-78,共10页Journal Of Financial Development Research

基　　金：河南省软科学计划项目“风险投资对企业多元化并购及并购绩效的影响研究”(232400412014)。

摘　　要：在我国资本市场上,普遍存在着多元化折价现象,因此,探究多元化并购的影响因素对优化企业并购决策有重要意义。本文从风险投资视角考察了风险投资持股对企业多元化并购决策的影响。研究发现,风险投资持股能够显著抑制被投资企业的多元化并购动机,且风险投资的参与度越高,其对被投资企业的多元化并购动机的抑制作用也越强。作用机理分析发现,风险投资能够通过缓解代理冲突及抑制管理层过度自信行为显著抑制被投资企业的多元化并购动机。异质性检验发现,在市场化水平以及市场竞争程度较低的地区,相比无风险投资持股的企业,有风险投资持股的企业进行多元化并购的可能性更低。经济后果研究发现,在进行非多元化并购后,相比无风险投资持股的企业,有风险投资持股企业的并购绩效显著更高。In the capital market of China,the phenomenon of diversification discount is prevalent.Therefore,it is important to explore the influencing factors of diversification M&A to optimize corporate M&A decisions.This paper examines the impact of venture capital ownership on firms'diversification M&A decisions from a venture capital perspective.It is found that venture capital shareholding can significantly inhibit the diversification M&A motives of investee firms,and the higher the involvement of venture capital,the stronger its inhibitory effect on the diversification M&A motives of investee firms.The mechanism of action analysis found that venture capital can significantly inhibit the incentive to diversify M&A of investee firms by mitigating agency conflicts and inhibiting management overconfidence behavior.The heterogeneity test found that in regions with lower levels of marketization as well as market competition,firms with venture capital holdings were less likely to engage in diversified M&A than firms without venture capital holdings.The economic consequences study finds that M&A performance is significantly higher for firms with venture capital holdings after non-diversified M&Acompared to firms without venture capital holdings.

关 键 词：风险投资 多元化并购 代理冲突 管理层过度自信 并购绩效 

分 类 号：F832[经济管理—金融学]