被并方CEO并购补偿:财富转移抑或薪酬契约完善?——基于并购溢价与并购绩效双重视角的实证研究  

Merger and Acquisition Compensation of the Target CEO:Wealth Transfer or Salary Contract Perfection?Empirical Research from the Double Perspectives of M&A Premiums and M&A Performance

作　　者：张洽 王霞 袁天荣[3] ZHANG Qia;WANG Xia;YUAN Tianrong(School of Management,Xi'an University of Science and Technology,Xi'an 710699,China;School of Business,Jinan University,Jinan 250024,China;Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]西安科技大学管理学院,陕西西安710699 [2]济南大学商学院,山东济南250024 [3]中南财经政法大学会计学院,湖北武汉430073

出　　处：《审计与经济研究》2023年第6期75-85,共11页Journal of Audit & Economics

基　　金：陕西省社会科学基金一般项目(2022R026);西安市社会科学基金重点项目(23JX13);国家社会科学基金一般项目(21BGL100)。

摘　　要：以2009—2021年被并方为上市公司的样本作为研究对象,基于并购溢价与并购绩效双重视角系统地分析被并方CEO并购补偿的作用是代理问题加剧的财富转移还是代理问题缓解的薪酬契约完善。研究发现:当预期并购协同效应较低时,被并方CEO并购补偿与并购溢价显著正相关,更多地体现为薪酬契约完善;当预期并购协同效应较高时,被并方CEO并购补偿与并购溢价显著负相关,直接后果是压低了被并方的并购溢价,更多地体现为财富转移。薪酬契约完善假说与财富转移假说得以存在的主要作用机制是不同协同效应下被并方CEO留任的可能性存在显著差异,CEO留任在并购补偿对并购溢价的影响中发挥了中介效应。进一步研究发现:被并方CEO并购补偿对主并方短期并购绩效具有显著正向影响,对并购后商誉减值具有负向影响,说明从整个并购市场的角度来看,被并方CEO并购补偿是一种“顾全大局”的薪酬契约完善。The M&A compensation of the target CEO has an important impact on the decision-making and merger and acquisition performance of the enterprise.Based on the empirical study of 2952 samples of M&A compensation from 2009 to 2021,the research finds that:when the synergy of M&A is low,the M&A compensation of the target CEO is significantly positively correlated with the M&A premium,which is more reflected in the improvement of the salary contract between the target shareholders and CEO;when the synergy between the two sides is high,the compensation is significantly negatively correlated with the M&A premium.The main mechanism of the existence of the compensation contract perfection hypothesis and the wealth transfer hypothesis is that there are significant differences in the possibility of CEO retention of the target under different synergies,and CEO retention plays an intermediary effect in the influence of M&A compensation on M&A premium.Further research found that the M&A compensation of the target has a significant positive impact on the the M&A performance,which indicates that from the perspective of the whole capital market,the M&A compensation of the target CEO is a kind of salary contract that“take into account the overall situation”.

关 键 词：并购补偿 财富转移 薪酬契约 并购溢价 并购绩效 商誉减值 

分 类 号：F123[经济管理—世界经济]