反收购强度与企业人力资本结构演变——基于中国资本市场的实证发现  

Anti-takeover Intensity and Enterprise Human Capital Structure:An Empirical Analysis Based on Listed Companies in China

作　　者：蔡庆丰[1] 吴冠琛 陈熠辉 吴奇艳 CAI Qingfeng;WU Guanchen;CHEN Yihui;WU Qiyan(School of Economics,Xiamen University;College of Finance and Statistics,Hunan University)

机构地区：[1]厦门大学经济学院,福建厦门361005 [2]湖南大学金融与统计学院,湖南长沙410006

出　　处：《金融研究》2023年第8期131-148,共18页Journal of Financial Research

基　　金：国家社科基金后期资助项目(22FJYB015);国家自然科学基金青年项目(72302086)的资助。

摘　　要：为了抵御敌意收购,越来越多的上市公司修改公司章程设置反收购条款。本文基于手工收集的上市公司章程中的反收购条款并构建企业层面的反收购强度指标,以2011—2019年A股上市公司为样本,研究反收购强度对企业人力资本结构的影响。研究发现:反收购强度对人力资本结构的影响呈U形关系,即反收购强度较低时会显著抑制企业人力资本结构提升;而当反收购条款强度超过临界值时则会对企业人力资本结构提升带来促进效应。机制检验发现,当企业的反收购强度较低时,管理层短视行为占据主导地位,进而抑制人力资本结构的提升;当反收购强度超过临界值之后,反收购“壁垒”减弱了企业被收购的威胁,有助于提升员工的工作满意度,减少人才流失;此外,反收购强度提高也会促使企业更加专注于长远发展,从而加大人力资本投入,调整提升人力资本结构。进一步研究发现,反收购强度对企业人力资本结构的影响存在企业类型和产权性质的差异。M&A is an important function of the capital market and an important force in the external governance of companies.Market-oriented M&A and restructuring is conducive to"revitalizing the stock of listed companies,improving quality and efficiency,and transforming development".Especially in the context of the full implementation of the registration system for stock issuance in China in early 2023,the M&A and restructuring of listed companies in the A-share market has become more active.In order to resist malicious takeovers,more and more listed companies have added anti-takeover clauses by amending their articles of association.According to data from Juchao Information Network,more than 2,000 A-share listed companies added or amended anti-takeover clauses in their articles of association between 2015 and 2022 to enhance the intensity of anti-takeover.By setting up anti-takeover clauses,listed companies have increased the cost of acquirers,reduced the threat of hostile takeovers,and ensured their long-term stable development.The existing studies on the impact of anti-takeover clauses on corporate governance and investment decisions are mainly divided into two views:the"long-term value creation"hypothesis and the"management rift effect"hypothesis.The former suggests that anti-takeover clauses promote high quality management to invest more actively in long-term innovation projects;the latter suggests that anti-takeover clauses make management more likely to prefer personal interests over corporate investment strategies,thus reducing the value of the firn.It can be seen that there is no unanimity in the academic community on the topic of how anti-takeover clauses affect corporate decision making and value.For micro enterprises,talent is the first resource,innovation is the first driving force,and human capital is the fundamental support for enterprises to achieve innovation-driven and high-quality development.Therefore,from the perspective of high-level human capital of enterprises,this paper constructs firm-level anti-t

关 键 词：反收购条款 人力资本结构 人力资本投入 工具变量法 

分 类 号：F271[经济管理—企业管理] F272.92[经济管理—国民经济] F832.51