财务顾问声誉与并购问询函的溢出效应  

Reputation of Financial Advisors and Spillover Effect of M&As Supervisory Inquiry

作　　者：洪祥骏 何平[2] Xiangjun Hong;Ping He(Xiamen National Accounting Institute;School of Economics and Management,Tsinghua University)

机构地区：[1]厦门国家会计学院 [2]清华大学经济管理学院金融系

出　　处：《经济学报》2024年第1期164-202,共39页China Journal of Economics

基　　金：国家自然科学基金青年项目(基金号:72303196);福建省社科基金青年项目(基金号:FJ2022C037);福建省社科基金青年项目(基金号:FJ2021C075)的资助。

摘　　要：本文利用沪深交易所对并购活动监管问询的独特场景,探讨了财务顾问过往服务的并购交易收到问询函后的监管溢出效应,分析是否造成财务顾问声誉受损,从而影响其新参与并购的绩效。结果显示,财务顾问过去参与的并购如果受到交易所问询,声誉将会受到负面影响,进而降低未来参与并购的绩效。当企业主动雇佣财务顾问时,企业更重视财务顾问声誉,声誉受损对绩效负面影响会更大;而当企业为满足监管要求被强制要求聘用财务顾问时则影响较小。此外,市场关注度更高时,并购问询的监管溢出效应会更强。在异质性检验中,跨行业并购、买卖价差较大和分析师停止追踪等信息不对称加强的情况下,问询函的监管溢出效应更强。结果表明企业雇佣财务顾问的主动性和市场关注程度显著影响了并购中财务顾问声誉发挥的作用,交易所并购问询能够通过影响财务顾问声誉以对并购中介进行监管,实现“防范化解重大风险”目标。Under the unique scenario of the stock exchanges conducting supervisory inquiry on M&A activities,we study the spillover effect of the reputation of financial advisors on the performance of future M&As.With inquiry letter as the exogenous shock of reputation damage,we find that if financial advisors receive inquiry in their previous M&As,their reputation will be impaired and the performance of future M&As supported by the financial advisor is negatively affected.When a company hires a financial advisor voluntarily,the company emphasize more on the reputation of financial advisor.The reputation damage will have a greater negative impact on the future M&A performance.When it is mandatory to hire a financial advisor,the impact is weakened.In addition,when market attention is higher,the regulatory spillover effect of M&A inquiries will be stronger.In the heterogeneity test,in the case of strengthened information asymmetry such as cross-industry mergers and acquisitions,large bid-ask spreads,and analysts'stop following,when financial advisers receive inquiry letters for past mergers and acquisitions,their reputation will be damaged more severely,and the performance of newly participating mergers and acquisitions will be reduced more.In conclusion,The initiative of firms to hire financial advisers significantly affects the role of financial advisers'reputation in mergers and acquisitions.M&A inquiry letters can discipline financial intermediaries by influencing the reputation of financial advisors.It can contribute to achieving the goal of“preventing and resolving the systematic risk”.

关 键 词：问询函 财务顾问 声誉机制 并购 金融监管 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F271