风险投资参与对企业并购决策的影响研究——基于股份锁定期视角  

Research on the Impact of Venture Capital Participation on Corporate M&As Decisions——Based on the Perspective of Share Lock-up Period

作　　者：郭慧婷[1] 张婧 陈浩乾 GUO Huiting;ZHANG Jing;CHEN Haoqian

机构地区：[1]长安大学经济与管理学院

出　　处：《财务研究》2024年第5期84-98,共15页Finance Research

基　　金：国家社会科学基金重大项目(23&ZD092);长安大学研究生教育教学改革项目(300103131015);中央高校激励性资助项目A(300102233616)。

摘　　要：本文以2009~2022年沪深A股上市公司为研究样本,探究风险投资参与对企业并购决策的影响。研究发现,在强制持股的股份锁定期内,有风险投资参与的企业并购概率更低;而在锁定期结束后的自愿持股阶段,有风险投资参与的企业并购概率更高。股份锁定期后,风险投资参与能够推动企业开展战略并购与非关联并购。进一步分析表明,相比于锁定期内,风险投资参与在锁定期结束后更能提高企业的短期并购绩效和长期并购绩效。本研究立足于股份锁定期视角,揭示了风险投资在企业并购决策中的作用。Using the sample of Shanghai and Shenzhen A-share listed companies from 2009 to 2022,this paper empirically examines the impact of venture capital(VC)participation on corporate mergers and acquisitions(M&As)decisions.The results show that:during the mandatory share lock-up period,enterprises with VC participation tend to have a lower probability of M&As.However,during the voluntary shareholding stage which is after the lock-up period,enterprises with VC participation demonstrate a higher probability of M&As.After the lock-up period,VC participation can promote enterprises to carry out strategic M&As and non-related party M&As.Further analysis shows that,compared with the lock-up period,enterprises with VC that holds shares after the lock-up period have higher short-term and long-term M&As performance.Based on the perspective of lock-up period,this study reveals the important role of venture capital in M&As decisions.

关 键 词：风险投资 企业并购 股份锁定期 战略并购 非关联并购 

分 类 号：F832.48[经济管理—金融学] F271