股票市场开放与并购溢价决策  

Stock Market Liberalization and M&A Premium

作　　者：李朵 陈画意 罗婷[1,3] 王明威 Li Duo;Chen Huayi;Luo Ting;Wang Mingwei

机构地区：[1]清华大学经济管理学院 [2]海通证券上海投资银行部 [3]清华大学会计系 [4]国家机关事务管理局财务管理司

出　　处：《投资研究》2024年第12期86-110,共25页Review of Investment Studies

摘　　要：本文利用“沪深港通”制度实施这一外生事件,探究了股票市场开放对企业并购溢价决策的影响。结果表明:股票市场开放后,企业在并购交易中支付的溢价水平显著降低。当企业管理层个人动机较强、并购双方间信息不对称程度较高时,这一效应更为显著。此外,企业在并购后续年度计提商誉减值的可能性也会显著下降。这些结果表明,股票市场开放有助于提高企业并购溢价决策效率,降低企业的过度支付风险。This paper explores the impact of stock market liberalization on M&A premium decisions using the exogenous event of the implementation of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.The results show that after the opening of the stock market,the level of premium paid by firms in M&A transactions decreases significantly.This effect is more pronounced when the manager’s personal motivation is stronger,and the information asymmetry between the M&A parties is higher.In addition,the likelihood of firms’goodwill impairment in the subsequent year of the M&A activity decreases significantly.These results suggest that stock market liberalization can help improve the efficiency of M&A premium decisions and reduce firms’overpayment risk.

关 键 词：股票市场开放 “沪深港通”制度 并购溢价 

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