顶级财务顾问与并购价值创造:融资约束视角  

Top-tier financial advisors and value creation in mergers and acquisitions:Insights from financial constraint view

作　　者：王中超 周绍妮[2] 白霄 Wang Zhongchao;Zhou Shaoni;Bai Xiao(School of Economics and Management,Beijing Forestry University,Beijing 100083,China;School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)

机构地区：[1]北京林业大学经济管理学院,北京100083 [2]北京交通大学经济管理学院,北京100044

出　　处：《系统工程学报》2025年第1期76-90,共15页Journal of Systems Engineering

基　　金：国家自然科学基金资助项目(72372007);中央高校基本科研业务费资助项目(YT6000059).

摘　　要：以2008年至2019年中国上市公司重大资产重组事件,考察了顶级财务顾问是否在短期和长期为客户创造并购价值,研究发现,短期内,顶级财务顾问为收购方股东带来了更高的累计超额收益.虽然顶级财务顾问具有专业能力方面的优势,但是其对于收购方的财务状况非常敏感,体现在为低融资约束的客户提高并购完成率,为高融资约束的客户降低并购溢价.长期来看,顶级财务顾问仅为高融资约束的客户带来了更好的市场绩效和会计绩效,而对低融资约束客户无明显影响.This paper investigates whether top-tier financial advisors create value for acquirers in the both short and long term,using the major asset restructuring events of Chinese listed companies from 2008 to 2019.The findings suggest that top-tier financial advisors generate higher cumulative excess returns for acquirer shareholders in the short term.Although top-tier advisors have advantages in professional competence,they are highly sensitive to acquirers’financial conditions.Specifically,top-tier advisors exhibit a higher deal completion rate compared to lower tier advisors when dealing with unconstrained acquirers,while constrained acquirers advised by top-tier advisors pay lower bid premiums.In the long run,top-tier financial advisors enhance market and accounting performance only for constrained acquirers whereas do not significantly impact unconstrained acquirers.

关 键 词：财务顾问 价值创造 融资约束 企业并购 声誉 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]