企业与证券公司的股权关联对企业并购的影响

摘要/Abstract

摘要： 以2006—2015年间我国沪深A股上市公司为研究样本，考察了企业与证券公司之间的股权关联对企业并购行为的影响。实证结果表明，企业与证券公司的股权关联能够显著地提高企业并购的概率。并且，通过一系列严谨的方法证明该结果具有因果效应。同时，进一步研究发现，企业与证券公司的股权关联对并购的作用在国有企业中会被削弱，而对非国有企业有显著的促进作用。此外，双方的股权关联还可以提升企业并购的会计绩效，但是对市场绩效并没有显著性影响。总体而言，通过实证结果可以推断出，企业与证券公司的股权关联有助于企业的并购行为，并能帮助企业筛选出更有价值的并购目标，但投资者并没有区分出并购目标的好坏。

关键词: 企业并购, 证券公司, 股权关联, 并购概率, 并购绩效

Abstract: Using the sample of China's A-share listed companies from 2006 to 2015, this paper investigates the impact of equity connections between firms and investment banks on merges and acquisitions (M&A) behavior. The empirical results indicate that equity connections between firms and investment banks can significantly enhance the probability of making acquisitions. Using a series of rigorous methods, we conclude that the results have a causal effect. Furthermore, we find that the effect of equity connections between firms and investment banks will be weakened in the state-owned enterprises. With respect to non-state-owned enterprises, the effect is still pronounced. In addition, the equity connections can also improve the accounting performance of M&A, but there is no significant impact on market performance. In general, the empirical results show that the equity connections between firms and investment banks contribute to M&A and can help firms to screen out more valuable M&A targets, but investors cannot distinguish a good M&A from a bad one.

Key words: mergers and acquisitions, investment bank, equity connection, acquisition probability, acquisition performance

张耀杰, 李杰刚, 史本山. 企业与证券公司的股权关联对企业并购的影响[J]. 管理评论, 2020, 32(8): 29-39.

Zhang Yaojie, Li Jiegang, Shi Benshan. The Impact of Equity Connections between Firms and Investment Banks on Mergers and Acquisitions[J]. Management Review, 2020, 32(8): 29-39.

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