资产专用性、会计稳健性与短期并购绩效

发布时间：2018-02-24 10:13

本文关键词： 资产专用性会计稳健性并购绩效 CAR值　出处：《会计之友》2017年08期 　论文类型：期刊论文

【摘要】：资产专用性是交易成本经济学理论的核心概念,侧重于从资产所有者的角度研究交易活动和治理机制。会计稳健性是指相对"好消息"而言,企业确认"坏消息"的及时程度。文章首次将资产专用性和会计稳健性结合,研究二者对短期并购绩效的影响,采用无形资产占总资产的比例计量资产专用性,用C_SCORE模型计量会计稳健性,用超额累计收益率CAR值衡量短期并购绩效,研究发现:资产专用性与短期并购绩效显著正相关,会计稳健性与短期并购绩效显著负相关,资产专用性与会计稳健性的交互项与短期并购绩效显著正相关。
[Abstract]:Asset specificity is the core concept of transaction cost economics theory, which focuses on the study of transaction activities and governance mechanism from the perspective of asset owners. Accounting conservatism refers to the relative "good news". The paper combines asset specificity with accounting conservatism for the first time to study the impact of the two on the performance of short-term mergers and acquisitions, and uses the proportion of intangible assets to total assets to measure asset specificity. The CSCORE model is used to measure accounting conservatism, and the CAR value of excess cumulative return is used to measure short-term M & A performance. The results show that asset specificity is significantly positively correlated with short-term M & A performance, accounting conservatism is negatively correlated with short-term M & A performance, and accounting conservatism is negatively correlated with short-term M & A performance. The interaction between asset specificity and accounting conservatism is significantly positively correlated with short-term M & A performance.
【作者单位】：南京财经大学;
【基金】：国家自然科学基金面上项目“融资约束影响产业绩效:并购规模和并购方向作用”(71272239) 国家社会科学基金一般项目“基于融资视角的企业社会责任价值创造机理研究”(13BGL057) 江苏高校哲学社会科学研究基金指导项目“治理水平、信息质量与债务融资成本”(2014SJD131)
【分类号】：F275;F271

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