制度环境与跨区域并购效应关系研究

发布时间：2018-04-30 19:05

本文选题：制度环境 + 跨区域并购　；参考：《会计之友》2016年08期

【摘要】：从宏观制度环境驱动并购绩效视角建立了制度环境与跨区域并购效应关系理论框架,在此基础上,文章利用元分析技术,基于样本文献提取的98个方程中涵盖1994—2011年间25 998个并购事件样本以及《华尔街日报》、美国传统基金会制度环境数据,经过元均值和元回归检验发现,跨区域并购效应整体水平为负,制度环境质量与跨区域并购效应呈现"U"型变化关系。文章从宏观到微观层次揭示了包括反腐在内的依法治国的制度环境改善对跨区域企业并购绩效影响的一般规律,特别是制度环境改善最终有利于减弱跨区域并购对绩效的负面影响。
[Abstract]:From the perspective of macro institutional environment driven M & A performance, this paper establishes a theoretical framework of the relationship between institutional environment and cross-regional M & A effect. On this basis, this paper uses meta-analysis technology. The 98 equations extracted from the sample literature cover 25,998 samples of mergers and acquisitions from 1994 to 2011, as well as the Wall Street Journal, the institutional environment data of the American Heritage Foundation, which were found by the meta-mean and meta-regression tests. The overall level of cross-regional M & A effect is negative, and the relationship between institutional environment quality and cross-regional M & A effect is of "U" type. From macro to micro level, the article reveals the general law that the improvement of the institutional environment of governing the country according to law, including anti-corruption, affects the performance of mergers and acquisitions of cross-regional enterprises. In particular, the improvement of institutional environment will ultimately help to reduce the negative impact of cross-regional mergers and acquisitions on performance.
【作者单位】：南京财经大学会计学院;
【基金】：国家自然科学基金面上项目(70972141、71272239) 国家社会科学基金一般项目(13BGL057) 江苏高校哲学社会科学研究基金项目(2014SJD131) 江苏高校品牌专业建设工程资助项目(2015) 江苏省高校青蓝工程中青年学术带头人资助项目(2014) 南京财经大学会计学院预研课题(kjyyj004)
【分类号】：F271

【共引文献】