CFO进入董事会与公司并购绩效研究

发布时间：2018-09-04 19:05

【摘要】：董事会作为现代公司治理机制的核心,对企业并购决策具有重大影响,而董事会成员并非全能型人才,其成员构成情况将直接影响董事会职责的履行。如何提高董事会效率,完善公司治理是现代企业需要考虑的问题。CFO独具财务专长,能够帮助董事会解读资本市场信息,从而强化董事会战略管理职能和监督职能。CFO作为企业财务管理的权威人物,应当积极参与公司的风险管理和战略决策。CFO主导低成本并购能够增强公司协调效应、整合价值链一致、提升公司价值,那么进入董事会的CFO能否发挥作用进而影响企业并购行为呢?本文从并购绩效的角度对此进行了考察。本文在国内外学者研究分析的基础上,以我国沪深两市A股上市公司2004-2013年间发生的并购交易事件作为研究对象,对CFO进入董事会与并购绩效之间的关系进行实证分析。手工整理上市公司CFO进入董事会的相关数据,并同时考虑了并购决策和并购整合这两个阶段CFO进入董事会与并购绩效之间的关系。进一步探究分析了不同产权性质和股权集中度下CFO进入董事会对并购绩效的影响程度。研究发现:(1)CFO进入董事会能够提高并购绩效;(2)在国有企业中CFO进入董事会的并购绩效显著高于非国有企业;(3)在股权集中度低的企业中CFO进入董事会的并购绩效显著高于股权集中度高的企业;(4)仅考虑CFO并购当年进入董事会与并购绩效的关系时,研究发现两者呈正相关关系但不显著,这可能是因为企业并购行为实施后的整合工作对并购绩效同样具有重大影响。本文从董事会职能和CFO职责的角度考察CFO进入董事会对并购决策和并购整合的影响,通过缓解委托代理问题以及降低内部信息不对称程度,从而对并购绩效产生正向作用。研究结果拓展了中国制度背景下CFO制度与职责的相关研究,为实践中完善CFO制度和强化董事会战略管理职能和监督职能提供了新的思路,也为我国上市公司提高并购质量提供参考意见和指导。
[Abstract]:As the core of the modern corporate governance mechanism, the board of directors has a great influence on the decision of merger and acquisition, but the members of the board of directors are not omnipotent talents, and the composition of the board members will directly affect the performance of the responsibilities of the board of directors. How to improve the efficiency of the board of directors and improve corporate governance is a problem that modern enterprises should consider. CFO has a unique financial expertise, which can help the board of directors to interpret capital market information. Therefore, as an authoritative figure of financial management, we should take an active part in the risk management and strategic decision. CFO leads to low cost M & A, which can enhance the coordination effect of the company, so as to strengthen the function of the board of directors' strategic management and the supervision function as the authoritative figure of the enterprise's financial management. Integration of the value chain consistent, enhance corporate value, so the CFO into the board of directors can play a role in the impact of M & A behavior? This article has carried on the investigation from the angle of M & A performance. Based on the research and analysis of scholars at home and abroad, this paper makes an empirical analysis on the relationship between the entry of CFO into the board of directors and the performance of M & A by taking the M & A transaction events of A-share listed companies in Shanghai and Shenzhen stock markets between 2004 and 2013 as the research objects. Manually collate the relevant data of CFO entry into the board of directors of listed companies, and at the same time consider the relationship between CFO entry into the board of directors and M & A performance in the two stages of M & A decision and M & A integration. The influence of CFO entry into the board of directors on M & A performance under different property rights and ownership concentration is further explored and analyzed. The results show that: (1) CFO entry into the board of directors can improve the performance of M & A; (2) the performance of CFO entering the board of directors in state-owned enterprises is significantly higher than that of non-state-owned enterprises; (3) the M & A performance of CFO entering the board of directors in enterprises with low equity concentration is significant. (4) considering only the relationship between the board of directors and the performance of M & A in the year of CFO M & A, It is found that there is a positive correlation but not a significant correlation between the two, which may be due to the fact that the integration work after the implementation of M & A also has a significant impact on M & A performance. This paper examines the impact of CFO entry into the board of directors on M & A decision-making and merger integration from the perspective of board functions and CFO duties. By alleviating the principal-agent problem and reducing the degree of internal information asymmetry, this paper has a positive effect on M & A performance. The research results expand the relevant research of CFO system and responsibility under the background of Chinese system, and provide a new way of thinking for perfecting the CFO system in practice and strengthening the strategic management function and supervision function of the board of directors. Also for China's listed companies to improve the quality of mergers and acquisitions to provide reference and guidance.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F271

【相似文献】