会计准则趋同、海外并购与投资效率

发布时间：2019-08-07 16:58

【摘要】：本文以2001—2011年我国沪深两市A股上市公司为研究样本,从海外并购角度研究了会计准则趋同在跨国资本运营中的作用。我们基于会计准则趋同背景对我国上市公司海外并购数量和海外并购企业投资效率的影响,提出了相应的研究假设并进行了实证检验,结果表明,会计准则趋同后,我国上市公司海外并购数量表现出显著增加的趋势。对会计准则趋同前后,实施海外并购上市公司的投资效率的研究发现,会计准则趋同后,投资效率显著提高,而且这种总体投资效率的改善主要来自进行海外并购后过度投资程度的降低;而会计准则趋同前,投资效率则无显著变化。这表明,会计准则趋同对促进我国"走出去"战略的有效实施、改善进行海外并购公司的投资效率发挥了重要作用。
[Abstract]:Taking A-share listed companies in Shanghai and Shenzhen stock markets from 2001 to 2011 as research samples, this paper studies the role of accounting standards convergence in transnational capital operation from the perspective of overseas mergers and acquisitions. Based on the influence of the convergence of accounting standards on the number of overseas mergers and acquisitions of listed companies in China and the investment efficiency of overseas mergers and acquisitions, we put forward the corresponding research assumptions and carry out empirical tests. The results show that after the convergence of accounting standards, the number of overseas mergers and acquisitions of listed companies in China shows a significant increase trend. Before and after the convergence of accounting standards, it is found that after the convergence of accounting standards, the investment efficiency of overseas M & A listed companies is significantly improved, and the improvement of this overall investment efficiency mainly comes from the decrease of the degree of overinvestment after overseas mergers and acquisitions, while before the convergence of accounting standards, there is no significant change in investment efficiency. This shows that the convergence of accounting standards plays an important role in promoting the effective implementation of China's "going out" strategy and improving the investment efficiency of overseas M & A companies.
【作者单位】：北京工商大学商学院;中央财经大学会计学院;
【基金】：国家社会科学基金项目“跨国资本运营中会计准则趋同研究”(11BGL020) 国家自然科学基金项目“公开债务融资的动因与治理效应研究”(71202023) 北京工商大学中国创业投资研究中心学术发展基金的资助
【分类号】：F233;F271.4

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