机构投资者持股比例、会计稳健性与并购绩效

发布时间：2018-03-20 10:58

本文选题：机构投资者持股比例　切入点：会计稳健性　出处：《财会通讯》2017年36期 　论文类型：期刊论文

【摘要】：随着全球经济一体化进程的不断推进和互联网+时代下社会、经济方式的转变,并购已成为企业进行资源的有效整合和实现全球经营战略的主要手段,我国频繁出现的大规模并购事件也证明了并购的重要性,但随着并购规模及涉及金额的不断增大,我国企业的并购绩效水平并没有得到相应的提升。基于此,本文选择2010-2015年我国沪深两市发生并购事件A股上市企业为研究对象,分析了会计稳健性与并购绩效之间的关系,并进一步将机构投资者持股比例引入到会计稳健性与并购绩效关系的研究中。通过实证分析发现:价值型机构投资者的持股比例与并购绩效显著正相关,而投机型机构投资者持股比例与并购绩效之间则显著负相关;会计稳健性与并购绩效之间显著正相关;机构投资者的持股比例对会计稳健性与并购绩效之间的关系具有调节效应。最后针对研究结论,本文从企业治理水平和会计稳健性等两个层面提出了提升企业并购绩效水平的相关建议与对策。
[Abstract]:With the advance of economic globalization and Internet plus era society, the transformation of the economic mode, the main means and realize the operation strategies of mergers and acquisitions have become the effective integration of enterprise resources, the importance of large-scale mergers and acquisitions events occur frequently in China and also proved that the purchase, but with the increasing scale and the amount involved in mergers and acquisitions in China, enterprise M & a performance level has not been a corresponding increase. Based on this, this paper chooses 2010-2015 years of China's Shanghai and Shenzhen two city mergers A shares of listed companies as the research object, analyzes the relationship between accounting conservatism and the performance of mergers and acquisitions, and the proportion of institutional investors is introduced to the study of the relationship between accounting conservatism and the performance of mergers and acquisitions. Through empirical analysis found that there was significantly positive correlation between the value of institutional investors shareholding ratio and the performance of mergers and acquisitions, and speculation mechanism Between the investors and the M & a performance was significantly negatively correlated; significant positive correlation between accounting conservatism and the performance of mergers and acquisitions; the proportion of institutional investors holding has a moderating effect on the relationship between accounting conservatism and the acquisition performance. Finally the conclusion of the study, this paper from the two aspects of corporate governance and accounting conservatism and put forward relevant recommendations to enhance mergers and acquisitions the performance level of the enterprise and its countermeasures.

【作者单位】：广州大学工商管理学院;
【分类号】：F271;F272.92;F275

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