海外并购能够改善中国企业公司治理吗

发布时间：2018-06-10 04:29

本文选题：海外并购 + 公司治理　；参考：《南开管理评论》2016年03期

【摘要】：本文首次研究了中国公司进行海外并购能否促进其自身公司治理的改善。研究发现,目标公司所在国家投资者保护水平越高,起源于普通法系,股东权利保护更好时,并购公司完成海外并购后,公司治理在QFII持股比例、十大审计和董事长总经理两职合一等三个方面得到改善。具体表现为,中国公司完成海外并购后,QFII持股比例显著增加,更可能选择规模大的会计师事务所进行审计,董事长和总经理两职合一显著下降。同时,与此相一致,本文发现公司并购后的投资效率提升和现金持有降低。本文研究结果表明,并购方吸收和学习被并方先进公司治理也是跨国并购协同效应的一个来源,具有重要的理论价值和现实意义。
[Abstract]:This paper first studies whether the overseas M & A of Chinese companies can promote the improvement of their own corporate governance. The study found that the higher the level of investor protection in the country where the target company is located, the higher the level of investor protection originates from the common law system. When the shareholders' rights are better protected, after the M & A company completes the overseas merger, the corporate governance shares in QFII. Ten audit and chairman general manager two positions in one and so on three aspects to be improved. Specifically, the proportion of QFII shares increased significantly after Chinese companies completed overseas mergers and acquisitions, and they were more likely to choose large accounting firms to audit, and the two positions of chairman and general manager decreased significantly. At the same time, in line with this, this paper found that the investment efficiency and cash holdings decreased after M & A. The results of this paper show that the merger and acquisition parties absorb and learn from the merger and acquisition of advanced corporate governance is also a source of cross-border M & A synergy, which has important theoretical value and practical significance.
【作者单位】：上海财经大学会计学院;上海财经大学会计与财务研究院;兴业证券股份有限公司投资银行总部;
【基金】：国家自然科学基金项目(712020 03) 教育部人文社科重点研究基地重大项目(14JJD630005)资助
【分类号】：F279.2;F271;F271

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