资产评估机构声誉与公司并购重组定价

发布时间：2018-08-08 18:13

【摘要】：并购重组是财务学研究的经典话题,而中介机构声誉在并购重组中的作用则是近年来研究的热点和重点问题。本文研究了资产评估机构这一之前鲜有文献提及的中介机构的声誉对并购重组定价的影响,并考察了资产评估机构声誉机制发挥作用的制度安排。本文得到以下研究结论:(1)资产评估机构的声誉越好,其评估值越会被作为并购重组定价的依据,表现为并购重组成交价与评估值差异越小;(2)非国有企业中,资产评估机构声誉和并购重组成交价与评估值的差异显著负相关,在国有企业中,这一相关性不存在;(3)在制度环境好的地区,资产评估机构声誉和并购重组成交价与评估值的差异显著负相关,在制度环境差的地区,资产评估机构的声誉机制没有影响;(4)在外部治理好的企业中,资产评估机构声誉和并购重组成交价与评估值的差异显著负相关,在外部治理差的企业中,资产评估机构的声誉未对并购重组定价产生影响。这些结论在经过资产评估机构声誉度量替换和Heckman(1979)两阶段检验方法控制自选择问题后依然稳健地成立。本文的研究丰富了中介机构声誉和并购重组方面的学术文献,同时对并购重组实践和评估机构发展具有重要启示。
[Abstract]:M & A is a classic topic in finance research, and the role of intermediary reputation in M & A is a hot and important issue in recent years. This paper studies the influence of the reputation of asset appraisal institution on the pricing of M & A, which is rarely mentioned in previous literature, and examines the institutional arrangements in which the reputation mechanism of asset appraisal institution plays a role. The following conclusions are obtained in this paper: (1) the better the reputation of the asset appraisal institution, the more the evaluation value will be used as the basis of the M & A pricing, the smaller the difference between the M & A transaction price and the evaluation value; (2) in the non-state-owned enterprises, There is a significant negative correlation between the reputation of asset appraisal institutions and the transaction price of mergers and acquisitions, which does not exist in state-owned enterprises. (3) in areas where the institutional environment is good, The reputation of asset appraisal institution and the transaction price of M & A are negatively correlated with the evaluation value. In the region with poor institutional environment, the reputation mechanism of asset appraisal institution has no effect; (4) in the enterprises with good external governance, the reputation mechanism of the asset appraisal institution is not affected. The reputation of asset appraisal institutions and the transaction price of M & A are negatively correlated with the evaluation value. In the enterprises with poor external governance, the reputation of asset appraisal institutions has no effect on the M & A pricing. These conclusions are firmly established after the replacement of reputation measures of asset appraisal institutions and the control of self-selection by Heckman (1979) two-stage test method. The research in this paper enriches the academic literature on the reputation of intermediary organizations and M & A reorganization, and also has important implications for the practice of M & A and the development of evaluation institutions.
【作者单位】：中央财经大学研究生院;中央财经大学财政税务学院;
【基金】：国家自然科学基金青年项目(71503283) 教育部人文社会科学研究青年基金项目(14YJC630069) 北京市社会科学基金青年项目(15JGC173) 中财-鹏元地方财政投融资研究所研究项目(ZCPY171) 中央财经大学"青年英才"培育支持计划项目(QYP1601) 中央高校基本科研业务费专项资金和中央财经大学科研创新团队支持计划资助项目(KYI1501)
【分类号】：F233;F271;F275

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