高管持股、会计稳健性与并购绩效——来自沪深A股上市公司的经验证据.docVIP

高管持股、会计稳健性与并购绩效——来自沪深A股上市公司的经验证据 李维安 陈钢 东北财经大学工商管理学院 天津财经大学 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 选取2007—2010年发生并购交易事件的上市公司为样本,检验了并购方高管持股与并购绩效之间的关系,发现高管持股与短期并购绩效之间没有显著关系,而与长期并购绩效之间呈非线性关系。进一步验证会计稳健性确实能够缓解高管与股东之间的代理冲突。与会计稳健性程度高的并购方相比,会计稳健性程度低的并购方高管持股对并购绩效的影响更大。这些发现意味着,高管持股不会在并购后短期内对绩效有显著影响,而是需要一段时间之后才能得以显现,且其影响程度因公司间会计稳健性不同而存有一定的差异。 关键词： 高管持股; 并购绩效; 非线性关系; 会计稳健性; 股权激励; 股权比例; 公司价值; 公司治理; 收稿日期：2014-09-07 Managerial Ownership,Accounting Conservatism and MA Performance:Evidence from Shanghai and Shenzhen A-share Listed Companies LI Wei-an CHEN Gang School of Business Administration,Dongbei University of Finance and Economics; Abstract： Based on Shanghai and Shenzhen A-share listed companies in which MA events occurred from 2007 to 2010,this paper makes a study on the relationship between the managerial ownership and the MA performance,and we find that there is no significant relationship between the managerial ownership and the short-term MA performance,but a non-linear relationship between the managerial ownership and the long-term MA performance. Further,we validate that accounting conservatism can reduce the agency conflicts between managers and shareholders,and find that compared with the acquires with higher accounting conservatism,there is a more obvious relationship between the managerial ownership and the long-term MA performance in the acquires with lower accounting conservatism. These findings mean that the managerial ownership will not have a significant impact on performance in short term after the merger,but will take some time to be revealed later,and there are different influence degrees due to different accounting conservatism among companies. Keyword： managerial ownership; MA performance; non-linear relationship; accounting conservatism; equity incentives; equity proportion; corporate value; corporate governance; Received： 2014-09-07 一、引言 并购难以为并购方创造价值[1-2],但并购事件以及交易金额仍旧呈现上升趋势[3]。面对这种“矛盾”局面,学术界开始致力于解开