会计稳健性对企业并购行为及绩效的影响——基于双案例分析.pdf

摘 要 随着我国经济的不断发展，越来越多的企业开始通过并购这一风险性的企业 投资活动来实现公司成长。在企业并购活动中,会计稳健性作为一项重要的公司治 理机制，其发挥的治理作用一直是研究者关注和探讨的话题。目前，学术界对会 计稳健性在企业并购活动中能否发挥作用以及发挥怎样的作用已经进行了充分的 研究，但学者们较少针对并购活动中会计稳健性怎样发挥作用做机理路径方面的 研究。据此，本文从正处于产业格局重塑的医药产业中选取两家A股上市公司作 为研究案例，根据行为一致性理论和信息不对称理论，以双案例比较分析法探索 企业并购过程中会计稳健性是如何通过识别并治理并购关键行为的风险，影响企 业并购行为和绩效的。研究结果表明，会计稳健性对企业并购活动中的信息不对 称问题有治理作用。在企业并购投资活动的不同阶段中，与信息不对称风险相关 的关键并购行为，即并购频率、并购目标方选择、并购支付方式，会受到会计稳 健性的影响。稳健性程度较高的企业并购决策较为谨慎，发起并购的频率不高， 更倾向于同行业相关并购，并且选择以股份支付方式实现并购。另外，由于稳健 性的并购决策降低了并购风险，更便于企业后期的并购整合，稳健性程度较高的 企业长期并购绩效也会较为理想。这一研究能够帮助企业拓展避免低效并购决策 的途径，也能够对会计稳健性与并购活动相关关系的理论研究起到补充和完善的 作用。 关键词：会计稳健性，并购行为，并购绩效，双案例研究 I Abstract With the continuous development of Chinas economy, more and more enterprises begin to realize the growth of their companies through mergers and acquisitions,the risky enterprise investment activity.Accounting conservatism as an important corporate governancemechanism,its governancerole in mergers and acquisitionshas alwaysbeen the focus of researchers.At present,the academic community has conducted a full study on whether accounting conservatism can play a role in enterprise ma and what role it plays,but the research on how accounting conservatism plays a role in mergers and acquisitions is relatively lacking.This paper selects two a-share listed companies in the pharmaceutical industry with frequent mergers and acquisitions in recent years as research objects,according tobehavioral consistency theory and information asymmetry theory,and explores how accounting conservatism affects the ma performance of enterprisesby influencing the decision-making of some key ma behaviors in the ma process with the method of double-case comparative analysis.The study found that accounting conservatism plays a role in the governance of information asymmetry in mergers and acquisitions of enterprises. In different st