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本文以我国A股上市公司2009-2014年聘请了财务顾问的并购事件为样本,基于关系的视角,探讨具有不同关系的财务顾问对并购经济后果的影响及其作用机制。研究发现:有“关系”的财务顾问参与公司并购能显著提高并购绩效,短期平均为公司增加了1.3亿元的股东价值,长期平均为公司增加了1.8%的净资产收益率,并且“关系”越紧密,并购绩效越好;但是,有“关系”的财务顾问并没有显著提升并购成功概率。进一步的研究表明,有“关系”的财务顾问显著降低了并购溢价水平、缩短了并购持续时间。并且,上述结论主要在信息不对称程度较高的公司中成立。上述结论表明,“关系”作为公司和投行拥有的一种专用性资产,有助于降低公司与投行间的信息不对称程度,提高并购效率,支持了“交易优越假说”。本文的研究不仅拓展了“关系”与金融领域的交叉研究,丰富了关于公司并购中金融中介作用的相关文献,还为监管部门如何促进我国资本市场的并购市场化发展和提高上市公司并购效率提供了重要的政策启示。
In this paper, the M & A events involving financial consultants were hired by Chinese A-share listed companies from 2009 to 2014. Based on the relationship perspective, the paper explores the impact of financial advisors with different relationships on the economic consequences of mergers and acquisitions and their mechanism. The study found that financial advisors with “relationship ” participate in mergers and acquisitions can significantly improve the performance of mergers and acquisitions, short-term average increase of 130 million yuan for the company’s shareholder value, long-term average for the company increased by 1.8% ROE, The closer the relationship, the better the performance of M & A. However, the financial advisors with “relationship ” did not significantly improve the probability of successful M & A. Further research shows that financial advisors with “relationships” significantly reduce the level of M & A premiums and shorten the duration of mergers and acquisitions. And, the above conclusion is mainly established in the company with higher information asymmetry. The above conclusion shows that “relationship ” as a kind of special-purpose assets owned by corporations and investment banks helps to reduce the information asymmetry between companies and investment banks and enhances the efficiency of M & A, and supports “transaction superiority hypothesis ”. The research in this paper not only expands the cross-examination of “relationship ” with the financial field, enriches the relevant literature on the role of financial intermediaries in M & A, but also provides some suggestions to regulators on how to promote the market-based M & A of capital markets in China and improve the M & A of listed companies Efficiency provides important policy implications.