摘要
基于我国特有的"关系型"社会的环境,基于信息不对称视角,采用社会网络分析法构建扩大型董事网络,并研究其董事网络对并购绩效的影响。本文对1163个上市公司在2007-2017年间发生的1932个有效并购样本进行了实证分析,发现并购绩效随着董事网络中心度的增强而提高,而且董事网络带来的这种影响呈现出边际贡献递减的规律,信息环境越差,企业因董事网络带来的信息优势对并购绩效的提升越明显。董事网络能够通过提供先验信息和信息交流这两种机制,降低并购过程中信息不对称的损害,从而对并购的绩效提升产生积极影响。据此,本文建议上市企业针对董事的社会网络架构进行合理优化,有效利用镶嵌在董事网络中的信息资源,积极发挥董事网络获取先验信息和信息交流机制,降低并购过程由于信息缺失所带来的风险,提高并购绩效,从而实现市场资源的有效配置。
In the wake of the continuous improvements and widespread applications of the social network theory, social network analysis method is adopted to study the influence of the director network on M&A performance based on the information asymmetry perspective in this paper, which will contribute to enrich the research achievements of corporate M&A performance. This paper defines the relatively pivotal concepts about the director network, and sorts out the previous researches on director network and asymmetric information on M&A performance, then determines the basic direction of the research. Both the theoretical model and empirical analysis show that the information advantages brought by the director network have a positive impact on M&A performance. The worse the information environment is, the more obvious this effect will be. Based on this, this paper proposes that listed companies make reasonable optimization for the social network structure of directors, effectively use the information resources embedded in the director network, actively exert the director network to obtain prior information and information exchange mechanisms, and reduce the risk in the process of mergers and acquisitions due to the lack of information, so as to realize the efficient allocation of market resources.
作者
江涛
陈富永
汤思禹
JIANG Tao;CHEN Fu-yong;TANG Si-yu(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China;School of Finance,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2019年第11期183-192,共10页
China Soft Science
基金
国家社科基金项目《“一带一路”背景下中国企业对外投资风险防控研究》(17BJY029)系列研究成果
关键词
董事网络
并购绩效
信息不对称
director network
M&A performance
information asymmetry
