【摘要】 作为资本市场的广泛参与者,财务顾问能否有效提升企业并购绩效?回答这一问题对于推进供给侧改革、实现产业结构优化升级、提高公司治理绩效具有重要意义。本文基于创业板这一自然实验平台,考察了财务顾问及其异质性特征对企业并购绩效的影响效应。研究结果表明:财务顾问与并购方之间存在利益冲突,聘请财务顾问将降低并购方并购绩效。得益于关系型财务顾问的"关系租金"和高声誉财务顾问的"声誉鉴证"功能,该类型财务顾问可以缓解其与并购方的利益冲突,发挥专业服务功能,进而提升并购绩效。本文进一步检验了财务顾问影响公司并购绩效的作用机制:聘请财务顾问的公司在并购后的内部控制有效性较差,这反映了并购后的资源整合效果较差,导致更低的并购绩效。关系型财务顾问的"关系租金"和高声誉财务顾问的"声誉鉴证"功能可以降低并购溢价、缩短并购持续时间、加快并购进度,最终提升并购绩效。本文的研究拓展了公司社会资本的相关研究,丰富了关于金融中介服务功能的研究,还为监管部门如何更合理地引导上市公司的并购重组行为提供了政策启示。更多还原

【Abstract】 As broad participants in the capital market, whether financial advisors and their heterogeneous characteristics can effectively improve the performance of M&A, this issue is of great significance for promoting supply-side reform, realizing industrial structure optimization and upgrading, and improving corporate governance performance. Based on the natural experimental platform of GEM, this paper considers the impact of financial advisors and their heterogeneity on corporate M&A performance. The results show that there is a conflict of interest between the financial advisor and the acquirer, so that the M&A performance of the companies who employ financial advisors are significantly lower than those who do not employ financial advisors. Benefiting from the"relationship rent" brought by the relational financial advisors and the "reputation certification function" of the high reputation financial advisors, relational financial advisors or high reputation financial advisors are able to alleviate conflicts of interest and provide professional services to acquirers, and improve M&A performance. This paper also explains the effect mechanism of the financial advisors on the M&A performance. The company employing financial advisor has worse internal control effectiveness after M&A, which reflects the poorer effect of resource integration after M&A, and leads to the lower M&A performance. The "relationship rent" of the relational financial advisor and the "reputation certification function" of the high reputation financial advisor can reduce the M&A premium, shorten the duration of M&A, improve the progress of M&A, and improve the performance of M&A. This study expands the related research on the social capital of the enterprises, enriches the research on the services function of the financial intermediaries, and provides some policy implications for the regulatory departments to guide the M&A of the listed companies more reasonably.更多还原