管理层能力、投资银行声誉与并购绩效反应

摘要

公司并购中管理层能力的相对缺陷需要投资银行等中介机构的决策辅助。以2007-2013年上市公司并购为样本，实证检验管理层能力、投资银行声誉对并购绩效反应的影响。研究发现：在管理层能力显著提升并购绩效的基础上，选聘适当的投资银行能够进一步强化正面效应，但需要确保管理层能力与投资银行声誉的协同与匹配。当管理层能力较强时，无论是高声誉投行还是低声誉投行均能显著提升并购绩效，但当管理层能力较弱时，即使是高声誉投行，其并购绩效提升效果也并不显著，由此表明管理层能力的基础性和投资银行参与的局限性。本研究可为公司并购选聘适当的投资银行提供技术标准。%In case of managerial ability shortage,the M&A requires the participation of intermediary agencies such as investment banks in decision-making.Based on the data of listed companies from 2007-2013,this paper empirically tests how the managerial ability and investment bank reputation influ-ence the M&A performance.It is found that,as the improvement of managerial ability can promote M&A performance significantly,the participation of investment banks can further strengthen the pos-itive performanceat the condition of coordination and matching between the managerial ability and the investment banks'reputation.When the managerial ability is high,the M&A performance can be pro-moted significantly with any investment banks;but when the managerial ability is low,the M&A per-formance can hardly be improved even with investment banks of high-reputation.This research dem-onstrates the leading role of managerial ability and the limitations of investment banks in the M&A.It is hoped that this finding can facilitate the selection of investment banks in the M&A.