家族企业盈余稳健性与并购绩效的关系探究——以医药制造业为例

摘要

Statistic samples of this paper are M&A transactions of listed family enterprises of pharmaceutical manufacturing industry from 2011 to 2013.Earnings conservatism and M&A performance of the enterprise are respectively measured by event study method and KW model.It is analyzed that earnings conservatism has effects on M&A performance of family enterprise through financing contraint and agency problem.The study shows that earnings conservatism of family enterprise is rather weak,and there is a positive correlation between earnings conservatism and the short-term M&A performance,but no significant relationship between earnings conservatism and the long-term M&A performance.%选取2011-2013年上市家族企业中的医药制造业的并购事件为研究样本,运用事件研究法以及KW模型分别对企业盈余稳健性与并购绩效进行计量,从融资约束与代理问题两个方面,分析盈余稳健性对家族企业并购绩效的影响.结果证明:家族企业存在的盈余稳健性较弱,而盈余稳健性对并购后的企业短期绩效起到正相关影响,而对长期并购绩效影响不显著.