管理层能力、内部控制有效性与跨国并购绩效
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摘要
"丝绸之路经济带"和"21世纪海上丝绸之路"为"新常态"下的中国企业实施跨国并购提供了新的历史机遇。以沪深两市2009—2016年成功进行跨国并购的中国上市公司为样本,运用结构方程模型,实证检验了管理层能力、内部控制有效性和企业跨国并购绩效之间的关系。结果表明,企业管理层能力与跨国并购绩效呈现显著正相关关系;完善的内部控制制度及内部控制制度的有效执行可以显著提高企业跨国并购绩效;管理层能力与企业内部控制有效性存在着正向共变关系。
The Silk Road Economic Belt and the 21 st-Century Maritime Silk Road provide great opportunities for China's enterprises to carry out cross-border mergers and acquisitions under the new normal in economic development. The paper examines the relationship between managers' competence,effectiveness of internal control and performance of international mergers and acquisitions by using the structural equation model to test Chinese listed companies in Shanghai and Shenzhen which succeeded in mergers and acquisitions from 2009 to 2016. The results show that there is positive correlation between managers' competence and performance of international mergers and acquisitions and perfect internal control system and the effective implementation of it will improve performance of international mergers and acquisitions significantly. Meanwhile,there is positive covariant relationship between managers' competence and effectiveness of internal control.
The Silk Road Economic Belt and the 21 st-Century Maritime Silk Road provide great opportunities for China's enterprises to carry out cross-border mergers and acquisitions under the new normal in economic development. The paper examines the relationship between managers' competence,effectiveness of internal control and performance of international mergers and acquisitions by using the structural equation model to test Chinese listed companies in Shanghai and Shenzhen which succeeded in mergers and acquisitions from 2009 to 2016. The results show that there is positive correlation between managers' competence and performance of international mergers and acquisitions and perfect internal control system and the effective implementation of it will improve performance of international mergers and acquisitions significantly. Meanwhile,there is positive covariant relationship between managers' competence and effectiveness of internal control.
引文
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[17]杨忠智.跨国并购战略与对海外子公司内部控制[J].管理世界,2011(1):176-177
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[22]吴秋生,徐蕾.管理层观念与内部控制[J].商业研究,2011(5):78-82.
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[24]杨玉凤,曹琼.基于内部控制环境的管理层道德建设[J].煤炭经济研究,2007(10):46-47.
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[26]Demerjian P,Lev B,Lewis M,et al.Managerial ability and earnings quantity[J].The Accounting Review,2013,88(2):463-498.
[27]卢锐,柳建华,许宁.内部控制,产权与高管薪酬业绩敏感性[J].会计研究,2011(10):42-48.
[2]石颖.终极控制人与上市公司并购模式选择研究[J].经济体制改革,2016(4):109-114.
[3]Deng X,Kang J,Low B S.Corporate social responsibility and stakeholder value maximization:Evidence from mergers[J].Journal of Financial Economics,2013,110(1):87-109.
[4]Uysal V B.Deviation from the target capital structure and acquisition choices[J].Journal of Financial Economics,2011,102(3):602-620.
[5]王艳,阚铄.企业文化与并购绩效[J].管理世界,2014(11):146-157,163.
[6]陈仕华,姜广省,卢昌崇.董事联结、目标公司选择与并购绩效:基于并购双方之间信息不对称的研究视角[J].管理世界,2013(12):117-132,187-188.
[7]葛结根.并购支付方式与并购绩效的实证研究:以沪深上市公司为收购目标的经验证据[J].会计研究,2015(9):74-80,97.
[8]袁晓波.管理层激励、内部控制与公司绩效:来自中国沪市制造业上市公司的经验证据[J].天津大学学报:社会科学版,2014(6):494-498.
[9]项国鹏,李武杰,肖建忠.转型经济中的企业家制度能力:中国企业家的实证研究及其启示[J].管理世界,2009(11):103-114.
[10]杭建民,于蕾.国企高管权力强度和资本投资与公司业绩波动[J].天津大学学报:社会科学版,2016,18(4):298-303.
[11]Chemmanur T,Paeglis I,Simmonyan K.Management quality and equity issue characteristics:A comparison of SEOs and IPOs[J].Financial Management,2010,39(4):1601-1642.
[12]Andreou P C,Ehrlich D,Karasamani I,et al.Managerial ability and firm performance:Evidence from the global financial crisis[J].Social Science Electronic Publishing,2015,63(2):59-78.
[13]Reger R K.Strategic leadership:Top executives and their effects on organizations,by sydney finkelstein[J].Australian Journal of Management,1997,22(2):221-224.
[14]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[15]潘前进,王君彩.管理层能力与资本投资效率研究[N].中央财经大学学报,2015(2):90-97.
[16]Goh B W,Li D.Internal controls and conditional conservatism[J].The Accounting Review,2011,86(3):975-1005.
[17]杨忠智.跨国并购战略与对海外子公司内部控制[J].管理世界,2011(1):176-177
[18]崔永梅,余璇.基于流程的战略性并购内部控制评价研究[J].会计研究,2011(6):57-62.
[19]Habeck M M,Kroger F,Tram M R.After the merger:Seven strategies for successful port-merger integration[J].Acta Cytologica,1975,39(5):1071-1073.
[20]黄登仕,祝晓斐.高管团队任职背景与企业经营绩效的影响研究:基于民营企业上市公司经验数据[J].经济体制改革,2016(1):131-138.
[21]Bamber L S,Jiang J,Wang I Y.What's my style?The influence of top managers on voluntary corporate financial disclosure[J].The accounting Review,2010,85(4):1131-1162.
[22]吴秋生,徐蕾.管理层观念与内部控制[J].商业研究,2011(5):78-82.
[23]路杨.高管团队特征对内部控制有效性的影响研究[D].重庆:重庆理工大学管理学院,2010.
[24]杨玉凤,曹琼.基于内部控制环境的管理层道德建设[J].煤炭经济研究,2007(10):46-47.
[25]Demerjian P,Lev B,Lewis M,et al.Quantifying managerial ability:A new measure and validity test[J].Management Science,2012,58(7):1229-1248.
[26]Demerjian P,Lev B,Lewis M,et al.Managerial ability and earnings quantity[J].The Accounting Review,2013,88(2):463-498.
[27]卢锐,柳建华,许宁.内部控制,产权与高管薪酬业绩敏感性[J].会计研究,2011(10):42-48.