内部控制缺陷披露与并购绩效

内部控制缺陷披露不仅向外部传递了负向信号,而且不利于并购过程中的价值预测、有效监督和并购整合,这是否会对收购方的并购绩效产生负向影响值得探究。本文基于我国沪深A股上市公司并购数据,采用综合财务指标分析法衡量并购绩效,建立多元回归模型,检验并购方内部控制缺陷披露对并购绩效的潜在影响。实证结果表明,上市公司并购当年披露内部控制缺陷将会降低并购绩效,而且披露的内部控制缺陷越严重,并购绩效越差。

Disclosures of Defectsof Internal Control System and M&A Performance

The disclosures of the defects in the internal control systemsendnegative signals to the external parties,and arenot conducive to the value forecast and effective supervision in the M&A process and the post M&A integration either.It is worth exploringwhether this phenomenon will have negative impacts on the M&A performance of the acquiring parties.Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets on the M&A activities,the article usesthe Composite Financial Index Analysis methodto measure the M&A performance,and establishesa Multivariate Regression Modelto verify the potential impacts of such disclosures of the acquiring partieson their M&A performance.It empirically finds thatfor the listed companies,such disclosuresin the current year ofthe M&A activitieswillundermine the M&A performance:the more seriousthe disclosed defects are,the poorer the M&A performance becomes.