企业声誉与并购溢价决策——基于业绩期望差距的调节效应

现有文献对企业并购溢价的影响因素展开了丰富的探讨,但鲜有涉及企业维持自身良好声誉的动机对并购溢价决策影响的分析。基于2007—2017年我国沪深A股上市公司样本,对上述问题进行了实证检验,并考察了业绩期望差距的调节作用,结果发现:企业声誉越高,企业为了维护自身声誉进行并购活动所支付的并购溢价越高。无论以历史期望业绩、行业期望业绩还是以资本市场期望业绩来度量企业期望业绩,实际业绩与期望差距越大,企业声誉对并购溢价的正向影响越强。进一步研究表明,企业为了维持声誉而支付高溢价的并购活动在短期内会取得较好并购绩效,但长期来看对企业业绩具有潜在的负面影响;企业业绩期望差距越大,这种负面影响越强。企业通过并购战略维护自身声誉应注重并购过程中的风险,避免因付出过高并购成本对未来发展产生不利的影响。

Research on Corporate Reputation and High Acquisition Premiums: Moderating Role Based on Performance Aspiration Gap

Although many literatures have studied the factors affecting the corporate acquisition premiums,there is no literature which studies the relationship between corporate reputation and acquisition premiums.Based on the sample of the listed companies during the years from 2007 to 2017,this paper finds that the higher corporate reputation,the higher premiums will paid by the corporate to maintain its reputation.It also finds that performance aspiration gap plays a moderating role in the relationship between corporate reputation and acquisition premiums.Further research finds that the corporate high premium acquisitions to maintain reputation will achieve good acquisition performance in the short term,but it will have a potential negative impact on corporate performance in the long run.If the performance aspiration gap is greater,the negative impact is stronger.When the corporate maintains its reputation through acquisitions,it should pay attention to the risks in the acquisition process and avoid the negative impact on future development due to excessive acquisition costs.