商业研究

商业研究

• 商经理论 • 上一篇    下一篇

风险投资对企业并购决策的影响及作用机制

宋贺1，常维2,3   

  1. （1.上海对外经贸大学 金融管理学院，上海 201620；2.复旦大学 应用经济学博士后流动站，上海 200433;3.申万宏源证券 博士后科研工作站，上海 200031）
  • 收稿日期:2019-10-16 出版日期:2020-02-12
  • 作者简介:宋贺（1989-），女，河南驻马店人，上海对外经贸大学金融管理学院讲师，经济学博士，研究方向：公司金融与资本市场；常维（1987-），本文通讯作者，女，山东临清人，复旦大学应用经济学博士后流动站和申万宏源证券博士后科研工作站联合培养博士后，经济学博士，研究方向：公司金融、行为金融、资本市场。
  • 基金资助:
    国家社会科学基金后期资助项目，项目编号：17FJY010；上海市哲学社会科学青年基金项目，项目编号：2018EJB008；中国博士后科学基金第65批面上资助项目，项目编号：2019M651391。

The Effect and Mechanism of Venture Capital on the M&A Decision

SONG He1, CHANG Wei2,3   

  1. (1.School of Financial Management,Shanghai University of International Business and Economics, Shanghai 201620,China;2. Applied Economics Postdoctor Research Center,Fudan University,Shanghai 200433,China；3. Postdoctor Research Center, Shenwan Hongyuan Securities Co., Ltd,Shanghai 200031,China)
  • Received:2019-10-16 Online:2020-02-12

摘要： ：近年来，伴随着并购市场的快速发展及股权投资退出渠道的多元化，风险投资参与的并购决策事件大幅增多。本文以我国创业板上市企业完成的并购事件为研究样本，系统研究风险投资对企业并购频次、并购支付方式及多元化并购行为等方面的影响及其作用机制。结果发现，风险投资能够通过抑制管理层过度自信进而降低并购方的频繁并购行为；得益于风险投资对并购中信息不对称的缓解，目标方接受有风险投资背景的企业以非现金方式作为并购支付对价的概率更高；此外，风险投资通过提升企业内部控制有效性，使得有风险投资背景的企业更偏好于进行同行业并购，以优化企业并购目标选择及实现企业规模效应。

关键词: 关键词：风险投资, 并购频次, 支付方式, 多元化并购

Abstract: In recent years, with the rapid development of M&A market and the diversification of exit channels of equity investment, the number of M&A decision-making events involving venture capital increased significantly. This paper takes the M&A events completed by the listed companies on the GEM as the research sample, and systematically studies the impact of venture capital on the frequency of M&A, the way of M&A payment and the diversified M&A behavior and its mechanism. The results show that venture capital can reduce the frequent M&A behavior of M&A parties by restraining the overconfidence of management;thanks to the mitigation of information asymmetry in M&A by venture capital, the target side is more likely to accept the non cash way as the consideration of M&A payment from enterprises with venture capital background; in addition, by improving the effectiveness of internal control of enterprises, venture capital makes enterprises with venture capital background prefer to carry out M&A in the same industry, so as to optimize the target selection of M&A and realize enterprises scale effect.

Key words: Key words：venture capital;M&A frequency, payment method, diversified M&A