CAJ | 학술논문

目标公司会计信息质量影响收购公司绩效吗？流动性假设认为，目标公司会计信息质量越高，收购公司的支付价格越高，并购绩效越差；管理者代理假设认为，目标公司会计信息质量越高，收购公司股东对并购协同效应和支付价格的估计越准确，有利于抑制自利或自大管理者的机会主义并购行为，从而产生高的并购绩效。本文以2003～2007年上市公司并购事件为样本，对上述两大假设进行了实证检验。结果发现，目标公司会计信息质量对民营收购公司的短期市场绩效和长期会计绩效均有显著的正的影响，从而支持了管理者代理假设占主导的观点，而这些效应在国有并购样本中不成立。本文的研究结果意味着，监管部门应该强化企业的会计信息质量，这不仅有利于本企业的资源配置效率，还有利于其他潜在收购企业的资源配置效率。
목표공사회계신식질량영향수구공사적효마？류동성가설인위，목표공사회계신식질량월고，수구공사적지부개격월고，병구적효월차；관리자대리가설인위，목표공사회계신식질량월고，수구공사고동대병구협동효응화지부개격적고계월준학，유리우억제자리혹자대관리자적궤회주의병구행위，종이산생고적병구적효。본문이2003～2007년상시공사병구사건위양본，대상술량대가설진행료실증검험。결과발현，목표공사회계신식질량대민영수구공사적단기시장적효화장기회계적효균유현저적정적영향，종이지지료관리자대리가설점주도적관점，이저사효응재국유병구양본중불성립。본문적연구결과의미착，감관부문응해강화기업적회계신식질량，저불부유리우본기업적자원배치효솔，환유리우기타잠재수구기업적자원배치효솔。
Does target firm＇s accounting information quality affect acquirer returns？ The liquidity theory arguesthat higher - quality accounting information leads to higher acquiring price, and thus lower acquirer returns.However, the agency theory argues that higher- quality accounting information leads to accurate assessment onthe merger synergies and acquiring price for the acquirer＇s shareholders, where the opportunity mergers resultedby selfish or hubris managers are more likely to be prevented, and thus leads to higher acquirer returns. Usinga large sample of acquisitions of China from 2003 to 2007, we find that higher - quality accounting informationis positively related to both announcement abnormal returns and long - run accounting performance of private acquirers, consistent with the agency theory, while these effects do not hold in the state sample. These resultssuggest that the regulator should enhance the criterion of firm accounting information, which can improve boththe firm＇s and the potential acquirer＇s capital allocation efficiency.