CAJ | 학술논문

现有文献分别考察了公司内部治理机制和外部资本市场对并购绩效的影响，甚少考虑外部资本市场与内部治理特征内生性的影响，这会使研究结论产生偏差。本文将上述两者结合起来，在交互的视角下，首先运用夏普里（Shapley）值分解法分析了控制权与流动性各自对并购绩效的贡献，进一步分析了控制权与流动性之间的相互影响，并设计了分位数分组回归模型，研究在流动性调整下控制权的并购绩效效应。本文研究表明，流动性对公司控制权的并购绩效产生了比较明显的调整，货币市场流动性高时控制权并购绩效低；股票市场流动性高时控制权并购绩效显著；而个股流动性对控制权的并购绩效调整不明显。
현유문헌분별고찰료공사내부치리궤제화외부자본시장대병구적효적영향，심소고필외부자본시장여내부치리특정내생성적영향，저회사연구결론산생편차。본문장상술량자결합기래，재교호적시각하，수선운용하보리（Shapley）치분해법분석료공제권여류동성각자대병구적효적공헌，진일보분석료공제권여류동성지간적상호영향，병설계료분위수분조회귀모형，연구재류동성조정하공제권적병구적효효응。본문연구표명，류동성대공사공제권적병구적효산생료비교명현적조정，화폐시장류동성고시공제권병구적효저；고표시장류동성고시공제권병구적효현저；이개고류동성대공제권적병구적효조정불명현。
Previous papers studied the effect of liquidity and corporate control on M&A performance respectively,without considering the endogenous influence between corporate control and capital market liquidity,which will make the conclusions biased.This research combines the two class factors from inter-active perspective,considers the mutual influence between control rights and the liquidity,and analyzes the contribution of each of the control variables and liquidity variables to M&A performance with using Shapley value decomposition.This paper designs a multivariable quintile regression model which studies the impact of corporate control on M&A performance adjusted by liquidity.The research shows that liq-uidity has obvious influence on the relation between M&A performance and control right.When money market liquidity is higher,the effect of control on M&A performance is lower;when the stock market liquidity is higher, the effect of control on M&A performance is more significant positively.The adjustment effect of stock liquidity exerted on the relation between M&A performance and corporate control is not obvious.