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公司财务决策的同群效应是最近国际财务学界开始关注的新问题,而具体到并购决策同群效应的研究仍属鲜见。本文以2003-2014年A股上市公司并购事件为例,研究了公司并购决策中的行业同群效应及其形成机制。实证研究发现,上市公司的并购决策存在明显的行业同群效应,即上市公司在做出并购决策时会明显受到同行业其他公司并购行为的影响;结合模仿定律的研究发现,同群效应服从逻辑模仿律,同群者并购绩效越好时同群效应越明显,并且服从先内后外律,具有相同产权性质的公司之间的同群效应更为明显;形成机制研究表明,信息获取性模仿和竞争性模仿是促使同群效应形成的重要内在机制;最后还发现,公司规模及公司治理对行业同群效应存在重要影响。本文研究将在较大程度上丰富国际范围内的公司并购和同群效应研究成果。
The same-group effect of corporate financial decision-making is a new issue that the international finance community has begun to pay attention to recently. However, researches on the same-group effect of merger and acquisition decision-making are still rare. This paper takes the 2003-2014 mergers and acquisitions of A-share listed companies as an example to study the group co-operation in the corporate M & A decision-making and its formation mechanism. The empirical study shows that there are obvious industry co-group effects in the M & A decisions of listed companies, that is, the listed companies are obviously influenced by M & A behavior of other companies in the same industry when they make M & A decisions. According to the study of mimicry, the cohort effect obeys the logic Imitation law, the same group of mergers and acquisitions, the better the performance of the same group with the more obvious, and obey the internal and external laws, the same ownership nature of the same group of companies more obvious effect; formation mechanism studies show that the acquisition of information imitation And competitive imitation are important internal mechanisms to promote the formation of the same group effect. Finally, we find that the size of the company and corporate governance have a significant impact on the industry’s cohort effect. The research in this paper will largely enrich the research results of corporate mergers and cohorts in the world.