科学研究
报告题目：How do Stakeholders Discipline Corporate M&A decisions?
报告人：王玉涛
报告时间：2024年7月10日（周三）10:00-11:30
报告地点：劝学楼246
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
While prior literature has examined whether stakeholders affect corporate merge and acquisition (M&A), there is little research on the mechanism through with this occurs. In this study, we examine whether and how stakeholders question about M&A during site visit affect corporate M&A decisions. Using a sample of corporate site visits in China, we find that when stakeholders ask questions about M&A during site visit, corporate managers are more likely to selecting value-enhance acquisition. Additionally, we find that the positive effect is more pronounced when funds and analysts attend the site visits, stakeholders’ questions involve the processes of M&A activities other than the outcome, and managers provide more detailed responses or use a positive tone. Additional evidences show that asking questions about M&A also has a positive impact on long-term accounting performance after M&A. Overall, these results indicate that stakeholders deter value-destroying M&A by raising M&A-related questions during site visits, especially for funds, which extends the literature on factors influencing managers’ M&A decisions.
【报告人简介】
王玉涛，中国人民大学商学院教授、博士生导师，专业博士(DBA)项目主任。研究领域为证券分析师行为、机构调研、ESG与信息披露、会计准则与公司估值等。在Contemporary Accounting Research（CAR）、Review of Accounting Studies（RAST）、Energy Economics、Pacific-Basin Finance Journal、Emerging Markets Finance and Trade、China Accounting and Finance Review（CAFR）、China Journal of Accounting Research（CJAR）及《南开管理评论》《金融研究》《中国工业经济》《会计研究》《中国会计评论》《审计研究》等国内外学术期刊发表论文近50篇，出版专著一部。主持国家自然基金两项、教育部基金一项、北京市自然科学基金一项、香港政府General Research Fund一项、中国人民大学科学研究基金两项。获得财政部全国会计高端（后备）学术人才，中国人民大学“杰出青年学者”等称号。获得财政部中国会计学会优秀论文一等奖、中国实证会计研讨会“优秀论文提名奖”和CAPANA “Best Paper Award”等。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
