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并购绩效是并购过程中投资者关注的重要问题,由于高管掌握并购内幕信息,其交易行为蕴含对企业发展前景的预判,因此高管交易行为对企业并购绩效可能有预测作用。利用2009~2014年我国上市公司的并购交易事件为样本,研究发现:并购前高管增持比例越高,公司的长期并购绩效越好,并购前高管减持比例越高,公司的长期并购绩效越差。进一步研究表明高管交易的预测能力体现在高管的减持行为上,上述预测作用在民营上市公司和治理水平差的公司中更为显著。研究结论丰富了新近与高管交易相关研究的经验证据,并为投资者更深刻地了解企业经营实际,提高投资效率提供了有益指导。
Mergers and acquisitions (M & A) performance is an important issue for investors in the process of M & A. Because executives grasp the insider information of M & A, the transaction behavior implies the prediction of the development prospects of the enterprises. Therefore, the senior management transaction may predict the performance of M & A. Using the M & A transactions of listed companies in China from 2009 to 2014 as a sample, the study finds that: the higher the percentage of senior executives before mergers and acquisitions, the better the company’s long-term M & A performance, the higher the proportion of senior executives before the M & A, the long- The worse performance. Further research shows that the forecasting ability of executive trading is reflected in the senior management’s reduction behavior, which is more significant in private listed companies and companies with poor governance. The conclusion of the research enriches the empirical evidence of the recent research on the transaction of executives and provides a useful guide for investors to better understand the actual business operation and improve the investment efficiency.