时间：2020年6月17日（周三）下午2：00—5：00
地点：理科大楼A1714会议室
主讲人：李嫦、张方
远程参会请加入腾讯会议—会议号：537 176 591，入会密码：0617
报告人及报告题目如下：
（1）李嫦，报告题目及摘要：《Customer Concentration and M&A Performance》
Abstract: This paper examines how the customer concentration of target firm affects merger performance. Our results show that the acquirer purchasing a customer-concentrated firm and the combined entity both experience significantly lower announcement returns, while a trivial effect is found for the target. Customer concentration also deteriorates acquirer’s long-run stock market returns and increases the volatility of daily returns. The effect is more pronounced when target’s customers face lower customer switching costs, or the target undertakes a higher level of relationship-specific investments, exhibits higher cash volatility, or is acquired by a less well-known company. We further show that the negative association is mainly driven by corporate customers, while relatively safe government customers moderate the effect. Taken together, we provide new empirical evidence that target’s customer concentration can substantially affect corporate investments and lead to lower value creation for the shareholders overall.
（2）张方，报告题目及摘要：《经济政策不确定性与企业并购：基于中国企业的实证研究》
内容提要：本文突破一般意义上的企业投资视角，采用2000至2019年间SDC全球并购数据库中中国企业的并购案例，探索经济政策不确定性（economic policy uncertainty，EPU）指数对中国企业并购行为的影响。文章发现中国企业的并购行为呈现出典型的“逆周期”特征，即经济政策不确定性显著刺激了中国企业的并购行为，增加了并购完成的数量并缩短了并购完成的时间。由管理者“帝国扩张”驱动的企业“疯狂”并购会引发投资者的非理性决策，甚至导致资源的错配和浪费。此外，通过对企业性质、并购类型、并购地区等进行异质性检验，发现国有企业、垂直并购和非跨境并购的活动受经济政策不确定性影响更为显著。因此，在面临严峻的经济政策不确定性时，开展国有企业并购、垂直并购和境内并购可以获得更高的并购效率，但在进行并购重组决策时，仍然需要防范管理者的非理性动机。