THE JOURNAL OF CONTEMPORARY ACCOUNTING RESEARCH.Vol.35 No.4, Winter 2018

兼并和收购期间目标CEO个人利益的重新谈判

作者：PAIGE H. PATRICK(University of Washington)

摘要：许多人将兼并或收购后的大额付款认为是过度的，并将其视为寻租的证据。使用自2006年以来美国证券交易委员会要求的额外披露，本文手工收集就业协议中预先存在的控制权变更（CIC）条款以及兼并期间授予目标首席执行官的CIC福利的详细信息。本文发现大约50％的样本都会重新协商CIC的好处。然后，本文对CIC利益的重新谈判是否倾向于机会主义，或者相反是否有效合同的证据进行研究。总体结果与有效合同更为一致，这与先前的仅关注CIC福利的某些组成部分（例如合并公司的雇佣或兼并奖金）的研究形成鲜明对比。本文发现，正如有效合同所预测的那样，CIC利益的变化与CEO的视野正相关；而如租金提取所预测的那样，只有有限的证据表明CIC利益的变化与CEO权力正相关。尽管本文发现合并后的公司在兼并后的业绩与CIC利益的变化正相关，收购公司股东将目标CEO的CIC利益增加解释为寻租的证据。这一结果更符合收购公司向目标CEO提供更高的CIC以完成兼并和实现协同效应，而由于寻租降低公司价值。

Renegotiations of Target CEOs’ Personal Benefits During Mergers and Acquisitions

PAIGE H. PATRICK (University of Washington)

ABSTRACT

Many view large payments following mergers or acquisitions as excessive and evidence of rent extraction. Using additional disclosures required by the SEC since 2006, I hand-collect details of preexisting change in control (CIC) provisions in employment agreements and CIC benefits granted to target CEOs during mergers. I find that CIC benefits are renegotiated in approximately 50 percent of my sample. I then investigate whether renegotiation of CIC benefits tends to be opportunistic, or, instead, evidence of efficient contracting. The overall evidence is more consistent with efficient contracting. This contrasts prior research that focuses solely on certain components of CIC benefits, such as employment in merged firms or merger bonuses. I find that changes in CIC benefits are positively associated with the CEO’s horizon, as would be predicted by efficient contracting, but only limited evidence that changes in CIC benefits are positively associated with proxies for CEO power, as would be predicted by rent extraction. Acquiring firm shareholders interpret increases in target CEOs’ CIC benefits as evidence of rent extraction, although I find that the merged firm’s post-merger performance is positively associated with changes in CIC benefits. This result is more consistent with acquiring firms providing target CEOs increased CIC benefits to complete mergers and realize synergies than with value-reducing rent extraction.

原文链接：https://onlinelibrary.wiley.com/doi/pdf/10.1111/1911-3846.12384

翻译：王霄霄