Financial Management, Volume47, Issue3, Fall 2018

银行与企业决策：来自企业集团的证据

作者：Huong N. Higgins（Worcester Polytechnic Institute）

摘要：能够影响客户治理的银行可以通过引导客户合并来降低自身的风险。基于20世纪90年代银行危机期间日本并购的实证表明，拥有较强银行关系的收购者进行的收购是他们通常不会进行的。与银行关系弱的收购者相比，银行关系强的收购者通过兼并失去了更多的股东价值。这些银行的风险降低了，同时银行的股东从债权人的并购中获得了超额回报。本文为银行关系较强的企业的公司治理提供了借鉴，并提升了对企业集团现有的认识。

Banks and Corporate Decisions: Evidence from Business Groups

Huong N. Higgins（Worcester Polytechnic Institute）

ABSTRACT

Banks who can influence clients' governance may steer those clients into mergers to reduce the banks' own risk. Empirical evidence based on Japan's mergers and acquisitions (M&As) during the country's 1990s banking crisis indicates that acquirers with stronger bank ties made acquisitions that they would not have normally made. These acquirers lost more shareholder value via mergers than acquirers with weaker bank ties. The banks' risk was reduced, while the banks' shareholders gained significant excess returns from their borrowers' mergers. This paper offers implications for corporate governance of firms with strong bank ties and advances the existing knowledge on business groups.

原文链接：

https://onlinelibrary.wiley.com/doi/10.1111/fima.12214

翻译：董宇佳