异质机构投资者与运营业绩之间的关系:来自并购的证据
1College of Business Administration, Kookmin University, 77, Jeongneung-ro, Seongbuk-gu, Seoul, Republic of Korea.
Heliyon
|November 4, 2024
概括
短期机构投资者更喜欢收购低库存的公司,以获得即时收益. 长期投资者优先考虑业绩改善,在并购 (M&A) 期间接受更高库存水平的目标.
科学领域:
- 企业金融公司财务
- 投资管理 投资管理
- 合并和收购 合并和收购
背景情况:
- 机构投资者对公司战略产生重大影响,包括并购和并购 (M&A).
- 目标公司的库存管理实践可能会影响合并后的业绩.
- 投资者行为,特别是投资时间,可能会影响并购目标的选择标准.
研究的目的:
- 调查机构投资者和目标公司在并购和收购中的库存水平之间的关系.
- 分析不同类型的投资者 (短期与长期) 如何影响有关库存的并购决策.
- 了解机构所有权在选择基于库存表现的目标公司中的作用.
主要方法:
- 用回归分析来检查机构所有权与目标公司特征之间的关联.
- 该研究根据机构投资者的投资前景 (短期与长期) 来区分机构投资者.
- 分析了合并和收购,机构持有和公司库存水平的数据.
主要成果:
- 短期机构投资者占比较高的收购公司往往会准库存水平较低的公司.
- 这种偏好与短期投资者专注于立即的运营效率和更精简的目标公司有关.
- 受长期机构投资者影响的收购公司更愿意追求更高库存的目标,优先考虑未来的业绩提升.
结论:
- 机构投资者类型和投资视野对并购和收购中的目标公司选择产生了关键影响,特别是在库存水平方面.
- 短期投资者将M&A驱动到具有更好的当前运营业绩 (较低库存) 的公司.
- 长期投资者为需要提高业绩的目标促进并购,而不管初始库存规模如何.
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