喻园管理论坛2025年第23期(总第1064期)

演讲主题：Auditors' appraisal expertise and M&A outcomes

主讲人：齐保垒 西安交通大学管理学院教授

主持人：钟宇翔 会计与财税系讲师

活动时间：2025年4月22日（周二）10:00-12:00

活动地点：管院大楼107室

主讲人简介：

齐保垒，西安交通大学管理学院教授、博士生导师，入选国家级青年人才、财政部全国会计领军人才、陕西省青年杰出人才、西安交通大学青年拔尖人才，陕西省工商管理类教学指导委员会秘书长。国际知名学术期刊Asia-Pacific Journal of Accounting and Economics、《会计学季刊》副主编，《中国会计评论》《管理会计研究》编委。在Journal of Accounting and Economics、The Accounting Review、Contemporary Accounting Research、《管理世界》《会计研究》《管理工程学报》《南开管理评论》《管理评论》《管理科学》等国内外著名学术期刊发表论文60余篇。研究成果分别获得2017年、2020年教育部高等学校优秀科研成果(人文社科类)二等奖和三等奖，多次获得陕西省科学技术二等奖和三等奖。获得2023年度陕西省高等学校科学技术研究优秀成果特等奖。

活动简介：

Prior literature finds outsideM&A advisors, such as investment bankers, usually do not improve their clients' acquisition performance and are often associated with adverse M&A outcomes. We expect engagement auditors with valuation expertise to have both the incentives and expertise to help their clients avoid overvaluing target companies, a major cause of poor M&A performance. We test our prediction using Chinese data, where some engagement auditors are licensed Certified Public Valuers,with expertise in valuation. Consistent with our prediction, we find that clients with valuation-expert auditors report higher M&A announcement-period returns. We identify two regulatory shocks that improve M&A returns for SOEs and small M&A deals, but only for companies with valuation-expert auditors. We also find corroborating evidence that clients with valuation- expert auditors pay lower takeover premiums, are less likely to report post-acquisition goodwill impairments, and exhibit higher post-acquisition performance. Further, the benefits from valuation-expert auditors are stronger when clients have less in-house valuation expertise and are financially more important to the auditor, when auditors have stronger industry expertise, and when targets are more difficult to value. In contrast to prior literature, we identify an outside M&A expert that reliably improves their client's M&A outcomes.