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中文摘要：
本文通过建立理论模型，对异质预期下股权制衡对公司并购绩效的影响进行了分析。研究结果发现：二级市场投资者的异质预期会引发并购交易后公司股价的下行调整，造成以股价反映的并购绩效出现下滑；在适当的异质预期下，公司大股东之间的股权制衡能够减缓并购绩效的下降幅度。股权制衡程度越高，并购绩效越好。但是，当投资者的异质预期逐渐增强，超出适当的范围时，股权制衡对并购绩效的影响呈现出非线性的特征。
英文摘要：
By a way of theory model establishment, the influence of check-and balance ownership structure on the M＆A performance under idiosyncratic expectations is investigated in this paper. The results show that investors＇ idiosyncratic expectations will lead to the declining adjustment of acquirer＇s stock price after M＆A transaction, and then result in the drop of M＆A performance, which is measured by stock price. Under appropriate idiosyncratic expectations, the check-and-balance ownership structure will reduce the extent of M＆A performance drop. The higher the check-and-balance degree is, the better the M＆A performance will be. However, along with the strengthen of idiosyncratic expectations, the influence of check-and balance ownership structure on the M＆A performance will become nonlinear when idiosyncratic expectations go beyond the appropriate range.
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Financial relationships, banking structure and financing constraints: evidence from private enterpri
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