机构股东对上市公司关联方资产重组的作用研究

发布时间：2017-12-30 23:14

本文关键词：机构股东对上市公司关联方资产重组的作用研究　出处：《西安工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：资产重组在优化企业集团内部的资源配置方面有着重要作用,然而,近年来关联方之间的资产重组却成为企业应对财务危机或转移公司财富的重要手段。在重组过程中,关联方在控制股东的操纵下,以优质资产换取劣质资产,这不仅给上市公司和其它股东造成巨大损失,而且还给资本市场带来风险,控制股东通过关联方资产重组掏空上市公司的问题已经成为公司治理的热点话题。如何约束和制衡控制股东的行为,保护中小股东利益?股权制衡无疑是一个有效的方法,而机构股东具有的信息优势和专业技术使其有别于小股东,有望成为公司治理的重要力量。目前我国对于机构股东的鼓励政策已经取得很好的效果,机构股东持股份额占整个资本市场的比例越来越大,但是机构股东的壮大是否有利于资本市场的健康发展,还值得深思。这方面的研究和观点比较多,但一般都是定性研究,缺乏定量研究,而且研究方法单一。本文参考国内外研究文献,围绕关联方资产重组这一问题,分析了影响机构股东和控制股东收益的因素,分别给出了两者的目标函数,建立了两者在关联方资产重组中的博弈模型,揭示了机构股东与控制股东在资产重组中制衡与合谋上的关系。在理论分析的基础上,本文针对关联方资产重组的定价和重组绩效分别设计了实证研究,以研究机构股东在关联方重组中的作用。在重组定价的实证分析中,把溢价率作为因变量,发现了控制股东两权分离与溢价率负相关,说明两权分离的提高会增加控制股东的掏空行为；在考虑了机构股东持股比例以后,发现在控制股东两权分离、机构股东持股比例和溢价率之间存在U型非线性关系,这一发现证实了机构持股比例达到一定的阈值才能发挥其治理效应,而且对于溢价率来说,机构持股比例的提高可以弥补两权分离带来的公司治理问题。在对重组绩效的研究中,本文采用事件研究法,以资本市场的异常收益率为因变量,发现重组溢价率会对异常收益率产生重要影响,机构股东持股比例与异常收益率正相关,说明机构股东确实发挥了公司治理效应,这对于稳定资本市场有着重要意义。
[Abstract]:Asset restructuring has an important role in the optimal allocation of resources in the enterprise group in recent years, however, an important means between related party asset restructuring has become the enterprises to deal with the financial crisis, or the transfer of wealth. In the process of reorganization, related party in control of shareholders, in exchange for bad assets to asset quality, this is not only to the market the company and other shareholders caused huge losses, but also the capital market risk, controlling shareholders through the reorganization of assets related party emptied of listed companies has become a hot topic in corporate governance. How to restrain and restrict the behavior of the controlling shareholder, to protect the interests of small shareholders? Equity balance is undoubtedly an effective way, and with the institutional shareholders the advantage of information and expertise to make it different from small shareholders, is expected to become an important force in corporate governance. For drum institutional shareholders in our country at present Has achieved very good effect of incentive policy, institutional shareholders holding shares accounted for the proportion of the entire capital market is more and more big, but the growth of institutional shareholders is conducive to the healthy development of the capital market, is also worth pondering. Research and ideas in this area more, but are generally lack of qualitative research, quantitative research, and the research methodology. This reference research literature at home and abroad, on the issue of related party asset restructuring, analyzes the influence factors of institutional shareholders and controlling shareholder returns, the two objective functions are given, establishes a game model in the reorganization of assets related party in their relationship, checks and balances in the asset restructuring reveals the institutional shareholder and controlling shareholders and collusion on. On the basis of theoretical analysis, the pricing and restructuring performance for the reorganization of assets related parties are designed to study the mechanism of empirical research, shareholders in the closed Lian Fang recombinant in vitro. In the empirical analysis of restructuring pricing, the premium rate as the dependent variable, found the controlling shareholder of the separation of two rights and the premium rate is negatively related to that of the separation of two rights increase will increase the tunneling behavior of controlling shareholders; considering the institutional shareholders in proportion to that in the control after the separation of shareholders two right, there is U type nonlinear relationship between institutional shareholder shareholding ratio and premium rate, this discovery confirmed the proportion of institutional ownership reached the threshold to certain play its governance effect, but also for the premium rate, the increase in the proportion of institutional ownership can make up to two of the separation of ownership and corporate governance issues. Research on the restructuring performance of in this paper, using the method of event study, abnormal returns to the capital market rate as the dependent variable, that the premium rate will have an important impact on the abnormal returns and abnormal cases than institutional shareholders The rate of return is positive, indicating that the institutional shareholders have indeed played the effect of corporate governance, which is of great significance to the stability of the capital market.

【学位授予单位】：西安工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F271

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