合资承诺、控制权分配和公告公司股票市场反应

发布时间：2018-03-19 00:29

本文选题：合资　切入点：投资承诺　出处：《科研管理》2017年09期 　论文类型：期刊论文

【摘要】：基于交易成本理论,探讨不同控制权分配情况下,合资承诺对公告公司股票收益的影响。本文以2009年至2013年间发布合资公告的上市公司为研究对象,利用事件研究法和多元回归分析方法,研究股票市场对合资公告的反应。实证结果显示,股票市场对合资公告具有积极的正向反应,股票收益随着投资承诺的增加而增加,但与时间承诺的关系并不显著。当伙伴掌握绝对控制权时,投资承诺对公告公司股票收益的边际贡献率最高,权力平衡的分配模式次之,最低的为公告公司掌握绝对控制权的情况。本研究从控制权分配角度,解释了合资承诺与企业绩效之间的关系,为管理者提供了关于合资投入和控制权分配的决策参考。
[Abstract]:Based on the transaction cost theory, this paper discusses the effect of joint venture commitment on the stock returns of the public companies under different control rights allocation. This paper takes the listed companies that issued the joint venture announcements from 2009 to 2013 as the research objects. The reaction of stock market to joint venture announcement is studied by means of event study and multiple regression analysis. The empirical results show that the stock market has a positive positive reaction to joint venture announcement, and the stock returns increase with the increase of investment commitments. But the relationship between investment commitment and time commitment is not significant. When the partner holds absolute control, the marginal contribution of investment commitment to the announcement company's stock returns is the highest, and the power balance distribution model is the second. This study explains the relationship between joint venture commitment and enterprise performance from the perspective of the allocation of control rights, and provides a reference for managers to make decisions on joint venture inputs and allocation of control rights.
【作者单位】：哈尔滨工业大学管理学院;
【基金】：国家自然科学基金项目,投资者视角下的战略投资决策与风险管理研究(项目编号:71031003,起止时间:2011.1-2014.12)
【分类号】：F271;F832.51

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