要约收购、现金支付与企业多元化——以华发集团为例
发布时间：2018-08-02 18:38
【摘要】：由于土地、资金、政策、经营风险等因素,房地产企业的可持续发展受到限制,多元化战略能够帮助房地产企业脱离困境。但要成功实施多元化,就需要正确选择合适的多元化进入模式,其中并购能最快速地实现多元化。从公司控制权市场理论角度,要约收购是掌握控制权、实现有效公司治理的最佳并购方式(Manne,1965)。程兴华(2005)的研究表明协议收购更加有效率,而要约收购更加公平,二者各有优劣。
[Abstract]:Due to the factors of land, capital, policy, management risk and so on, the sustainable development of real estate enterprises is restricted. The diversification strategy can help the real estate enterprises get out of the predicament. However, in order to successfully implement diversification, it is necessary to select the right mode of diversification, in which M & A can achieve diversification as quickly as possible. From the point of view of the market theory of corporate control, tender offer is the best way to grasp the control right and realize effective corporate governance (Manneh 1965). Cheng Xinghua's (2005) study shows that a deal is more efficient and an offer fairer, each having its merits and demerits.
【作者单位】： 中央财经大学博士后流动站;广东财经大学会计学院;澳门城市大学;
【基金】：广东省社科规划办课题(GD15XGL09) 广东省教育厅课题(2014GXJK089)的阶段性成果
【分类号】：F299.233.4;F271
，
本文编号：2160348
[Abstract]:Due to the factors of land, capital, policy, management risk and so on, the sustainable development of real estate enterprises is restricted. The diversification strategy can help the real estate enterprises get out of the predicament. However, in order to successfully implement diversification, it is necessary to select the right mode of diversification, in which M & A can achieve diversification as quickly as possible. From the point of view of the market theory of corporate control, tender offer is the best way to grasp the control right and realize effective corporate governance (Manneh 1965). Cheng Xinghua's (2005) study shows that a deal is more efficient and an offer fairer, each having its merits and demerits.
【作者单位】： 中央财经大学博士后流动站;广东财经大学会计学院;澳门城市大学;
【基金】：广东省社科规划办课题(GD15XGL09) 广东省教育厅课题(2014GXJK089)的阶段性成果
【分类号】：F299.233.4;F271
，
本文编号：2160348
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