股权制衡、并购信息披露质量与主并公司价值——基于中国上市公司的模型与实证研究

发布时间：2018-02-26 21:38

本文关键词： 股权制衡并购信息披露质量主并公司价值　出处：《管理工程学报》2012年04期 　论文类型：期刊论文

【摘要】：本文通过模型构建与实证检验相结合的方式,考察了股权制衡对并购信息披露质量以及主并公司价值的影响。研究结果显示,股权制衡能够显著改善并购信息披露质量,同时提升主并公司的价值。并且,由于控股股东在并购活动中一贯采用不共谋策略,使得股权制衡对主并公司价值的正面促进作用,不受大股东之间股权性质异同的影响,能够保持良好的稳定性。研究还发现,公司规模,盈利能力,独立董事比例以及股权集中度与并购信息披露质量显著正相关,资产负债率与并购信息披露质量显著负相关,增加独立董事比例和采用关联并购方式都有利于主并公司价值的增长。
[Abstract]:Through the combination of model construction and empirical test, this paper investigates the influence of equity balance on the quality of information disclosure and the value of merger and acquisition companies. The results show that equity checks and balances can significantly improve the quality of information disclosure of mergers and acquisitions. At the same time, it promotes the value of the principal and the joint company. Moreover, because the controlling shareholder has always adopted the non-collusion strategy in the M & A activities, the equity balance has a positive effect on the value of the principal and joint company, and it is not affected by the similarities and differences of the equity nature among the major shareholders. The study also found that the company size, profitability, independent director ratio and equity concentration were significantly positively correlated with the quality of M & A information disclosure, while the asset-liability ratio was negatively correlated with the quality of M & A information disclosure. Increasing the proportion of independent directors and adopting associated mergers and acquisitions are beneficial to the growth of the value of the merger.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金资助项目(70772100) 中央高校基本科研业务费资助项目(CDJXS11022201)
【分类号】：F233;F832.51;F224

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