终极控制人、控制权转移与投资效率——基于上市公司并购事件的研究

发布时间：2018-03-22 05:27

本文选题：终极控制人　切入点：两权分离　出处：《经济与管理研究》2012年11期 　论文类型：期刊论文

【摘要】：本文对2007～2009年三年间中国证券市场上所发生的以上市公司为标的的并购事件进行了实证研究,检验了终极所有权结构对并购过程中控制权转移的影响和并购前后投资效率变化状况。研究发现,并购目标公司终极控制人的两权分离度与并购过程中控制权发生转移的倾向具有显著的关联,并购交易前后资本投资效率具有显著变化。具体而言:(1)终极控制人两权分离度与并购交易中控制权发生转移的倾向显著负相关,进一步的研究表明终极控制人为国有性质时更容易发生控制权的转移。(2)并购交易后公司非效率投资程度比并购前显著改善,其中未发生控制权转移的并购交易比发生控制权转移的并购交易非效率投资程度改善更为明显。本文提供的经验证据总体上支持了并购效率理论及协同效应理论,在控制权发生转移的情况下支持了自由现金理论和管理者自大理论,丰富了公司治理及企业管理研究文献,为公司治理和改善投资效率提出了新课题。
[Abstract]:This paper makes an empirical study on the mergers and acquisitions of listed companies in China's securities market during the three years from 2007 to 2009. The effects of ultimate ownership structure on the transfer of control rights in M & A process and the changes of investment efficiency before and after M & A are examined. The degree of separation of two rights of the ultimate controller of the target company is significantly related to the tendency of the transfer of control rights in the process of merger and acquisition. The capital investment efficiency has significant changes before and after M & A transaction. Specifically, the separation degree of ultimate control rights is negatively correlated with the tendency of control transfer in M & A transactions. Further research shows that ultimate control is more prone to transfer of control when the ultimate control is state-owned. 2) the degree of inefficiency investment after M & A is significantly improved than that before M & A. The degree of non-efficient investment in M & A transactions without the transfer of control rights is more obvious than that in M & A transactions without the transfer of control rights. The empirical evidence provided in this paper generally supports the theory of M & A efficiency and the theory of synergy effect. It supports the theory of free cash and the theory of manager's arrogance, enriches the research literature of corporate governance and enterprise management, and puts forward a new topic for corporate governance and improving investment efficiency.
【作者单位】：重庆大学经济与工商管理学院;兰州商学院;
【基金】：国家自然科学基金重大资助项目“制度环境、公司财务政策选择和动态演化研究”(项目批准号71232004) 国家自然科学基金项目“产权控制路径下的资本投资与配置效率研究”(项目批准号71172082) 国家留学基金资助项目(201206050094)
【分类号】：F271;F832.51;F224

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