公司控制权转移的财富效应研究——以嘉凯城为例

发布时间：2018-01-27 22:45

本文关键词： 控制权转移财富效应协同效应重组预期　出处：《商业经济与管理》2017年03期 　论文类型：期刊论文

【摘要】：并购交易中目标公司的股东大多能够获得正的价值效应,而控股权转让及控制权转移价值效应的大小及其实现路径,仍是一个有待深入探讨的问题。2016年嘉凯城控股股东浙商集团及一致行动人将其持有的52.78%的股份转让给恒大地产集团,市场反应积极,[0,60]超额收益率高达91.50%,财富效应极为显著。文章发现嘉凯城控制权转移的财富效应,是投资者对恒大地产控制之下公司管理、经营和财务等方面效率的提升和以这一A股上市平台进行资产整合预期"共振"的结果。
[Abstract]:In M & A transactions, most of the shareholders of the target company can obtain positive value effect, while the value effect of the transfer of controlling rights and the transfer of control rights and its realization path. In 2016, Kai Cheng controlling shareholder Zhejiang Merchants Group and the concerted Actors transferred 52.78% of their shares to Evergrande Real Estate Group, and the market reaction was positive. [The excess rate of return is as high as 91.50, and the wealth effect is very significant. This paper finds that the wealth effect of the transfer of control over Ka Ka is the management of the company under the control of Evergrande real estate by investors. The improvement of efficiency in management and finance and the expected "resonance" of asset integration through this A-share listed platform.
【作者单位】：浙江商业职业技术学院财会金融学院;
【分类号】：F832.51
【正文快照】： 一、引言公司控制权通常被定义为公司资源的配置权。企业价值来源于要素的结合方式,控制权的持有者可以凭借这种权力改变要素之间的结合方式,从而提升企业价值。对握有控制权的股东来说,公司的价值是进行重组、改进管理和经营后可以为投资人带来的现金流量现值。它与在现有经

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