| 控制权易主对改善价值毁损状况的影响研究 |
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| 引用本文： | 陈玉罡,陈文婷,李善民.控制权易主对改善价值毁损状况的影响研究[J].软科学,2012,26(12):117-121. |
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| 作者姓名： | 陈玉罡 陈文婷 李善民 |
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| 作者单位： | 中山大学管理学院,广州,510275 |
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| 基金项目： | 国家自然科学基金项目，教育部人文社会科学基金项目，广东省哲学社会科学规划项目，广东高校优秀青年创新人才培育项目，广东省自然科学基金项目，中央高校基本科研业务费专项资金项目 |
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| 摘 要： | 在对2000～2008年136个发生了收购行为随后控制权又被易主的上市公司样本进行研究后发现:控制权市场的惩戒作用能起到一定效果,控制权易主能够改善价值毁损的状况。控制权易主之后5年,价值毁损的状况得到明显改善。劣质收购公司控制权易主后的价值毁损改善程度比非劣质收购公司大。控制权易主后的价值毁损改善程度随着投资者保护的增强而增加。
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| 关 键 词： | 控制权市场 并购 价值毁损 |
Research on the Influence of Control Rights Replacement to the Bad Bid in M&A |
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| CHEN Yu-gang
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CHEN Wen-ting
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LI Shan-min.Research on the Influence of Control Rights Replacement to the Bad Bid in M&A[J].Soft Science,2012,26(12):117-121. |
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| Authors: | CHEN Yu-gang CHEN Wen-ting LI Shan-min |
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| Institution: | (School of Business,Sun Yat-sen University,Guangzhou 510275) |
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| Abstract: | Based on the research of 136 listed companies that control right has been replaced after their acquisitions during the period of 2000-2008,the result shows that the punishment function of corporate control market could be effective because of the control rights replacement could improve the situation of value destroy.In five years following the control rights replacement,the situation of value destroys improved obviously.The bad bidders improved more than the other bidders.The extent of value improvement increased with the enhancement of the investor protection. |
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| Keywords: | market for corporate control M&A value destroy |
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