作　　者： ; ; ;

机构地区： 石河子大学经济与管理学院

出　　处： 《经济管理》 2013年第12期23-31,共9页

摘　　要： 随着世界并购浪潮的持续进行，并购动因与并购绩效的研究一度成为各国学者关注的两个重要问题。虽然对于并购中收购公司的并购绩效问题还未达成一致的看法，但学者们一致认为，并购动因决定并购行为，而并购行为又影响并购绩效，并购行为起到了中间的“桥梁”作用，它反映了并购动因影响并购绩效的路径。基于此，本文将公司并购动因、并购行为、并购绩效置于同一个分析框架，并以2007～2010年我国非金融上市公司扩张性并购事件为研究对象，对终极控制人两权分离、多元化并购与公司并购绩效的关系进行了实证研究。结果发现，终极控制人的现金流权与控制权的分离程度越大，公司越容易进行多元化并购，多元化并购的绩效明显低于同业并购的绩效，并且这种现象在非政府控制的公司更明显。本文不仅发现了终极控制人以盲目多元化扩张作为传导机制导致并购绩效恶化的证据，也拓展了大小股东之间的“第二种代理冲突”与多元化并购后果方面的研究。 As an important link for optimizing equity structure and promoting the optimal allocation of stock assets,company M＆A has been the important topic which the world scholars discuss and research, and the study of M＆A performance is one of important content in the studies of M＆A. Over the past 30 years, scholars all over the world made a lot of research on M＆A performance, and achieved a consensus that in the process of M＆A,the shareholders of target companies have significantly positive excess return, and most acquiring companies＇ benefit is neutral,the worse may be loss. The M＆A motivation determines the M＆A behavior, and the M＆A behavior influences the M＆A performance. So, M＆A behavior plays a role as a ＂bridge＂ in the middle of the action, it represents the influence path of the M＆A motivation on the performance of M＆A. The ultimate controlling shareholders often encroach on interests of medium and small shareholders through diversification M＆A behavior, resulting in the company M＆A performance deterioration. What factors determine the ultimate shareholders choose diversified M＆A rather than same industry M＆A？ To the different ultimate controller,there is a obvious difference this choice？ Diversification M＆A compared with same industry M＆A, acquirers of the M＆A performance difference？ This paper tries to answer the above problems. On the basis of the equity acquisition,asset acquisition and direct absorption of M＆A events from 2007 to 2010 of Chinese listed companies, this paper investigates the influence of two rights separation of ultimate controller on the diversified M＆A mode choice, and on this basis,we further examine the effect of the behavior selection on M＆A performance, so as to investigate the influence of ultimate controller on the performance of M＆A. The results indicate that the greater the separation from cash flow rights to control rights of uhimate controller, the companies are easier to carry out the diversified M＆A ; Further research

关 键 词： 终极控制人 两权分离 多元化并购 并购绩效

领　　域： [经济管理] [经济管理]