摘要
一个企业在另一个企业实现具有控制地位的持股(Holding)具有重要的战略意义。本文采用过程的观点把这种战略控股(Strategic Holding)实现过程分为急进型(Outright)实现控股和渐进型(Incremental)或者顺序型(Sequential)实现控股两种过程类型。本文集中探讨目标企业所有权结构对战略控股实现途径选择的影响。基于中国上市公司数据,我们对129例战略控股过程进行了回归分析。结果显示,目标企业所有权越集中,战略控股的实现过程越倾向于渐进型;政府在推动企业重组进程中起着关键作用;目标企业中员工股份比例较低,对战略控股过程似无影响;作为目标企业持股者,机构持股人的作用无明显倾向。另外,结果显示民营企业作为买方倾向于采取走渐进型的方式来实现对上市公司的战略控股。
This paper distinguishes between two types of strategic holding processes: an outright takeover process that is finished with one single deal and an incremental or sequential process completed through two or multiple purchases. The paper focuses on how target firm’s ownership characteristics might influence the choice between the two processes. Our empirical analysis was based on 129 cases of strategic holding in the Chinese stock market. We found interesting results about the influence of ownership concentration, state owner- ship, managerial ownership and institutional ownership on the choice of incremental process.
出处
《南开管理评论》
CSSCI
2005年第2期34-40,83,共8页
Nankai Business Review
基金
两项自然科学基金项目的支持(项目号70472023
项目号70272004)
