上市公司控制权转移与“隧道效应”分析

Management Buyout and Its Tunneling Effect

本文从关联交易的角度,对公司管理者收购上市公司控制权(MBO)与民营企业收购上市公司控制权(PBO)以后的“隧道效应”进行了实证分析和比较分析。结果发现:两种类型的收购发生以后都可能产生“隧道效应”,但证据尚不够充分。另外,MBO公司比PBO公司显示出更大的产生隧道效应的可能性。

This paper is an empirical and comparative study of tunneling effect of management buyout and private enterprises buyout, based on related transactions. The findings indicate that the two types of buyout may produce a tunneling effect, but the evidence remains insufficient. Moreover, MBO seems to generate a greater tunneling effect than PBO.