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国家公司治理水平与跨境并购目标企业收益 被引量：2

Corporate Governance Level and the Return of Target Enterprises in Cross-border Mergers and Acquisitions
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摘要 文章分析了收购方所处国家的公司治理水平对跨境并购目标企业收益的影响。数据显示,收购方所处国家对股东权利保护的程度与目标企业宣告期收益显著正相关,而其他指标,如法律起源、债权人权利、会计准则和执法效力则对目标企业的宣告期收益没有显著影响。 The paper analyzes the effect of the corporate governance level of the countries that the bidders belong to on the return of target enterprises in cross-border mergers and acquisitions The data show the investor protection degree in the countries that the bidders belong to positively affects the return of target enterprises during the announcement period, but other indicators such as legal origin, the rights of creditors, accounting standards and law enforcement, have no significant effects on the return of target enterprises.
作者 张俊生 曾亚敏
机构地区 中央财经大学会计学院 南开大学商学院
出处 《财经研究》 CSSCI 北大核心 2009年第9期48-58,共11页 Journal of Finance and Economics
基金 国家社会科学基金资助项目(08CJY049) 教育部人文社会科学基金资助项目(07JC790021) 中国博士后特别基金资助(200801088)
关键词 跨境并购 投资者保护 股东权利 cross-border mergers and acquisitions investor protection shareholders rights
分类号 F275 [经济管理—企业管理]
  • 相关文献

参考文献18

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二级参考文献14

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共引文献3

同被引文献51

  • 1白重恩,刘俏,陆洲,宋敏,张俊喜.中国上市公司治理结构的实证研究[J].经济研究,2005,40(2):81-91. 被引量：1330
  • 2Ertugrul Mine,Shantaram Hegde.Corporate Governance Ratings and Firm Performance[J].financial management,2009(forthcoming).
  • 3Gompers Paul,Ishii Joy,Metrick Andrew.Corporate Governance and Equity Prices[J].The Quarterly Journal of Economics,2003,118(1):107-155.
  • 4Kang Jun-Koo.The International Market for Corporate Control:Mergers and Acquisitions of U.S.Firms by Japanese Firms[J].Journal of Financial Economics,1993,34(3):345-371.
  • 5Kaplan Steven N.,Michael S.Weisbach.The Success of Acquisitions:Evidence from Divestitures[J].Journal of Finance,1992,47(1):107-38.
  • 6La Porta Rafael,Florencio Lopez-De-Silanes,Andrei Shleifer,Robert W.Vishny.Law and Finance[J].The Journal of Political Economy 1998,106(6):1113-1155.
  • 7Martynova Marina,Luc Renneboog Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions[J].Journal of Corporate Finance,2008,14(3):200-223.
  • 8Morck Randall,Bernard Yeung.Internalization:An Event Study Test[J].Journal of International Economics,1992,33(1-2):41-56.
  • 9Starks,Wei,Cross-Border Mergers and Differences in Corporate Governance.2005,University of Texas.
  • 10“2009年前两月中企海外并购资金达218亿,居全球第2”,载于《21世纪经济报道》,2009.

引证文献2

二级引证文献15

财经研究
2009年 第9期

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