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外资并购模式对我国上市公司治理结构影响的差异性分析 被引量:2

Different Impact of Foreign Capital M&A Mode on Governance Structure of Chinese Listed Companies
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摘要 以我国沪、深两市在1999~2005年内发生外资并购的48家上市公司为样本,选取股权结构、董事会、监事会、股东大会、高管层以及信息披露六个维度共13个指标,通过因子分析法定量研究外资并购对我国上市公司治理结构的影响,发现不同并购模式下公司治理结构得到优化的比例呈现较大差异:拍卖收购模式为100%,协议收购非流通股为40.91%,二级市场收购流通股为60%,增资扩股为50%,成立合资公司为22.22%,收购母公司为40%。 This study selects 13 indicators from six dimensions, the ownership structure, board of directors, board of supervisors, shareholders, senior management and information disclosure, and uses the factor analysis to quantitatively analyze foreign capital M^A influence in corporate governance according to 48 samples from listed companies of Shanghai and Shenzhen from 1999 to 2005. The results show that the proportion of listed companies whose corporate governance structure has been optimized is different in accordance with foreign capital M&A modes: the model of the auction reaches 100%, the model of agreement acquisition of non--tradable share attains 40.91%, acquiring the outstanding shares on the secondary market is 60%, issuing additional shares is 50%, the establishment of a joint venture is 22.22%, and the acquisition of the parent company is 40 %.
作者 尹华 朱庆子
机构地区 中南大学商学院
出处 《财经理论与实践》 CSSCI 北大核心 2010年第1期42-46,共5页 The Theory and Practice of Finance and Economics
基金 中国证券业协会科研项目"外资并购我国上市公司的方式与动机演进及其对上市公司的影响研究"(SAC2008KT-YC20) 湖南省哲学社会科学基金项目"制造企业国际化进程中的组织学习与知识转移研究"(08YBB043)
关键词 上市公司 外资并购 公司治理 因子分析 Listed Companies Foreign Capital M&A Corporate Governance Factor Analysis
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