控制权、控制权与现金流权偏离度对并购的影响——来自中国民营上市公司的经验证据

Effects of Control Right and the Deviation between Control Right and Cash Flow Right on Acquisitions:Evidence from Private Listed Companies in China

文章基于中国证券市场2004年和2005年的并购事件,实证检验中国民营上市公司终极控制人的控制权、控制权与现金流权偏离度对并购的影响。研究发现,在中国民营上市公司中,控制权以及控制权与现金流权的偏离度和并购绩效之间均呈现非线性关系。研究结论表明,无论控制权还是控制权与现金流权的偏离度对中国民营上市公司的并购绩效均具有两面性特征。中国民营股东在安排所有权结构的过程中,既要保证控股股东充分的控制权,又必须避免控制权与现金流权过分偏离,以防止公司价值落入非线性曲线的底部。

Based on acquisition samples of China＇s securities market in 2004 and 2005, the paper makes an empirical study on the effects of ultimate owners＇ control right and the deviation between control right and cash flow right on acquisitions in private listed companies. The findings show that the relationships between control right and acquisition performance is featured by nonlinearity and it is the same as the one of the deviation between control right and cash flow right with acquisition performance in private listed companies. The effects of control right and the deviation between control right and cash flow right on acquisitions have two-sided features. During the process of ownership structure arrangement in private listed companies, in order to prevent the firm value from reducing to the bottom of non-linear curve, controlling shareholders should be entitled with enough control right and the excessive deviation between control right and cash flow right should be avoided.