基于股权分置视角的中国上市公司MBO股东财富效应研究

A Study of the Wealth Effect of MBO Shareholders of China's Listed Companies:from the Perspective of Split-Share Reform

通过分析中国上市公司MBO对公司影响的价值传导机制,认为中国上市公司实施MBO后,公司治理的有效性提高,进而导致代理成本下降,公司价值和绩效得到提升。同时,还基于股权分置的视角,在理论上分析了上市公司MBO的利益侵占问题及其形成原因,认为导致上市公司MBO利益侵占形成的制度根源在于股权分置。因此,股权分置改革可以通过消除一部分由于上市公司MBO利益侵占而产生的代理成本,进而提升公司绩效。本文的实证研究也证实股权分置改革对上市公司MBO具有积极效应。

By analyzing the value transmission mechanism of MBO of China＇s listed companies which has an influence on the companies,this paper believes that since the implementation of MBO in the listed companies,the effectiveness of corporate governance has been improved;therefore,the agency cost has been reduced and the company value and performance have been improved.At the same time,from the split-share perspective,it conducts a theoretical analysis of the interest misappropriation problems of MBO and the relevant causes.It holds that the ultimate cause of interest misappropriation of MBO in listed companies is equity division.Therefore,this paper believes that the split-share reform can be carried out by eliminating part of the agency costs caused by the interest misappropriation from listed companies＇MBO,so as to improve the corporate performance.The empirical study of this paper also proves that the split-share reform has a positive effect on MBO of listed companies.