摘要
通过对水井坊股份有限公司的案例分析,发现其在MBO之前存在向下的盈余管理,以便管理层能以更低的价格买入公司股份;MBO之后存在向上的盈余管理,为分配高额的现金股利提供基础。同时,MBO后上市公司发放高额现金股利,该股利政策较大地影响了公司成长性与业绩。
Through a case study of Shuijingfang Company, this paper finds that the company manipulates its earning downward before MBO, so that the managers can buy company shares at a lower price. After MBO, there are upward earnings manipulation, so as to give higher divi- dends to shareholders, including managers. Since the listed company distribute huge cash divi- dends to its shareholders after MBO, its performance and growth rates are hugely affected.
出处
《财经理论与实践》
CSSCI
北大核心
2015年第3期50-54,共5页
The Theory and Practice of Finance and Economics
基金
中央高校基本科研业务费专项资金项目(JBK1407093)
四川省社会科学基金项目(SC14XK23)
四川省社会科学基金项目(SC14E080)
关键词
MBO
企业并购
公司业绩
水井坊
MBO
M＆A
Company performance
Shuijingfang Company
