摘要
为了验证同行监督是一种有效的治理机制,本文使用案例研究方法考察东源电器并购事件中同行领袖公司鲁西化工发表公告所带来的监督效应。研究结果表明在东源电器的并购事件中,同行监督的作用主要表现在三个方面:有效甄别并购中可能损害投资者利益的虚高并购溢价;向资本市场传递具有价值的信息;为媒体监督提供支持。本文研究结论认为同行监督作为一种有效治理机制,对于保护投资者利益具有重要作用。
In order to verify that peer monitoring is an effective governance mechanism,this paper uses case methods to examine the role of peer monitoring which Luxi Chemical plays as peer in Dongyuan Electrical mergers and acquisitions.The results show that the roles of peer monitoring in Dongyuan Electrical mergers and acquisitions are mainly in the followings.First,it can identify unreasonably high premiums in proposed transactions which may be harmful to investors.Second,it can deliver valuable information to the capital markets.Third,it can provide support for the sources of media monitoring.The research findings show that peer monitoring is very important for investor protection as an effective governance mechanism.
出处
《管理案例研究与评论》
CSSCI
2016年第3期288-300,共13页
Journal of Management Case Studies
基金
国家自然科学基金项目"资本市场治理功能对矿产行业整合及其经济后果的影响研究"(71263034)
国家自然科学基金项目"竞争压力与企业成本黏性研究--基于宏观经济政策与微观企业特征的分析"(71572087)
关键词
同行监督
并购
治理机制
投资者保护
peer monitoring
mergers and acquisitions
governance mechanism
investor protection
