| 同一控制下的企业合并:动机与经济后果——基于ST万杰的案例分析 |
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| 引用本文： | 邵军,张君子.同一控制下的企业合并:动机与经济后果——基于ST万杰的案例分析[J].上海立信会计学院学报,2012,26(1):51-59. |
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| 作者姓名： | 邵军 张君子 |
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| 作者单位： | 1. 上海立信会计学院会计与财务学院,上海,201620
2. 上海外国语大学,上海,200083 |
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| 基金项目： | 国家自然科学基金项目(71172017);教育部人文社会科学规划基金项目(09YJA630099);上海市教育委员会科研创新重点课题(1-12-36-12ZS181);上海市教育委员会重点学科建设项目(J51701);立信产学研合作课题 |
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| 摘 要： | 以ST万杰与山东省商业集团总公司等的合并为例,分析了同一控制下企业合并的动机与经济后果。研究发现:大股东完全控制下的企业合并并没有实现合并的协同效应;合并主要为了避免ST万杰退市,保住壳资源;合并是当地政府推动下的企业合并。研究结论对完善中的同一控制下企业合并的相关政策和法规的制定具有启示意义。
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| 关 键 词： | 同一控制 企业合并 动机 经济后果 |
Business Combination under Common Control——Motivation and Economic Consequences: A Case Study Based on ST Wanjie |
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| SHAO Jun
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ZHANG Jun-zi.Business Combination under Common Control——Motivation and Economic Consequences: A Case Study Based on ST Wanjie[J].Journal of Shanghai Lixin University of Commerce,2012,26(1):51-59. |
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| Authors: | SHAO Jun ZHANG Jun-zi |
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| Institution: | 1.School of Accounting and Finance,Shanghai Lixin University of Commerce,Shanghai 201620,China; 2.Shanghai International Studies University,Shanghai 200083,China) |
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| Abstract: | In this paper,the motivation and economic consequences of ST Wanjie merging with Shandong Business Group Corporation and other mergers under common control are analyzed.We find that the merger under the full control of major shareholders did not achieve merger synergies of the combination.ST Wanjie was combined mainly for the reason to avoid delisting and keep the shell resources.This business combination case was driven by local government.The results provide some enlightenment for gradual improvement of relevant policies and regulations of the business combination under common control. |
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| Keywords: | common control merger motivation economic consequences |
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