机会主义资产重组与刚性管制

本文选择 1 993— 2 0 0 0年间上海证券交易所 1 2 0 2例上市公司资产重组事件为研究样本 ,考察了资产重组与政府管制之间的关系。研究发现 ,1 997年我国宏观经济由过热转向软着陆 ,而监管部门对上市公司的配股管制 ,却仍然采用经济过热时期制订的标准 ,由于管制标准偏离了实际经济情况和投资者的机会成本 ,许多上市公司采取了相应的对策———“机会主义资产重组”来规避管制。本文的发现为我国的“替代性管制”提出了新的不利的证据。

Opportunistic Restructuring and Regulation Rigidity

Using 1202 restructuring samples of companies listed in Shanghai Stock Exchange, this paper intends to explore the relation between restructuring and government regulation. We find that the regulator sticks to ROE, which was set up during the period of economy overheat, to regulate firm-level SEO activities, although the real economy growth has decreased a lot during late 1990s. The rigidity of regulation motivates listed companies to restructure opportunistically. Our findings can be viewed as new evidence against “substituting regulation”.