| 控制权、控制权与现金流权偏离度对并购的影响——来自中国民营上市公司的经验证据 |
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| 引用本文： | 朱冬琴,陈文浩. 控制权、控制权与现金流权偏离度对并购的影响——来自中国民营上市公司的经验证据[J]. 财经研究, 2010, 36(2) |
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| 作者姓名： | 朱冬琴 陈文浩 |
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| 作者单位： | 苏州大学,商学院,江苏苏州,215021;上海财经大学,会计学院,上海,200433 |
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| 摘 要： | 文章基于中国证券市场2004年和2005年的并购事件,实证检验中国民营上市公司终极控制人的控制权、控制权与现金流权偏离度对并购的影响。研究发现,在中国民营上市公司中,控制权以及控制权与现金流权的偏离度和并购绩效之间均呈现非线性关系。研究结论表明,无论控制权还是控制权与现金流权的偏离度对中国民营上市公司的并购绩效均具有两面性特征。中国民营股东在安排所有权结构的过程中,既要保证控股股东充分的控制权,又必须避免控制权与现金流权过分偏离,以防止公司价值落入非线性曲线的底部。
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| 关 键 词： | 控制权 现金流权 并购 民营上市公司 |
Effects of Control Right and the Deviation between Control Right and Cash Flow Right on Acquisitions: Evidence from Private Listed Companies in China |
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| ZHU Dong-qin,CHEN Wen-hao. Effects of Control Right and the Deviation between Control Right and Cash Flow Right on Acquisitions: Evidence from Private Listed Companies in China[J]. The Study of Finance and Economics, 2010, 36(2) |
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| Authors: | ZHU Dong-qin CHEN Wen-hao |
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| Affiliation: | 1.School of Business;Soochow University;Suzhou 215021;China;2.School of Accountancy;Shanghai University of Finance and Economics;Shanghai 200433;China |
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| Abstract: | Based on acquisition samples of China's securities market in 2004 and 2005,the paper makes an empirical study on the effects of ultimate owners' control right and the deviation between control right and cash flow right on acquisitions in private listed companies.The findings show that the relationships between control right and acquisition performance is featured by nonlinearity and it is the same as the one of the deviation between control right and cash flow right with acquisition performance in private l... |
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| Keywords: | control right cash flow right acquisitions private listed companies |
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