| 银行在公司控制权市场中的作用研究——来自中国上市公司的证据 |
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| 引用本文： | 邓莉,张宗益,李宏胜,刘伟.银行在公司控制权市场中的作用研究——来自中国上市公司的证据[J].金融研究,2008(1). |
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| 作者姓名： | 邓莉 张宗益 李宏胜 刘伟 |
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| 作者单位： | 重庆工商大学管理学院;重庆大学;中国信达资产管理公司重庆办事处;400044;400011;400067; |
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| 基金项目： | 国家杰出青年基金(项目号：70525005)资助 |
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| 摘 要： | 本文以我国上市公司中26例最为接近市场收购行为的要约收购作为样本,实证检验了我国银行贷款强度对公司成为收购目标的可能性和收购成功率的影响。研究发现,银行贷款强度与公司成为收购目标的可能性和收购成功率之间呈显著负相关关系。这一结果的政策含义在于,随着我国资本市场的完善,银行可以通过控制权市场加强对公司的治理。
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| 关 键 词： | 要约收购 商业银行 公司治理 |
The Role of Bank in the Market for Corporate Control:Evidence of China's Listed Company |
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| Deng Li Zhang Zongyi Li Hongsheng Liu Wei.The Role of Bank in the Market for Corporate Control:Evidence of China's Listed Company[J].Journal of Financial Research,2008(1). |
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| Authors: | Deng Li Zhang Zongyi Li Hongsheng Liu Wei |
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| Abstract: | This paper firstly investigates the disciplining role of bank loan in the market for corporate control, focusing on 26 tender offers by now in A share market which are most closed to unsolicited takeover,and then empirically tests the effect of bank loan on probability of a borrower firm becoming a target and the takeover completive rates.The study finds that bank lending intensity has a significant negative effect on the probability of a borrower becoming a target and takeover completive rates.The evidence... |
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| Keywords: | tender offer commercial bank corporate governance |
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