股权分置下我国上市公司并购的逆向选择问题实证研究

基于对我国上市公司掏空行为和支持行为的分析,本文提出中国上市公司在股权分置下并购行为的逆向选择问题和长期均衡问题。文章通过对股票市场近10年的走势分析以及通过对2002～2003两年间180起并购事件的并购行为的实证研究,得到股权分置下掏空行为逆向选择问题和长期均衡特征:股市长期低迷,在低迷的股市中绝大部分上市公司更倾向于掏空行为。文章同时指出,我国的一股独大和股权分置的制度安排是这种逆向选择问题和社会福利低水平上长期均衡的重要影响因素。

The Empirical Study of the Adverse Selection about Merger and Acquisition of Listed Company under Share-trading in China

Based on the analysis of propping behavior or tunneling behavior of China's listed companies,this article put forward the adverse selection problems and long-term equilibrium of listed companies under the share-trading in China.By analyzing the stock market trend of the past 10 years,especially through the empirical study of 180 merger and acquisition incidents of listed companies between 2002 and 2003,this article brought out the characteristics of adverse selection problems and long-term equilibrium:Long-...