预测
預測
예측
FORECASTING
2014年
3期
51-56,62
,共7页
并购%目标公司%控制权配置%公司绩效
併購%目標公司%控製權配置%公司績效
병구%목표공사%공제권배치%공사적효
M&A%target corporate%allocation of control rights%corporate performance
本文运用中国上市公司并购数据进行实证检验，分析在并购情境下目标公司控制权向股东、董事会和经理层配置对公司绩效的影响。研究表明：并购情境下与稳定环境下目标公司控制权配置侧重方向对公司绩效的影响存在较大差异。并购情境下，侧重股东配置控制权能够有效改善目标公司绩效，侧重董事会配置控制权对目标公司绩效有正向影响，而侧重经理层配置控制权则有损于目标公司绩效。
本文運用中國上市公司併購數據進行實證檢驗，分析在併購情境下目標公司控製權嚮股東、董事會和經理層配置對公司績效的影響。研究錶明：併購情境下與穩定環境下目標公司控製權配置側重方嚮對公司績效的影響存在較大差異。併購情境下，側重股東配置控製權能夠有效改善目標公司績效，側重董事會配置控製權對目標公司績效有正嚮影響，而側重經理層配置控製權則有損于目標公司績效。
본문운용중국상시공사병구수거진행실증검험，분석재병구정경하목표공사공제권향고동、동사회화경리층배치대공사적효적영향。연구표명：병구정경하여은정배경하목표공사공제권배치측중방향대공사적효적영향존재교대차이。병구정경하，측중고동배치공제권능구유효개선목표공사적효，측중동사회배치공제권대목표공사적효유정향영향，이측중경리층배치공제권칙유손우목표공사적효。
This paper makes an empirical study by using the merger data of Chinese Listed Companies to analyze the effects on corporate performance while different configuration of the control rights of target companies to the shareholders, board and the management under the merger scenario. The study shows that:there is a big difference about the impacts that focus direction of control rights of target company on the corporate performance between the stable environment and the merger scenario. Under the merger scenario, the focus to the shareholders under the configuration of control rights can effectively improve the target company's performance; the focus to the board has a positive impact on the target company's performance;but the focus to the management is detrimental to the target company's performance.
