CAJ | 학술논문

公司并购的行为方式是公司控制权所有者决策的结果，以往的研究集中于分散式股权结构中、管理层的特质对公司并购的行为方式的影响；而对集中式股权结构中，大股东拥有控制权的治理结构特征对并购行为方式的影响的研究很少。基于这一独特视角，本研究选取中国上市公司2004～2012年股权收购的样本，研究集中式股权结构中大股东控制权配置对其并购行为方式的影响，研究发现公司控制权配置中的控制人特征、控制强度特征、制衡性特征等对公司的并购行为方式产生了比较明显的影响。
공사병구적행위방식시공사공제권소유자결책적결과，이왕적연구집중우분산식고권결구중、관리층적특질대공사병구적행위방식적영향；이대집중식고권결구중，대고동옹유공제권적치리결구특정대병구행위방식적영향적연구흔소。기우저일독특시각，본연구선취중국상시공사2004～2012년고권수구적양본，연구집중식고권결구중대고동공제권배치대기병구행위방식적영향，연구발현공사공제권배치중적공제인특정、공제강도특정、제형성특정등대공사적병구행위방식산생료비교명현적영향。
The M&A Behavior and mode is the result of decision of the owner of corporate control,the previ-ous studies always focused on decentralized ownership structure,studied the influence of the management on the be-havior of the mergers and acquisitions;and little research on concentrated equity structure,in which the major shareholders how to affect the M&A behavior and mode.Basing on this unique perspective,this study selected sam-ples of equity acquisition of Chinese listed companies in 2004-2012,researched major shareholders in concentrat-ed ownership structure how to affect the M&A behavior and mode,the study found that controller characteristics , the control strength ,and the balances of control right had a significant effect on the company's behavior and mode of acquisition.