CAJ | 학술논문

控制权市场的识别效率意指控制权市场是否能有效发现无效率的经营团队，它是研究控制权市场有效性的基础。选取2005-2009年中国证券市场成为并购目标的上市公司作为样本，将样本所涉及的事件区分为市场化并购、政府主导型并购及关联人主导型并购等三类，采用 DEA 方法来测度并购目标公司的效率特征，进而判断中国控制权市场的识别效率。研究未发现整体并购样本在中国控制权市场具有明显的识别效率，反映了中国控制权市场整体上尚不成熟；但在关联人主导型并购中则反映了市场具备识别效率，也隐含此类细分控制权市场具备有效性迹象。
공제권시장적식별효솔의지공제권시장시부능유효발현무효솔적경영단대，타시연구공제권시장유효성적기출。선취2005-2009년중국증권시장성위병구목표적상시공사작위양본，장양본소섭급적사건구분위시장화병구、정부주도형병구급관련인주도형병구등삼류，채용 DEA 방법래측도병구목표공사적효솔특정，진이판단중국공제권시장적식별효솔。연구미발현정체병구양본재중국공제권시장구유명현적식별효솔，반영료중국공제권시장정체상상불성숙；단재관련인주도형병구중칙반영료시장구비식별효솔，야은함차류세분공제권시장구비유효성적상。
The identification efficiency of market for corporate control (MCC) ,which is the foun-dation of studying the performance of MCC ,determines whether the managerial inefficiency can be effectively identified .This article analyzes samples of major Chinese M &A targets from listed companies between 2005 - 2009 ,and further divides them into market_driven takeovers ,affiliate_predominated takeovers and government_predominated takeovers . Data Envelopment Analysis (DEA) is applied to identify the pre_merger efficiency of target companies in order to test the effi-ciency of the identification mechanism of MCC .The result shows that generally there is no signif-icant evidence of high identification efficiency of MCC in China ,which indicates that MCC in China is still premature .However ,the study shows that target companies of affiliate_predominat-ed takeovers are the most inefficient ,which seems to imply that the performance of MCC on the affiliated_predominated takeovers is relatively effective .