CAJ | 학술논문

主要从控制权稀释威胁与委托代理的视角分别研究家族控制对并购支付方式选择以及并购绩效的影响。对505家中国家族上市公司于2007—2009年发起的347起并购事件构成的研究样本进行实证检验表明：家族终极控股股东持股比例与现金支付方式的使用正相关，家族终极控股权与现金流权分离度与股票支付方式的使用正相关，控制权稀释与强化机制对并购支付方式的选择产生了显著影响；家族终极控股股东持股比例与并购绩效正相关，利益协同效应占主导地位；并购支付方式对家族上市公司的并购绩效并无显著影响。
주요종공제권희석위협여위탁대리적시각분별연구가족공제대병구지부방식선택이급병구적효적영향。대505가중국가족상시공사우2007—2009년발기적347기병구사건구성적연구양본진행실증검험표명：가족종겁공고고동지고비례여현금지부방식적사용정상관，가족종겁공고권여현금류권분리도여고표지부방식적사용정상관，공제권희석여강화궤제대병구지부방식적선택산생료현저영향；가족종겁공고고동지고비례여병구적효정상관，이익협동효응점주도지위；병구지부방식대가족상시공사적병구적효병무현저영향。
This paper tests the effect of family control on the choice of the method of payment and performance of M ＆ A respectively from threat of control right dilution and principal-agent. Using 347 M ＆ A from 505 Chinese family listed compa- nies through 2007 - 2009 as the study samples. The empirical test shows that ： the family ultimate controlling shareholder stake is positively correlated with the use of the cash payment, the separation of the family ultimate controlling stake and cash flow rights are positively correlated with the use of stock payment, and the dilution and enhancing mechanisms of control play a sig- nificant impact on the choice of the M ＆ A payment, the family ultimate controlling shareholder stake is positively correlated with the M ＆ A performance, and the alignment effect is dominant, and the method of payment of M ＆ A plays no significant impact on the M ＆ A performance of the family listed companies.