北京交通大学学报：社会科学版
北京交通大學學報：社會科學版
북경교통대학학보：사회과학판
Journal of Beijing Jiaotong University Social Sciences Edition
2015年
2期
39~44
,共null页
支付方式 股票支付 现金支付 公司治理 并购绩效
支付方式 股票支付 現金支付 公司治理 併購績效
지부방식 고표지부 현금지부 공사치리 병구적효
payment method; stock payment; cash payment; corporate governance; M＆A performance
将公司治理作为一个深层次因素来研究不同．支付方式影响并购绩效的传递效应。发现股票支付方式对企业并购绩效改善要明显优于现金支付。这一方面是由于股票支付方式优化了股权结构，提高了股权制衡度；另一方面通过引入新的战略投资者，使机构投资者持股比例提高，在公司治理中发挥了积极的监管作用。
將公司治理作為一箇深層次因素來研究不同．支付方式影響併購績效的傳遞效應。髮現股票支付方式對企業併購績效改善要明顯優于現金支付。這一方麵是由于股票支付方式優化瞭股權結構，提高瞭股權製衡度；另一方麵通過引入新的戰略投資者，使機構投資者持股比例提高，在公司治理中髮揮瞭積極的鑑管作用。
장공사치리작위일개심층차인소래연구불동．지부방식영향병구적효적전체효응。발현고표지부방식대기업병구적효개선요명현우우현금지부。저일방면시유우고표지부방식우화료고권결구，제고료고권제형도；령일방면통과인입신적전략투자자，사궤구투자자지고비례제고，재공사치리중발휘료적겁적감관작용。
Unlike previous studies on payment with a direct impact on M＆A performance, this article will consider corporate governance as a deep-seated factor and study the impact of different payment methods on transmission effect of M＆A Performance. The result shows that the improvement of M＆A performance through stock payment is much better than that through cash payment. The reasons are twofold First, the stock payment optimizes the ownership structure, and improves the degree of equity balance; second the introduction of new strategic investors makes institutional investors raise their shares, which will play a positive role in the improvement of corporate governance level.
