CAJ | 학술논문

本文通过隶属于企业集团的上市公司在集团内部的并购事件,分析在不同的上市公司控制结构下,这些内部并购行为对公司价值指标——托宾Q值的影响。实证分析结果显示,股权集中度对内部并购公告后的公司价值有负向影响。第1大股东持股比例越高,内部并购公告后的公司价值越小,说明大股东更倾向于通过内部并购掏空上市公司,损害上市公司的价值。股权制衡度对内部并购公告后的公司价值有负向影响,说明其他大股东可能与第1大股东存在联盟或者未充分履行监督职责。上市公司实际控制人的控制权和现金流权的分离程度与内部并购公告后的公司价值无关。
본문통과대속우기업집단적상시공사재집단내부적병구사건,분석재불동적상시공사공제결구하,저사내부병구행위대공사개치지표——탁빈Q치적영향。실증분석결과현시,고권집중도대내부병구공고후적공사개치유부향영향。제1대고동지고비례월고,내부병구공고후적공사개치월소,설명대고동경경향우통과내부병구도공상시공사,손해상시공사적개치。고권제형도대내부병구공고후적공사개치유부향영향,설명기타대고동가능여제1대고동존재련맹혹자미충분리행감독직책。상시공사실제공제인적공제권화현금류권적분리정도여내부병구공고후적공사개치무관。
Based on the events of intemal mergers and acquisitions of listed companies in their business groups, this paper analyzes the impact of internal M＆As on Tobin＇s Q of these listed companies under different ownership control structure. The results of empirical analysis show that the concentration of ownership has negative impact on the value of companies which announced internal M＆As. The higher proportion of the first largest shareholder holds, the higher the value of the company, which indicates that large shareholders are more inclined to support the listed companies through internal M＆As and enhance the value of these companies. The degree of balanced ownership power has negative impact on the value of listed companies which announced the internal M＆As, which indicates that other large shareholders maybe allied with largest shareholder, or they do not fully perform supervisory duties. And the separate degree of control rights and cash flow rights of ultimate controller of listed companies has no relationship with the value of companies which announced internal M＆As.