经济与管理研究
經濟與管理研究
경제여관리연구
Research on Economics and Management
2015年
8期
107~115
,共null页
定增并购 控股股东 主体关联 利益输送
定增併購 控股股東 主體關聯 利益輸送
정증병구 공고고동 주체관련 이익수송
private placement and acquisitions; controlling shareholders; principals relevance; interest transferring
定增并购的出现为追溯探讨定向增发的价值驱动性或利益输送性提供了新证据。本文采用2006—2013年交易数据对定增并购中大股东参与效果及其双主体关联性的经济后果进行实证检验。研究发现,大股东参与行为虽然短期内可能给市场传递涉嫌利益输送的不利讯号,但从长期看却能起到提升内部资本配置效率及公司价值的战略效能,且大股东参与程度越高,其提升效果越显著;进一步观察双主体差异性发现,只有大股东未参与时,定增主体关联度才与利益输送呈现正相关性,而并购主体关联度则以积极效应为主。由此不仅能够自然破除＂大股东剥夺假说＂,同时还可为定增并购的科学决策以及＂全要素＂监管模式的架构提供经验支持。
定增併購的齣現為追溯探討定嚮增髮的價值驅動性或利益輸送性提供瞭新證據。本文採用2006—2013年交易數據對定增併購中大股東參與效果及其雙主體關聯性的經濟後果進行實證檢驗。研究髮現,大股東參與行為雖然短期內可能給市場傳遞涉嫌利益輸送的不利訊號,但從長期看卻能起到提升內部資本配置效率及公司價值的戰略效能,且大股東參與程度越高,其提升效果越顯著;進一步觀察雙主體差異性髮現,隻有大股東未參與時,定增主體關聯度纔與利益輸送呈現正相關性,而併購主體關聯度則以積極效應為主。由此不僅能夠自然破除＂大股東剝奪假說＂,同時還可為定增併購的科學決策以及＂全要素＂鑑管模式的架構提供經驗支持。
정증병구적출현위추소탐토정향증발적개치구동성혹이익수송성제공료신증거。본문채용2006—2013년교역수거대정증병구중대고동삼여효과급기쌍주체관련성적경제후과진행실증검험。연구발현,대고동삼여행위수연단기내가능급시장전체섭혐이익수송적불리신호,단종장기간각능기도제승내부자본배치효솔급공사개치적전략효능,차대고동삼여정도월고,기제승효과월현저;진일보관찰쌍주체차이성발현,지유대고동미삼여시,정증주체관련도재여이익수송정현정상관성,이병구주체관련도칙이적겁효응위주。유차불부능구자연파제＂대고동박탈가설＂,동시환가위정증병구적과학결책이급＂전요소＂감관모식적가구제공경험지지。
The private placement and acquisitions provided new evidence to explore the interest transferring in the process of non-public offering. This paper divides samples from 2006 to 2013 into two teams according to whether major shareholders participate in the trade,in order to test participation effect and economic consequences with the variables of cumulative abnormal return in the short-term and internal capital allocation efficiency in the long-term. Although major shareholders＇ participation may transmit the negative message to the market in a short time,but in the long run,major shareholders＇ involvement can improve the internal capital allocation efficiency and realize the company＇s strategic objectives. In addition,it is also found that this effect will be strengthened by the participation degree of the major shareholders. In terms of main variables,when major shareholders are not involved in,MA target correlation and interest transferring present a positive correlation. Besides,some empirical evidences are also provided for the reasonable decision making and regulation.
