兼并、重组和公司控的制.pptVIP

兼并、重组和公司控制 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 兼并和重组的主要形式 资本运作和控制权市场(control market) 资本扩张形式 兼并和收购(MA) 股份制改革(公司化)和上市 资本收缩形式 剥离(divestiture) 分立(spin-off) 所有权结构变更 Debt-equity swap 股票回购 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 兼并与收购(MA) 兼并(merger)的定义:联合 A+B=C A+B=AB(或A) Times-Warner, HP-Compaq, Exxon-Mobile Daimler-Benz-Chrislyer(1998): the first globle stock 收购(acquisition)的定义 A+B=A*+B* Standard oil trust (Rockefeller) Control right leverage 格林柯尔系 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 并购(集团)控制链 金字塔(pyramidal structure) Ultimate shareholder 交叉持股(cross-holding) 亚洲金融社会 crony capitalism and relationship-based finance Family firm Politically-connected firm Suharto现象(Fisman,2001) Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 并购(集团)控制链 Which capitalism is better? Relationship vs. arm’s length Two dimensions Contractability and capital/opportunity Lessons from Asian financial crisis Zingales (1998) Financial transparency and ratchet effect Reform of accounting regulation: IAS Regulation of financial intermediary Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 并购(集团)控制链 控制权与所有权（现金流权利）的分离 激励和防御（朗咸平等，2000-2003） Incentive and entrenchment 控制权杠杆：separation of control right and cash flow right 两权分离程度的测度 激励扭曲 家族企业在亚洲、美国及西欧的不同表现 投资者保护制度的差异和重要性 亚洲金融危机的案例(谢军,2006,CH5,P66) Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyright 2004-2011 Aspose Pty Ltd. 并购(集团)控制链 控制权与所有权（现金流权利）的分离 控制权的私人利益(private benefit of control)和tunneling:关联方交易(self-deal)和利益侵夺 Tunneling (JLSV,2000)(谢军,2006,CH5,P65) 控制权转让溢价的国际比较(Rajan-Zingelas, 2004)(谢军,2006,p89) 控制权溢价和公司治理 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile . Copyrig