不同控制权结构下内部并购对托宾Q值的影响.PDF

理论综合 不同控制权结构下内部并购对托宾Q值的影响 陈健 贾隽 郭添添 (西安工业大学经济管理学院，陕西 西安 710032) 摘要：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。 关键词：控制权结构；内部并购；托宾Q值；企业集团 Abstract: Based on the events of internal mergers and acquisitions of listed companies in their business groups, this paper analyzes the impact of internal MAs on Tobins 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 MAs. 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 MAs 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 MAs, 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 MAs. Key words: control structure; internal mas; tobin’s Q; business group 作者简介： 陈健，工商管理博士、金融学博士后，西安工业大学经济管理学院副教授、金融研究所所长，研究方向：公司 治理、金融市场、知识产权融资、企业并购、资产估值等。贾隽，女，西安工业大学经济管理学院副教授，研究方向：企 业管理、人力资源管理。郭添添，女，西安工业大学经济管理学院硕士生。 中图分类号：F832.5 文献标识码：A 研究。许多关于并购的研究由于没有区分内部并购和外 引言 部并购的数据，将内部并购与一般的外部并购行为混同