38-大股东主导下的资产重组上市公司效率与股东利益均衡.docVIP

大股东主导下的资产重组、上市公司效率与股东利益均衡 ——基于中国重组类整体上市案例的研究 黄建欢1 杨晓光2,3 尹筑嘉2 （1.湖南大学经济与贸易学院，湖南长沙410079； 2.湖南省金融工程与金融管理研究中心，湖南长沙410114； 3.中国科学院数学与系统科学研究院，北京100190） 作者简介： 黄建欢，男，1974- ，经济学博士，湖南大学经济与贸易学院副教授，研究方向为资本市场与公司治理。 ，男，理学博士中国科学院数学与系统科学研究院。 尹筑嘉，女，1979-，经济学博士，，研究方向为公司。 尹筑电子邮箱：yinzhujia@126.com。通信地址：湖南长沙，长沙理工大学经济与管理学院基金支持：国家社会科学基金项目（10CGL039）教育部人文社科基金项目（09YJA790064）09YJC90231），湖南省社科基金项目（08YBA165），2009年度湖南省高校创新平台开放基金项目 (09K065) 摘要：事件研究法、改进的FA-DEATobit 回归模型等方法，整体上市前后样本公司的及其影响因素研究。来自个方面的证据表明：规模未带来收益和效率的注入资产与上市公司原有资产相比并非优质资产整体上市意味着可能成为股东侵占小股东利益的途径，也不宜将整体上市作为改善绩效的特效药，有必要重新评估和完善相关政策。 关键词：整体上市 Asset Injection Dominated by Major Shareholder, Efficiency of Listed Company and the Equilibrium of Shareholders Benefits: A Study based on Cases of Chinese Reorganizing Holistic Listing between 2004-2007 Abstract: Holistic Listing is a kind of reorganization dominated by major shareholder. Firstly, by using Event Study Method, improved FA-DEA and Tobit regression Method, this paper empirically tests the efficiency changes of sample companies before and after holistic listing and their influencing factors. Then a theory model is constructed to explain the empirical results. The empirical results show that although holistic listing increases the controlling proportion of listed company for major shareholder and expands the operation scale in the short-term, it does not accordingly bring the improvement of profit and efficiency and excess earning for their long-term investors. The regression also finds that holistic listing and the state-owned property of major shareholder have negative influence on company efficiency. The theory model indicates that the new asset injected by major shareholder is likely to be “bad asset” in contrast to the old asset of listed company, and the new asset doesn’t bring newly created value. So, the seeming “propping” may be “tunneling” in fact. The findings mean holistic listing may become a new way for major shareholder to seize minor shareholde