共同控制下的企业合并:协同效应还是财富转移——第一百货吸收合并华联商厦的案例研究  

The Merger of Enterprises under the Common Control of Big Shareowners:Is it the Effect of Coordination? Or Transfer of Wealth?

作　　者：朱红军[1] 杨静[1] 张人骥[2] 

机构地区：[1]上海财经大学 [2]上海国家会计学院

出　　处：《管理世界》2005年第4期116-131,共16页Journal of Management World

基　　金：上海财经大学会计与财务研究院资助;上海市重点学科经费支持;上海市哲学社会科学规划课题(2004BJB007)

摘　　要：本文以第一百货吸收合并华联商厦为例,分析了共同控制下的企业合并与公司治理之间的关系。通过对合并方式、换股比例以及现金选择权等内容的分析,我们发现在大股东完全控制下的企业合并并没有实现合并的协同效应,而是将流通股股东的财富转移到了大股东手中。当地方政府充当了大股东角色时,这种财富转移不仅反映了大股东的控制权收益,更体现了政府对公司治理的影响。因此,规范政府治理是当前经济转型中的一个关键步骤,也是规范公司治理和完善证券市场的前提和基石。Taking the absorption of the First Department Store limited Corporation, Shanghai, by Shanghai Hualianshangsha Limited Corporation, we will in this article analyze the relationship between the big-shareowners-controlled merger of enterprises and the management of companies. By analyses of merging modes, the proportion of exchange of stocks, and the selection option, we have found that the merger under the complete control of big shareowners has not at all materialized the effect of merger, and that, as a result, the wealth of floating stock owners has been transferred to the hands of big stock owners.When the local governments have taken the role of big stockowners, this shift of wealth not only reflects the yield by means of the controlling power of big shareowners; it also, what is more, embodies the governments' influence upon company management. In the period of economic transformation, therefore, the regularization of governmental control is, at present, not only a key step, but also the prerequisite for and the foundation stone of normalizing company control and perfecting securities markets.

关 键 词：财富转移 企业合并 华联商厦 吸收合并 第一百货 协同效应 案例研究 公司治理 流通股股东 控制权收益 大股东 合并方式 换股比例 地方政府 经济转型 政府治理 证券市场 选择权 现金 基石 

分 类 号：F721[经济管理—产业经济]