股权结构、大股东变更与收购公司竞争优势──来自中国上市公司的经验证据  

Ownership Structure, Large Shareholder Alteration and Competitive Advantage of Chinese Acquiring Corporation

作　　者：宋献中[1] 周昌仕[1] 

机构地区：[1]暨南大学管理学院

出　　处：《财经科学》2007年第5期32-40,共9页Finance & Economics

基　　金：国务院侨办人文社会科学项目"企业竞争优势;价值链优化与财务管理模式研究"(批准号:04CQBYB003)的阶段性成果。

摘　　要：公司并购的主要目的在于获得竞争优势,但能否取得竞争优势在一定程度上取决于股东监督并购公司资源整合的有效性。实证结果表明,虽然收购公司总体上没有获得长期竞争优势,但不同类型的并购存在较大的差异;公司竞争优势与法人股比例显著正相关,与流通股比例和国有股比例的相关关系不显著;收购前后第一大股东变更的收购公司的竞争优势明显。培育非国有股大股东,减少地方政府干预,限制关联并购中的投机性,有助于增强公司竞争优势。The main motivation of enterprises＇ M＆A is to obtain competitive advantage, however, whether the acquiring companies gain advantage depends on the effectiveness of shareholders＇ supervision to a certain extent. The result of empirical study though they don＇t gain long- term competitive advantage as a whole, the difference is larger between different types of M＆As; their advantage is significantly and positively related to the percentage of legal - person shares and insignificantly to that of state - owned shares or tradable shares; those acquiring companies whose largest shareholders alter after M＆A gain more advantage. So it helps improve their advantage to foster non - state - owned large holders, reduce local government＇s interference, and restrict the speculation during the course of M＆A.

关 键 词：收购公司 股权结构 大股东变更 竞争优势 

分 类 号：F279.2[经济管理—企业管理] F224[经济管理—国民经济]