国家公司治理水平与跨境并购目标企业收益  

Corporate Governance Level and the Return of Target Enterprises in Cross-border Mergers and Acquisitions

作　　者：张俊生[1] 曾亚敏[2] 

机构地区：[1]中央财经大学会计学院,北京100081 [2]南开大学商学院,天津300071

出　　处：《财经研究》2009年第9期48-58,共11页Journal of Finance and Economics

基　　金：国家社会科学基金资助项目(08CJY049);教育部人文社会科学基金资助项目(07JC790021);中国博士后特别基金资助(200801088)

摘　　要：文章分析了收购方所处国家的公司治理水平对跨境并购目标企业收益的影响。数据显示,收购方所处国家对股东权利保护的程度与目标企业宣告期收益显著正相关,而其他指标,如法律起源、债权人权利、会计准则和执法效力则对目标企业的宣告期收益没有显著影响。The paper analyzes the effect of the corporate governance level of the countries that the bidders belong to on the return of target enterprises in cross-border mergers and acquisitions The data show the investor protection degree in the countries that the bidders belong to positively affects the return of target enterprises during the announcement period, but other indicators such as legal origin, the rights of creditors, accounting standards and law enforcement, have no significant effects on the return of target enterprises.

关 键 词：跨境并购 投资者保护 股东权利 

分 类 号：F275[经济管理—企业管理]