产权性质、公司价值与外资并购溢价——基于2002年—2009年外资并购上市公司股权的实证研究  

Ownership,Company Value and M&A Premium Paid by Foreign Acquirers——An Empirical Research on M&A Listed Companies' Shares by Foreign Acquirers from 2002 to 2009

作　　者：于健[1] 

机构地区：[1]辽宁大学商学院,辽宁沈阳110136

出　　处：《辽宁大学学报（哲学社会科学版）》2010年第5期29-36,共8页Journal of Liaoning University(Philosophy and Social Sciences Edition)

基　　金：国家社科基金资助项目(09BJY056);辽宁省社科基金资助项目(L07BJY027);辽宁大学"211工程"三期重点学科建设项目

摘　　要：本文采用实证研究的方法,选择2002—2009年外资并购我国上市公司股权的案例为样本,对外资并购溢价的主要影响因素进行了分析。研究发现上市公司的内在价值是外资并购溢价的最主要影响因素;相对于非国有股东而言,国有股东获得的外资并购溢价水平整体偏低,而且国有股东的代理成本与并购溢价呈负相关关系。只有缓解国有股东的代理问题,才能从根本上改变国有股权并购溢价偏低的现状。Based on empirical analysis,this paper selects foreign investors’ MA of listed Chinese com-panies’ shares from 2002 to 2009 as the sample,and probes into the main influence factors in the premium paid for MA by foreign acquirers.The research indicates that the prime influence factor of the premium is the intrinsic value of listed companies.As far as the premium paid for MA by Foreign Acquirers is con-cerned,the state-owned shareholders obtain lower premium than non-state-owned shareholders.There is a negative correlation between the agency cost of state-owned shareholders and the premium,and thus in order to change the current situation of lower premium fundamentally,China has to settle the problem of the agency cost of state-owned shareholders.

关 键 词：外资并购 溢价 产权性质 公司价值 

分 类 号：F830.59[经济管理—金融学]