公司章程中反收购条款设置与公司价值  

The Antitakeover Provisions in the Articles of Association and the Firm Value

作　　者：张伟华[1] 姚艺 王春燕 ZHANG Wei-hua;YAO Yi;WANG Chun-yan(Business School,Beijing Technology and Business University,Beijing 100037)

机构地区：[1]北京工商大学商学院

出　　处：《中国软科学》2019年第10期129-144,共16页China Soft Science

基　　金：国家社科基金十九大专项重大项目(18VSJ068);国家社科基金项目(17BJY211);北京市属高校高水平教师队伍建设支持计划青年拔尖项目(CIT&TCD201804024)

摘　　要：随着国内资本市场敌意收购事件的频发,许多上市公司在公司章程中设置了反收购条款,本文以2007-2016年沪深两市A股上市公司为样本,通过PSM-DID的准自然实验法,实证检验了公司章程中设置反收购条款对公司价值的影响。研究发现,设置反收购条款对公司价值具有显著的负效应,进一步研究发现,设置反收购条款显著增加了第二类代理成本,但对第一类代理成本和研发投入无显著影响。因此,在我国大股东控股占主导的背景下,设置反收购条款维护了控股股东利益,使得实际控制人掏空上市公司的动机更强,不利于中小股东利益的保护。本文的研究为上市公司科学合理地设置反收购条款提供了可靠的经验证据,对监管机构加强上市公司监管、完善相关法律法规亦有重要意义。The frequent occurrence of hostile takeovers in the domestic capital market has caused many listed companies to add antitakeover provisions(ATPs)in their articles of association.Based on the sample of Chinese Shanghai and Shenzhen A-share listed companies from 2007 to 2016,we empirically examine the relationship between the antitakeover provisions and the firmvalue by using a quasi-natural experiment method(PSM-DID).The study finds that setting antitakeover provisions has a significant negative effect on firm value.It increases the second-category agency cost significantly but has no significant effect on the first-category agency costs and R&D investment.Therefore,under the background of China’s dominant shareholder holding system,setting antitakeover provisions will safeguard the interests of controlling shareholders,and can make actual controllers more motivated to raise the level of tunneling.The specific influence mechanism of the antitakeover provisions on the firm value is increasing the second-category agency costs,which ultimately impairs the company’s value.We also find that listed companies with the largest shareholder holding a low proportion of shares have more motivated to set up antitakeover provisions.Our study not only provides reliable empirical evidence for listed companies to set up antitakeover provisions scientifically and rationally,but also helps regulators to strengthen the supervision of listed companies and improve relevant laws and regulations.

关 键 词：反收购条款 公司价值 代理成本 

分 类 号：F273.4[经济管理—企业管理]