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主并企业股权结构、市场竞争态势与兼并决策
  • 摘要

    本文运用产权理论、委托代理理论和企业竞争理论等研究了主并企业市场竞争态势和股权结构对企业兼并决策的影响,运用我国2008年至2013年之间的兼并样本数据进行了实证检验.研究发现,存在市场竞争优势的主并企业普遍倾向于兼并存在业务关联企业,反之则倾向于兼并不存在业务关联企业.国有产权企业的兼并模式决策是基于市场优势驱动的,非国有产权企业的兼并模式决策则是基于产品成本或管理效率优势驱动的.其次,国有主并企业财务业绩普遍没有非国有主并企业财务业绩表现好,但在兼并决策时国有主并企业经营风险却普遍高于非国有主并企业经营风险.最后,研究还发现主并企业非流动股比例越高,则兼并决策时经营风险就越小.

  • 作者

    徐斌  俞静  范兆臻 

  • 作者单位

    中央财经大学会计学院 100081/河海大学商学院 211100/中央财经大学国防经济与管理研究院 100081

  • 刊期

    2015年5期 PKU CSSCI

  • 关键词

    股权股本结构  企业竞争态势  企业兼并决策  业务关联  经营风险 

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