公司控制权市场的实证方向与研究展望
摘要
公司控制权市场作为一种外部公司治理机制,在分散股权时代再次引发关注。从明晰公司控制权的概念入手,详细回顾并评述近年来公司控制权市场的实证研究方向,并对其在我国的研究方向进行展望。
引文
[1]Aguilera R V,Desender K,Bednar M K,Lee J H.Connecting the Dots:Bringing External Corporate Governance into the Corporate Governance Puzzle[J].Academy of Management Annals,2015,9(01):483-573.
[2]Manne H G.Mergers and the Market for Corporate Control[J].Journal of Political Economy,1965,73(02):110-120.
[3]Fama E F,Jensen,M.C.Separation of Ownership and Control[J].The Journal of Law and Economics,1983,26(02):301-325.
[4]Jensen M C,Ruback R S.The Market for Corporate Control:The Scientific Evidence[J].Journal of Financial Economics,1983,11(01-04):5-50.
[5]Jensen M C.Takeovers:Their Causes and Consequences[J].The Journal of Economic Perspectives,1988,2(01):21-48.
[6]Dalton D R,Hitt M A,Certo S T,Dalton C M.The Fundamental Agency Problem and Its Mitigation Independence,Equity,and the Market for Corporate Control[J].The Academy of Management Annals,2007,1(01):1-64.
[7]Bertrand M,Mullainathan S.Enjoying the Quiet life Corporate Governance and Managerial Preferences[J].Journal of Political Economy,2003,111(05):1043-1075.
[8]King D R.,Dalton D R.,Daily C M,Covin J G.Meta-analyses of Post-acquisition Performance Indications of Unidentified Moderators[J].Strategic Management Journal,2004,25(02):187-200.
[9]Giroud X,Mueller H M.Corporate Governance,Product Market Competition,and Equity Prices[J].The Journal of Finance,2011,66(02):563-600.
[10]Edmans A,Goldstein I,Jiang W.The Real Effects of Financial Markets The Impact of Prices on Takeovers[J].The Journal of Finance,2012,67(03):933-971.
[11]Ma G,Michayluk D.Takeovers and the Market for Corporate Control in Japanese REITs[J].Journal of Real Estate Literature,2015,23(01):115-138.
[12]Ahuja G,Katila R.Technological Acquisitions and the Innovation Performance of Acquiring Firms A Longitudinal study[J].Strategic Management Journal,2001,22(03):197-220.
[13]Capron L,Pistre N.When Do Acquirers Earn Abnormal Returns?[J].Strategic Management Journal,2002,23(09):781-794.
[14]Uhlenbruck K,Hitt M A,Semadeni M.Market Value Effects of Acquisitions Involving Internet Firms:A Resource-based Analysis[J].Strategic Management Journal,2006,27(10):899-913.
[15]Fuller K,Netter J,Stegemoller M.What Do Returns to Acquiring Firms Tell Us Evidence from Firms that Make Many Acquisitions[J].The Journal of Finance,2002,57(04):1763-1793.
[16]Tuch C,O’Sullivan N.The Impact of Acquisitions on Firm Performance A Review of the Evidence[J].International Journal of Management Reviews,2007,9(02):141-170.
[17]Arikan A M,Stulz R M.Corporate Acquisitions,Diversification,and the Firm’s Life Cycle[J].The Journal of Finance,2016,71(01):139-194.
[18]Varaiya N P,Ferris K R.Overpaying in Corporate Takeovers The Winner’s Curse[J].Financial Analysts Journal,1987,43(03):64-70.
[19]Cotter J F,Shivdasani A,Zenner M.Do Independent Directors Enhance Target Shareholder Wealth During Tender Offers[J].Journal of Financial Economics,1997,43(02):195-218.
[20]赵增耀,刘新权.西方关于公司控制权市场的争论及启示[J].经济学动态,2002(05).
[21]Goergen M,Renneboog L.Shareholder Wealth Effects of European Domestic and Cross-border Takeover Bids[J].European Financial Management,2004,10(01):9-45.
[22]Sudarsanam S,Mahate A A.Are Friendly Acquisitions Too Bad for Shareholders and Managers Long-Term Value Creation and Top Management Turnover in Hostile and Friendly Acquirers[J].British Journal of Management,2006,17(01):7-30.
[23]Travlos N G.Corporate Takeover Bids,Methods of Payment,and Bidding Firms’Stock Returns[J].The Journal of Finance,1987,42(04):943-963.
[24]Draper P,Paudyal K.Corporate Takeovers:Mode of Payment,Returns and Trading Activity[J].Journal of Business Finance&Accounting,1999,26(05):521-558.
[25]Dong M,Hirshleifer D,Richardson S,Teoh S H.Does Investor Misvaluation Drive the Takeover Market[J].The Journal of Finance,2006,61(02):725-762.
[26]Moeller S B,Schlingemann F P,Stulz R M.Wealth Destruction on a Massive Scale A Study of Acquiring-Firm Returns in the Recent Merger Wave[J].The Journal of Finance,2005,60(02):757-782.
[27]Conn R L,Cosh A,Guest P M,Hughes A.The Impact on UK Acquirers of Domestic,Crossborder,Public and Private Acquisitions[J].Journal of Business Finance&Accounting,2005,32(05):815-870.
[28]陈红.公司控制权市场国内研究综述[J].经济学动态,2005(06).
[2]Manne H G.Mergers and the Market for Corporate Control[J].Journal of Political Economy,1965,73(02):110-120.
[3]Fama E F,Jensen,M.C.Separation of Ownership and Control[J].The Journal of Law and Economics,1983,26(02):301-325.
[4]Jensen M C,Ruback R S.The Market for Corporate Control:The Scientific Evidence[J].Journal of Financial Economics,1983,11(01-04):5-50.
[5]Jensen M C.Takeovers:Their Causes and Consequences[J].The Journal of Economic Perspectives,1988,2(01):21-48.
[6]Dalton D R,Hitt M A,Certo S T,Dalton C M.The Fundamental Agency Problem and Its Mitigation Independence,Equity,and the Market for Corporate Control[J].The Academy of Management Annals,2007,1(01):1-64.
[7]Bertrand M,Mullainathan S.Enjoying the Quiet life Corporate Governance and Managerial Preferences[J].Journal of Political Economy,2003,111(05):1043-1075.
[8]King D R.,Dalton D R.,Daily C M,Covin J G.Meta-analyses of Post-acquisition Performance Indications of Unidentified Moderators[J].Strategic Management Journal,2004,25(02):187-200.
[9]Giroud X,Mueller H M.Corporate Governance,Product Market Competition,and Equity Prices[J].The Journal of Finance,2011,66(02):563-600.
[10]Edmans A,Goldstein I,Jiang W.The Real Effects of Financial Markets The Impact of Prices on Takeovers[J].The Journal of Finance,2012,67(03):933-971.
[11]Ma G,Michayluk D.Takeovers and the Market for Corporate Control in Japanese REITs[J].Journal of Real Estate Literature,2015,23(01):115-138.
[12]Ahuja G,Katila R.Technological Acquisitions and the Innovation Performance of Acquiring Firms A Longitudinal study[J].Strategic Management Journal,2001,22(03):197-220.
[13]Capron L,Pistre N.When Do Acquirers Earn Abnormal Returns?[J].Strategic Management Journal,2002,23(09):781-794.
[14]Uhlenbruck K,Hitt M A,Semadeni M.Market Value Effects of Acquisitions Involving Internet Firms:A Resource-based Analysis[J].Strategic Management Journal,2006,27(10):899-913.
[15]Fuller K,Netter J,Stegemoller M.What Do Returns to Acquiring Firms Tell Us Evidence from Firms that Make Many Acquisitions[J].The Journal of Finance,2002,57(04):1763-1793.
[16]Tuch C,O’Sullivan N.The Impact of Acquisitions on Firm Performance A Review of the Evidence[J].International Journal of Management Reviews,2007,9(02):141-170.
[17]Arikan A M,Stulz R M.Corporate Acquisitions,Diversification,and the Firm’s Life Cycle[J].The Journal of Finance,2016,71(01):139-194.
[18]Varaiya N P,Ferris K R.Overpaying in Corporate Takeovers The Winner’s Curse[J].Financial Analysts Journal,1987,43(03):64-70.
[19]Cotter J F,Shivdasani A,Zenner M.Do Independent Directors Enhance Target Shareholder Wealth During Tender Offers[J].Journal of Financial Economics,1997,43(02):195-218.
[20]赵增耀,刘新权.西方关于公司控制权市场的争论及启示[J].经济学动态,2002(05).
[21]Goergen M,Renneboog L.Shareholder Wealth Effects of European Domestic and Cross-border Takeover Bids[J].European Financial Management,2004,10(01):9-45.
[22]Sudarsanam S,Mahate A A.Are Friendly Acquisitions Too Bad for Shareholders and Managers Long-Term Value Creation and Top Management Turnover in Hostile and Friendly Acquirers[J].British Journal of Management,2006,17(01):7-30.
[23]Travlos N G.Corporate Takeover Bids,Methods of Payment,and Bidding Firms’Stock Returns[J].The Journal of Finance,1987,42(04):943-963.
[24]Draper P,Paudyal K.Corporate Takeovers:Mode of Payment,Returns and Trading Activity[J].Journal of Business Finance&Accounting,1999,26(05):521-558.
[25]Dong M,Hirshleifer D,Richardson S,Teoh S H.Does Investor Misvaluation Drive the Takeover Market[J].The Journal of Finance,2006,61(02):725-762.
[26]Moeller S B,Schlingemann F P,Stulz R M.Wealth Destruction on a Massive Scale A Study of Acquiring-Firm Returns in the Recent Merger Wave[J].The Journal of Finance,2005,60(02):757-782.
[27]Conn R L,Cosh A,Guest P M,Hughes A.The Impact on UK Acquirers of Domestic,Crossborder,Public and Private Acquisitions[J].Journal of Business Finance&Accounting,2005,32(05):815-870.
[28]陈红.公司控制权市场国内研究综述[J].经济学动态,2005(06).