机构投资者对公司并购的实证研究-来自中国证券市场的经验证据
首发时间:2016-03-30
摘要:本文基于2000~2014年期间4588起并购事件的微观数据,采用面板tobit模型和面板probit模型实证检验了并购公司的机构投资者持股比例,最大基金管理公司持股比例对并购交易价值的影响以及QFII持股比例对其发生跨国并购概率的影响。实证结果显示:(1)上市A股公司中机构投资者的持股比例越高,并购交易的价值就越大;(2)上市A股公司中最大基金管理公司持股比例越高,并购交易价值就越小;(3)上市A股公司中QFII持股比例越高,其作为并购公司就有越大的可能性参与跨国并购。该结论表明机构投资者积极参与了上市公司治理,因此政策当局应当继续坚持把大力发展机构投资者作为改善中国资本市场的重要战略内容,尤其注重对QFII制度的完善。
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The impact of institutional investors on mergers and acquisitions in China
Abstract:using 4588 M&As over 15 years periods 2000 to 2014, this paper verifies the impact of institutional investors on M&As via panel tobit and probit model. The results show that: (1) Total institutional ownership of acquiring firms has a positive relationship with the deal size of M&As;(2) The ownership stake of the largest fund management firm has a negative impact on the deal size of M&As;(3) Acquiring firms with greater concentration of QFII ownership have a higher probability to engage in cross-border M&As. The results indicate that institutional investors are actively involved in corporate governance, which have been fully validated in M&A transactions. Therefore, the authorities should stick to the policy of developing institutional investors to perfect Chinese capital market with particular emphasis on the improvement of QFII regulation.
Keywords: Finance Institutional Investors Cross-border M&As QFII
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No.4681919113769014****
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