中国的并购和价格操纵

IF 0.4 4区经济学 Q4 ECONOMICS

Ekonomicky Casopis Pub Date : 2021-03-25 DOI:10.31577/EKONCAS.2021.03.01

Chen Cuiping, J. Fidrmuc, Fabian Reck

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引用次数: 0

摘要

近年来，并购在中国企业中非常流行，其中许多并购的溢价都很高。本文从价格操纵的角度实证分析了高溢价并购的动因。样本包括1013家在上海和深圳证券交易所上市的中国公司，时间跨度为2013年至2018年。研究结果表明，大股东对中小投资者成本的利益追求是公司并购的关键决定因素。相比之下，经济协同效应并不是并购的主导因素。因此，中国市场监管部门有必要进行法律改革，以保护中小投资者。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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M&As and Price Manipulations in China

In recent years, M&As have become popular among Chinese companies, with many of them receiving a high premium. This paper empirically analyzes the motivation of high-premium M&As from the perspective of price manipulations. The sample consists of 1,013 Chinese companies, listed on the Shanghai and Shenzhen stock exchange, and covers the period from 2013 to 2018. Our results indicate that benefit seeking of major shareholders on the costs of minor investors is a key determinant for the merger of companies. In comparison, economic synergy effects are not the predominant factor of M&As. Therefore, legal reforms by the Chinese Market Supervisory Department are necessary to protect smaller investors.

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来源期刊

Ekonomicky Casopis ECONOMICS-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： Journal of Economics, Institute of Economic Research of Slovak Academy of Sciences, Šancová 56, 811 03 Bratislava 1, Slovak Republic The Journal is monitored by Social Sciences Citation Index, Current Contents/Social and Behavioural Sciences and by electronic EconLit Index.