【摘要】 本文运用中国上市公司并购数据进行实证检验,分析在并购情境下目标公司控制权向股东、董事会和经理层配置对公司绩效的影响。研究表明:并购情境下与稳定环境下目标公司控制权配置侧重方向对公司绩效的影响存在较大差异。并购情境下,侧重股东配置控制权能够有效改善目标公司绩效,侧重董事会配置控制权对目标公司绩效有正向影响,而侧重经理层配置控制权则有损于目标公司绩效。更多还原

【Abstract】 This paper makes an empirical study by using the merger data of Chinese Listed Companies to analyze the effects on corporate performance while different configuration of the control rights of target companies to the shareholders, board and the management under the merger scenario. The study shows that: there is a big difference about the impacts that focus direction of control rights of target company on the corporate performance between the stable environment and the merger scenario. Under the merger scenario,the focus to the shareholders under the configuration of control rights can effectively improve the target company’s performance; the focus to the board has a positive impact on the target company’s performance; but the focus to the management is detrimental to the target company’s performance.更多还原