【作者】 杜燕君；

【导师】 张本照；

【作者基本信息】 合肥工业大学 ， 区域经济学， 2013， 硕士

【副题名】基于实施反收购上市公司的数据

【摘要】 随着经济全球化和股权主义的日益兴起，近年来，股权结构、公司治理与经营绩效的研究一直是公司金融学研究的热点问题。股权分置改革的完成，使得敌意收购变得异常活跃，而国内收购市场因为起步较晚，发展很不完善，很多上市公司被敌意收购，优质资产最终被掏空。所以从公司治理的角度去研究反收购，分析以往国内实施反收购的上市公司股权结构、公司治理方面的一些特点，对其进行总结，可以给上市公司在未来的发展提供理论依据，使其更好地完善公司治理，从而避免被恶意收购。本文以实施反收购的国内上市公司为研究样本，选取了样本公司实施反收购前三年和后三年的数据，之所以选取这样的数据，是因为实施反收购之后有一个过渡期，通过对这两个期间的分析，可以更为准确的了解样本公司的股权结构、公司治理特征。文中首先使用因子分析法求出样本公司的综合经营绩效，然后将股权结构、公司治理方面的指标与综合经营绩效分别进行回归，从而推出样本公司在股权结构等方面存在的一些特点，比如样本公司的股权比较分散，大多集中在社会公众和易于流通的法人手中，随着这类股权的增加，公司的经营绩效不断变差，从而易成为敌意收购目标；而在公司治理方面，得出样本公司只是按照公司法的要求对董事会和监事会进行设置，并未使其在公司治理中真正发挥功效，最终出现董事会人数、监事会人数、独立董事比例等对公司经营绩效均未产生显著影响。针对这些特点，本文对上市公司提出一些政策及建议。更多还原

【Abstract】 With theEconomic Globalization andthe increasing riseofequit, inrecentyears,the relationship of Ownership Structure, CorporateGovernanceandManagementPerformancehas beena hot issueofCorporate Finance.The completionof the split share structure reformmakesthe hostile takeover becoming veryactive.Because of the late start, the development of domestic acquisition market isfar from perfect, many listed companies is hostile takeovered, high-quality assetswill ultimately be emptied, so from a corporate governance perspective to study theanti-acquisition, analysis and summarize some of the features of the domestic listedcompanies’ Ownership Structure and Corporate Governance which implementanti-takeover measures, can provide a theoretical basis to the listed companies inthe future development, better improve corporate governance,and avoid hostiletakeover acquire.This paper chooses the domestic listed companies which implementanti-takeover measures as samples, takes the data of the samples’ three years beforeand three years after the implementation of anti-takeover, As the result of thetransition period of the implementation of anti-takeover, through the analysis of thetwo period,wecan more accurately understand the character of corporategovernance and ownership structure. The article firstly evaluates the sample’sconsolidated operating performance by the method of factor analysis; and thenregression the indicators of Ownership Structure, Corporate Governance andManagement Performance, in order to introducesome of the features of the samplecompanies in the equity structure, such as the equity of the samples company isscattered, mostly concentrated in the hands of the public and the corporate ease ofcirculation, and with the increase of such options, the company’s operatingperformance continues to deteriorate, thus easily becomes the target of a hostiletakeover; The results show that: the samples set the Board of Directors and theBoard of Supervisors simply accordance with the requirements of the CompanyLaw.And they did not have the real effective on Corporate Governance, at last cause the number of Board of Directors, the number of the board of supervisors, theproportion of independent directors having no significant impacton theManagementPerformance of the company.For these characteristics, this article putforward a number of recommendations and proposals for improvingCorporateGovernance of the listed companies.更多还原