吳興宇a,王滿a,b.“ao)誆bu)治理”與“ba)獠bu)監管(guan)”bao)汗泄gu)東(dong)在民營企業dang)bing)購(gou)中的(de)雙重身份(fen)[J].南京審計學院學報(bao),2021,(2):
“ao)誆bu)治理”與“ba)獠bu)監管(guan)”bao)汗泄gu)東(dong)在民營企業dang)bing)購(gou)中的(de)雙重身份(fen)
  
DOI︰
中文關(guan)鍵詞(ci):  企業dang)bing)購(gou)  代(dai)理成(cheng)本(ben)  民營企業  國有股(gu)東(dong)  內部(bu)治理  外部(bu)監管(guan)  內部(bu)控制質量
英文關(guan)鍵詞(ci):enterprise M&A; agency cost  private enterprise  state-owned shareholder  internal governance  external supervision  internal control quality
基金項目:國家社會科學基金項目(19BGL066)
作者單(dan)位
吳興宇a,王滿a,b 東(dong)北(bei)財(cai)經大(da)學 a.會計學院
b.中國內部(bu)控制研究中心遼寧 大(da)連 116025 
摘要點(dian)擊次(ci)數: 144
全文下載次(ci)數: 160
中文摘要:
      以混合所有制改(gai)革為背(bei)景ai) cai)用2005—2018年滬深A股(gu)民營上市公(gong)司數據,考察(cha)民營企業di)幸牘泄gu)東(dong)參與治理對(dui)其並(bing)購(gou)過程中代(dai)理成(cheng)本(ben)的(de)影ba)歟 bing)分(fen)析二(er)者之間的(de)作用機制。結果顯示︰國有股(gu)東(dong)能夠(gou)以外部(bu)大(da)股(gu)東(dong)和政府(fu)監管(guan)者的(de)雙重身份(fen),通過加強內部(bu)治理和外部(bu)監管(guan)的(de)作用顯著降dang)兔裼 笠擋(dang)bing)購(gou)過程中的(de)代(dai)理成(cheng)本(ben),其中,委派董(dong)事可以緩解第(di)一類代(dai)理問題;股(gu)權制衡可以緩解第(di)二(er)類代(dai)理問題。這種作用關(guan)系di)詰di)區法(fa)制化水平、行業dao)赫潭du)和內部(bu)控制質量低(di)的(de)情況下更(geng)為顯著。
英文摘要:
      Taking mixed ownership reform as the background,using the data of Shanghai and Shenzhen A-share private listed companies from 2005 to 2018, this paper examines the impact of state-owned shareholders’ participation in governance on the agency costs of M&A in private enterprises, and analyzes the mechanisms between the two. The results show that the state-owned shareholders, as the dual status of an external major shareholder and a government regulator, can significantly reduce the private enterprises’ M&A agency costs by strengthening internal governance and external supervision, in which the appointment of directors can alleviate the first type of agency problem and equity balance can alleviate the second type of agency problem.Further analysis finds that this interaction is more significant in the case of lower levels of regional legalization, industry competition, and the quality of internal control.
查(cha)看ci) /u>  下載PDF閱讀(du)器
關(guan)閉
可以赌足球的-可以赌足球的网站-可以赌足球的网页 | 下一页