论文标题:公司控制权市场及其发展的影响因素研究
Research on the Market for Corporate Control and Influencing Factors of Its Development
论文作者
论文导师 崔永梅,论文学位 硕士,论文专业 会计学
论文单位 北京交通大学,点击次数 56,论文页数 94页File Size9708K
2007-04-01论文网 http://www.lw23.com/lunwen_353284917/
the market for corporate control;mergers & acquisitions; macro-economy; law; industry shocks; cross-border ownership structure;corporate culture
20世纪90年代以来,随着全球经济一体化的不断发展,世界贸易、资本流动不断增强,特别是在国际资本流动过程中,控制权市场活动异常活跃,促进了资源优化配置和产业结构调整。与此同时,中国经济正逐步成为亚太地区乃至全球经济关注的焦点。随着股权分置改革,中国的资本市场、股权结构都在发生变化,政治、经济、法律环境都在向着有利于控制权市场发展的方向推进。 大量文献对公司控制权市场及其发展的影响因素从不同角度进行了研究,得出结论也不尽相同。在实践中,由于公司控制权市场的形成具有很强的“路径依赖性”,不同国家的并购活动的动机,交易频率及其交易类型受到不同国家经济体系和制度因素的影响,本文旨在通过内外两个角度对世界各国控制权市场及其发展的影响因素进行研究,构建一个动态综合模型,以预期对中国控制权市场的发展和完善予以指导和借鉴。 本文首先回顾了各国控制权市场的历史变迁,其次对1991-2005年世界各国控制权市场交易特征进行了较为全面和系统的比较研究,在此基础上,分别从内部和外部两个角度对控制权市场及其发展的影响因素进行了比较研究和文献研究:在第三章具体考察外部因素时,主要从宏观经济、法律、产业以及跨国交易四个方面对不同国家逐一考察;在第四章进行内部因素研究时,主要从股权结构和企业文化两个角度进行比较研究。最后通过归纳演绎构建了控制权市场及其发展影响因素的动态综合模型并探讨了该模型对中国控制权市场发展的启示。本文通过研究得出控制权市场及其发展受到外部因素和内部因素的共同作用,与此同时还需要配合微观主体能动性,才能使控制权市场作用发挥效力。综观国外成熟公司控制权市场,其发挥功效必须具备产权自由交易、股权相对分散、证券市场运行规范及限制金融机构持股等四个条件。 从我国目前的现实来看,我国公司控制权市场有效运行的条件在逐步形成和完善过程中。理论上讲,公司控制权市场实现有效运作,重要的是完善资本市场,建立健全相关法律法规,前者是基础,后者是保障。正如构建模型所示,只有微观主体和宏观环境相互作用才能最终促进控制权市场的发展。
With the rapid development of the global economy, the world commerce and capital flows have experienced a booming process Since the late 1990s, the prosperity activity of the market for corporate control has greatly contributed to optimum allocations resources and industry restructuring .Meanwhile, China economy has been becoming the focus in Asian-Pacific region, even in the whole world, and the environment of macro-economy, law, political has improved favorably with the reform of stockholding segmentation,, which strengthen the healthy development of the market for corporate control in china . Previous research has studied the factors from different perspective but hasn’t come to consensus, meanwhile in practice the formation and development of the market for corporate control has strong“path dependence”characteristic, the transaction timing and frequency as well as type are subjected to different economy system and institution and other related factors in different countries. The dissertation is attempted to construct an integrated frame model to explain the influence factors of it and bring implications to the development of the market for corporate control in china. The paper first reviews the history and compares the transitions characteristics quite comprehensively and systematically between 1991and2005 of the market for corporate control in different countries, basing on it, in chapter 3 and 4, the paper respectively probes into the specific factors from two dimensions, namely external and internal angle adopting comparative study and document study. As to the former, the thesis compares the different countries from macro-economy, law and legislation, industry shocks and cross-border factors, and the latter, mainly from the angle of ownership structure and corporate culture, through the above comprehensively compare analysis, in chapter 5, the article deducts the dynamics and integrated model of influencing factors and explore its implication to the market for corporate control in china, in chapter 6, the paper draws the conclusion: the development of the market for corporate control is affected factors from outside and inside ,in addition to the active role of micro-party,only through which ,the function will take into effect. Reviewing the development of it in developed countries, to provide the environment such as free Assets and Equity Exchange, comparatively dispersion ownership structure, regular securities market and the limit to finance agency of its holding stock is necessary .As far
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