国家公司治理水平与跨境并购目标企业收益
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财经研究 2009 年 第 35 卷第 09 期, 页码：49 - 59
摘要
参考文献
摘要
文章分析了收购方所处国家的公司治理水平对跨境并购目标企业收益的影响。数据显示,收购方所处国家对股东权利保护的程度与目标企业宣告期收益显著正相关,而其他指标,如法律起源、债权人权利、会计准则和执法效力则对目标企业的宣告期收益没有显著影响。
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[14]La Porta R,F Lopez-de-Silanes,AShleifer,R WVishny.Investor protection and corpo-rate valuation[J].Journal of Finance,2002,57:1147-1171.
[15]Liao L,Y Zeng,J Zhang.Foreign acquisitions,culture distance and shareholder’s re-turnin target firms[J].China Finance Review,2008,(2):53-68.
[16]Martynova M,L Renneboog.Spillover of corporate governance standards as a takeover synergy in cross-border mergers and acquisitions[J].Journal of Corporate Finance,2008,14:200-223.
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[18]Wurgler J.Financial markets and the allocation of capital[J].Journal of Financial Eco-nomics,2000,58:187-214.
[2]Ball R,P Kothari,A Robin.The effect of international institutional factors on properties of accounting earnings[J].Journal of Accounting and Economics,2000,29:1-51.
[3]Bris A,N Brisley,C Cabolis.Adopting better corporate governance:Evidence from cross-border mergers[J].Journal of Corporate Finance,2008,14:224-240.
[4]Cheng LT W,K C Chan.A comparative analysis of the characteristics of international takeovers[J].Journal of Business Finance&Accounting,1995,22:637-657.
[5]Gregory A,S McCorriston.Foreign acquisitions by UKlimited companies:Short-and long-run performance[J].Journal of Empirical Finance,2005,12:99-125.
[6]Harris R S,D Ravenscraft.The role of acquisitions in foreign direct invest ment:Evi-dence fromthe U.S.stock market[J].Journal of Finance,1991,46:825-844.
[7]Hofstede G.Culture’s consequences:International differences in work related values[M].Sage Publications,Beverly Hills,CA.1980.
[8]Kang J.The international market for corporate control:Mergers and acquisitions of U.S.firms by Japanese firms[J].Journal of Financial Economics,1993,34:345-371.
[9]Kiymaz H,T K Mukherjee.The impact of country diversification on wealth effects in cross-border mergers[J].The Financial Review2000,35:37-58.
[10]La Porta R,F Lopez-de-Silanes,R W Vishny.Corporate ownership around the world[J].Journal of Finance,1999,54:471-517.
[11]La Porta R,F Lopez-de-Silanes,A Shleifer,R W Vishny.Legal determinants of exter-nal finance[J].Journal of Finance,1997,52:1131-1150.
[12]La Porta R,F Lopez-de-Silanes,A Shleifer,R W Vishny.Lawand finance[J].Journal of Political Economy,1998,106:1113-1155.
[13]La Porta R,F Lopez-de-Silanes,A Shleifer,R W Vishny.Agency problems and divi-dend policies around the world[J].Journal of Finance,2000,55:1-33.
[14]La Porta R,F Lopez-de-Silanes,AShleifer,R WVishny.Investor protection and corpo-rate valuation[J].Journal of Finance,2002,57:1147-1171.
[15]Liao L,Y Zeng,J Zhang.Foreign acquisitions,culture distance and shareholder’s re-turnin target firms[J].China Finance Review,2008,(2):53-68.
[16]Martynova M,L Renneboog.Spillover of corporate governance standards as a takeover synergy in cross-border mergers and acquisitions[J].Journal of Corporate Finance,2008,14:200-223.
[17]Rossi S,P Volpin,Cross-country determinants of mergers and acquisitions[J].Journal of Financial Economics,2004,74:277-304.
[18]Wurgler J.Financial markets and the allocation of capital[J].Journal of Financial Eco-nomics,2000,58:187-214.
引用本文
张俊生, 曾亚敏. 国家公司治理水平与跨境并购目标企业收益[J]. 财经研究, 2009, 35(9): 49–59.
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