"雙城記" : 內地和香港上市的中國企業收購績效比較

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"雙城記" : 內地和香港上市的中國企業收購績效比較

 

Author: 王曉初
Wang, Xiaochu
Title: "雙城記" : 內地和香港上市的中國企業收購績效比較
"Shuang cheng ji" : nei di he Xianggang shang shi de Zhongguo qi ye shou gou ji xiao bi jiao
Tales of the two markets : a comparison of acquiring firms' performances in Mainland China and Hong Kong
Degree: D.B.A.
Year: 2005
Subject: Hong Kong Polytechnic University -- Dissertations
Consolidation and merger of corporations -- China
Department: Graduate School of Business
Pages: xiii, 178 leaves : ill. (some col.) ; 30 cm
Language: Chinese
InnoPac Record: http://library.polyu.edu.hk/record=b2065517
URI: http://theses.lib.polyu.edu.hk/handle/200/2633
Abstract: In recent years, various publicly listed Chinese enterprises have made many acquisitions in the capital markets of mainland China as well as overseas. The studies of agency theory showed that the existence of agency problems results in the motive of acquisitions by enterprises not being for maximization of the firm value, but more often for other factors. This has prompted the consideration in this paper of the external and internal governance mechanisms of publicly listed companies. As a number of Chinese enterprises have their listing in mainland China and Hong Kong respectively, they have to comply with different external corporate governance mechanisms of the listing locations as well as their different requirements for internal governance mechanisms of companies. This provides an opportunity and conditions for studying the impact of different governance mechanisms on the behavior of acquisitions. This paper will study and examine the difference in acquisition performance of enterprises operating in the same country and system, but with different listing locations and investor protection environments. In addition, it will also examine the impact of different external and internal corporate governance mechanisms on the acquisition performance of companies. It would provide a basis of empirical study for improving the internal governance mechanisms of Chinese enterprises, especially the stated-owned enterprises and for enhancing the external regulations and policies of the capital markets in mainland China. The results of this study show: 1. Acquisitions are value-decreasing activities, supporting the effect of agency problems on acquisitions by enterprises; 2. Difference in legal protection environments for investors is the main cause of difference in acquisition performance between Chinese public companies in mainland and ones in Hong kong; 3. For enterprises under "Single shareholder control", the function of ownership has more significance than internal corporate governance mechanisms; 4. For the H share or Red-chip share companies publicly listed in Hong Kong, ownership concentration has noticeable positive relation with acquisition performance, and the state-controlled enterprises have better acquisition performance than non-state controlled ones; 5. The acquisitions in China mainland are related to "Tunneling", and in HongKong have some evidences of "Propping", especially for state share enterprises.

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