大股東在香港上市公司私有化過程中的角色

Pao Yue-kong Library Electronic Theses Database

大股東在香港上市公司私有化過程中的角色

 

Author: 辛凡非
Xin, Fanfei
Title: 大股東在香港上市公司私有化過程中的角色
Da gu dong zai Xianggang shang shi gong si si you hua guo cheng zhong de jiao se
The role of majority shareholders in the privatization of listed companies in Hong Kong
Degree: D.Mgt.
Year: 2009
Subject: Hong Kong Polytechnic University -- Dissertations
Corporations -- China -- Hong Kong
Stockholders -- China -- Hong Kong
Department: Graduate School of Business
Pages: x, 104 leaves ; 30 cm.
InnoPac Record: http://library.polyu.edu.hk/record=b2355499
URI: http://theses.lib.polyu.edu.hk/handle/200/5728
Abstract: This thesis examines the 50 public-to-private companies in HK during 1997-2006 due to majority shareholder repurchase. In the United Kingdom and the United States, most of the companies are publicly held, a vast majority of the HK-listed companies have highly concentrated ownership. I examined the detenninants of the delisting probability. Then thesis analyzed the determinants of the undervaluation of the sample companies before delisting, the determinants of the acquisition premium, as well as the factors behind the benefits that the majority shareholder harvested through privatizing the target company. Finally, thesis found that the majority ownership is positively related to the delisting probability, the premium and the delisting benefits. I found the separation of control right and cash flow right is positively related to the delisting probability, while negatively related to the delisting benefits. I also found that related party transactions are negatively related to the delisting probability and the premium. An unexpected finding is that the dividend payout ratios by the sample companies in the year before going private were unusually high. The dividend payout ratio is positiveJy related to the delisting probability, the undervaluation, the premium and the delisting benefits. According to the findings of this paper, the majority shareholder could enjoy both security benefits and private benefits through its absolute control right. Before privatizing the target company, the majority shareholder could manage to lower the stock price and thus lower the acquisition costs through various manipulation and increasing dividend payments. After all these arrangements, the majority shareholder would get the company delisted and harvest the benefits.

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