“险资举牌”现象与分散股权时代我国上市公司的治理
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| Title | “The Insurance Funds Placards” and Corporate Governance in Dispersed Ownership Era
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| 作者 | 郑志刚 石丽娜 黄继承 |
| Author | Zheng Zhigang, Shi Lina and Huang Jicheng |
| 作者单位 | 中国人民大学 |
| Organization | Renmin University of China |
| 作者Email | zhengzhigang@ruc.edu.cn；shilina333666@163.com；hjc@ruc.edu.cn |
| 中文关键词 | 险资举牌 公司治理 接管威胁 财务投资者 跨界并购 |
| Key Words | Insurance Funds Placards; Corporate Governance; Takeover Incentives; Financial Investors; Diversified M&A. |
| 内容提要 | 基于实现路径的考察和作用边界的识别，本文的研究表明，险资举牌通过提高股权制衡度，扮演积极股东角色，成为我国资本市场进入分散股权时代上市公司改善治理结构的重要途径。但举牌险资从财务投资者转变为战略投资者将削弱险资举牌抑制大股东的隧道挖掘行为和提升公司绩效的相关效应；而举牌险资从同业并购到跨界并购同样会削弱上述效应。因而，“谨守财务投资”和“非跨界并购”成为险资举牌扮演积极股东角色，改善公司治理结构的重要作用边界。本文的研究不仅有助于对我国资本市场喧嚣一时的险资举牌的公司治理效应开展评估，同时为规范险资等机构投资者的并购活动和治理行为带来丰富的政策涵义。 |
| Abstract | Based on the exploration of the implementation mechanism of active shareholder and the identification of the effect boundary, this paper shows that “the insurance funds placards” becomes an important approach to improve the structure of corporate governance through pushing the corporate ownership more dispersed in the dispersed ownership era. However, the insurance funds who transformed into strategic investors from financial investors would impair the above effects. Similarly, comparing to correlative M&A, diversified M&A would weaken the above effects too. Therefore, cautious financial investing and correlative M&A become the effect boundary of corporate governance. This paper not only contributes to the effect evaluation of “the insurance funds placards” in corporate governance, but also raises abundant policy implications for regulating M&A activities of insurance funds and other institutional investors. |
| 文章编号 | WP1378 |
| 登载时间 | 2019-06-05 |
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