企業(yè)并購(gòu)動(dòng)因：控制權(quán)價(jià)值研究.pdf

1、廈門(mén)大學(xué)碩士學(xué)位論文企業(yè)并購(gòu)動(dòng)因：控制權(quán)價(jià)值研究姓名：汪先祥申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：李子白20070401AbstractAbstractAccordingtotheinternationalexperienceM&AhasbeenoneofthemostimportantpathsforcorporatetoquicklydevelopandexpandlargescaleInChinatheStock’SDividi

2、ngwillbe800ncompleted，andthiswillprovidemanynewchancesforM&ASo，moreandmoreM&Awillhappenintheseal“futureAtthesametime，motivesofM&Awillalsogetpeople’SmollandmoreconcernsThefirstpartofthispaperbydefiningM&A，introducingandma

3、kingasimplecommentonM&AmotivetheoriesauthormakesatheoreticalpreparationforforthcomingdiscussionAfterthat，authoranalyzesthemeaning，mainsourcesandtheinfluencefactorsofthevalueofcorporatecontrolindetailThendiscussesthatpurs

4、uingthevalueofcorporatecontrol，especiallypursuingprivatebenefits，istheessentialforceforM&AAtlast，authorsummariesandanalyzesthemethodofcalculatingthevalueofcorporate———preIlli啪priceofcorporatecontrolanditsinfluencefactors

5、，andmakesanempiricalstudy謝ththeownership—transferdateswhicharefromlisted—companiesofAShareinChinatovalidatethatthevalueofcorporatecontrolistheessentialmotiveforM&AThispaperdrawsthreemainconclusions嬲f(shuō)ollowing：(1)Studyonth

6、evalueofcorporatecontrol，especiallyprivatebenefits，CanannouncetheessentialforcefordrivingM&A，especiallyfortransferofcorporatecontr01Whatismore，pursuingprivatebenefits勰themotiveofM&AisgoodcomplementforexistedM&Atheories(2

7、)AgreatdealofresearchliteraturesexpressthatcontrollingshareholdersusurpminorshareholdersisacommonphenomenonSopursuingthevalueofcorporatecontrol，especiallyprivatebenefits，asthemotiveofM&Aisnotmerelysuitableforspecialowner

8、shipstructureofChineselistedcompaniesandpresentconditionofcorporategovernance(3)Inpracticebecauseoftheexistenceofthevalueofcorporatecontrol，bothsidesofM&Awillhaveananticipationaboutthevalueofcorporatecontrol，whichdirectl