摘要
管理层可能通过恶意操纵侵占国有资产是社会各界对我国上市公司M BO关注的焦点之一。本文通过对M BO对交易双方财富再分配的影响进行实证分析,发现股权出让方不但遭受了由于转让价格过低而导致的财富损失外,还因为管理层操纵每股净资产的价格而遭受了额外的财富损失,与此相对,管理层却通过M BO获得了巨大收益。最后,对造成这一结果的原因进行了初步探讨。
Mang people concerned about the problem that the management may misappropriate state-owned assets through every spiteful means in MBO of listed companies . Through analysis of wealth reallocation effects between the buyers and the sellers, the paper finds that the sellers not only suffer a loss for the selling prices are too low, but also suffer additional losses because the managements manipulate the price of capital per share. And at the same time, the buyers obtain very large profits. Finally, the paper gives out a primary analysis on the reasons.
出处
《当代经济管理》
2005年第2期91-95,共5页
Contemporary Economic Management
