摘要
随着股权分置改革的结束,我国资本市场进入了全流通时代。恶意并购作为一种有效的外部治理机制,将在公司治理中发挥越来越重要的作用,恶意并购对于帮助股东监控经理人是有效的。具体来说,恶意并购一方面可以改善企业效率,增加股东财富,另一方面可以解决或缓解代理成本问题和内部人控制问题。同时,也应注意恶意并购机制的消极影响,它可能导致恶意并购机制运行的失效。恶意并购机制作为一种市场经济中的游戏规则,本身是中性的。如何发挥其积极作用并遏制其消极作用,将是政府关于恶意并购立法的中心思想,政府应尽快建立健全相关的并购法规体系。
As the reform of split-share structure going to the end, China＇s capital market is becoming an entire circulation market. As an efficient mechanism of external corporate governance, hostile takeovers are playing more and more important role in corporate governance, which is efficient to help stockholders supervise senior corporate executives. Specifically, on the one hand, hostile takeovers can result in high performance of companies and more value for stockholders. On the other hand, they can control problems Such as agent problem and insiders＇ control. At the same time, we also should pay attention to the negative influence brought by hostile takeovers, which can lead to failure of hostile takeovers. In the market-oriented economy, hostile takeovers mechanism is just a kind of game rules, which have advantages and disadvantages, and we should make use of advantages and avoid disadvantages, which is the central idea of government legislation about hostile takeovers, so government should establish legislation systems about takeovers as soon as possible.
出处
《中国流通经济》
CSSCI
北大核心
2008年第2期52-54,共3页
China Business and Market
关键词
全流通
恶意并购
外部治理
entire circulation
hostile takeovers
external corporate governance
