搜索
3116320101()THETHEORYANDPRACTICEOFFINANCEANDECONOMICSVol.31No.163Jan12010,(,410083)3:1999200548,13,,:100%,40.91%,60%,50%,22.22%,40%:;;;:F276.6:A:1003-7217(2010)01-0042-05,,:(1),,,(2)BH,(3)ST,ST(4)BH,,HOLCHINB.V.(5),,,3.2(6),,,EverwideIndustrialLimited(),,[1],,[2]()1,3:2009-06-25:(SAC2008KT-YC20)(08YBB043):(1971),,,,:20101(163),:1,,(CCGINK)[3][4],13,()1.,,[5],,2.,,,3.,[6],,()1.,,,,,,[7],2.,,;,[8],,,,3.,,[9],(),X=0;(),X=0.5;(),X=1()1.,,,,,2.,,,,[10],(),34()20101,,,(),()1.,,[11],,2.,,3,3.,,(),03,x=0;,x=1;,x=2;,x=34819992005(2),wind()(),,13,,(,),SPSS16.048,(BartlettTestofSphericity)0.000,0.05,1ComponentInitialEigenvaluesExtractionSumsofSquaredLoadingsTotal%ofVarianceCumulative%Total%ofVarianceCumulative%12.58019.84919.8492.58019.84919.84921.85914.30034.1491.85914.30034.14931.71913.22447.3731.71913.22447.37341.63612.58659.9591.63612.58659.95951.1929.17369.1321.1929.17369.13260.8326.39975.5310.8326.39975.53170.7315.62081.15180.7125.47386.62490.6224.78291.406100.5304.08195.487110.3872.97998.465120.1581.21299.678130.0420.322100.00048,6,675.531%,,16,F,:F=(19.849F1+14.300F2+13.224F3+12.586F4+9.173F5+6.399F6)/75.531,:F=(19.378F1+13.850F2+11.916F3+11.066F4+9.538F5+8.121F6)/73.869:Fi;F,48,24420101(163),:248A-0.3398-0.4054-0.03470.2172ST-1.08250.2570S0.53590.2644-0.2833-0.3345-0.39471.11630.28580.0964-0.1484-0.23420.09780.35100.0178-0.03870.4854-0.0923A-0.1495-0.1461-0.0931-0.4587A-0.3128-0.1870S0.4139-0.03400.8529-0.11590.28610.43290.78610.2437-0.0440-0.2874-0.0011-0.4150-0.20770.2781ST-0.69140.3451-0.00100.0388ST-1.0529-0.6678S-0.2094-0.1649ST-0.39810.2355-0.5535-0.1991-0.00540.3005-0.11640.3776-0.3464-0.46300.37060.1391-0.20340.0398-0.06020.0788-0.13510.4548-0.12030.28750.35850.24440.2786-0.21010.09540.19420.29970.3662S0.0295-1.52230.0139-0.26400.5006-0.3885TCL0.93200.7356S-0.2425-0.2458-0.2364-0.39780.1050-0.1155-0.23550.41740.1296-0.1572-0.13350.0027-0.1739-0.2240-0.1078-0.2727-0.13240.6790S0.9822-0.19640.0869-0.00234819992005,,:1.,(1),22,-0.00100.0388,9,40.91%;13,59.09%ST(-1.08250.2570)(-0.39471.1163),,,,(2),5,-0.06020.07883,60%,(-0.11640.3776),:,,,,(3),3,-0.5535-0.1991,,,ST(0.2355),,(4),4,0.09540.1942,2,50%54()20101,,(5),9,0.1296-0.15722,22.22%,,(6),5,0.0869-0.00232,40%,(-0.13240.6790),:,,;,2.,50%,,28.57%3.1999200548,21,43.75%;28:,BH,,:[1].[M].:,1994.[2],.[M].:,1995.[3].[J].,2003,(3):4-12.[4].[J].,2001,(9):4-15.[5].[D].,2006.[6],.[J].,2001,(10):47-51.[7].[J].,1998,(5):50-57.[8].:[J].,2000,(5):1-9.[9].[M].:,2001.[10].[M].:,2002.[11].:[M].:,2002.DifferentImpactofForeignCapitalM&AModeonGovernanceStructureofChineseListedCompaniesYINHua,ZHUQing2zi(BusinessSchool,CentralSouthUniversity,Changsha410083,China)Abstract:Thisstudyselects13indicatorsfromsixdimensions:theownershipstructure,boardofdirectors,boardofsupervisors,shareholders,seniormanagementandinformationdis2closure,andusesthefactoranalysistoquantitativelyanalyzeforeigncapitalM&Ainfluenceincorporategovernanceaccordingto48samplesfromlistedcompaniesofShanghaiandShenzhenfrom1999to2005.TheresultsshowthattheproportionoflistedcompanieswhosecorporategovernancestructurehasbeenoptimizedisdifferentinaccordancewithforeigncapitalM&Amodes:themodeloftheauctionreaches100%,themodelofagreementacquisitionofnon-trad2ableshareattains40.91%,acquiringtheoutstandingsharesonthesecondarymarketis60%,is2suingadditionalsharesis50%,theestablishmentofajointventureis22.22%,andtheacquisi2tionoftheparentcompanyis40%.Keywords:ListedCompanies;ForeignCapitalM&A;CorporateGovernance;FactorAnalysis64