上市公司控制结构披露的市场反应与政策意义（推荐PDF64）

[e-mail]200111200363012ABSTRACTKEYWORDS:BenefitsofControl,ControlStructureUltimateController,EffectiveController,ValueImpactStartingfromtheeconomicconceptsofCorporateControl,thereportelaboratesontheconceptsofCorporateControlStructure(CCS)toestablishananalysisframeworkforCCS.Asintegraltothetheoreticalbackgroundforhypothesesoftheresearch,thereareincludedthetheoreticalassociationsbetweenCCSandCorporateValue,theconcisetheoreticalreviewaboutcorporatedisclosureandthevalueimpactofcorporatedisclosure.Totestthehypotheses,CCSdisclosuresinannouncementsabouttakeoversofpubliccompanieslistedinShenzhenStockExchangeSSEbetweenJanuary01,2001andJune30,2003areselectedfromregulatorydatabasesfromSSEandCSRCforadjustedaccordingtoresearchtask.TheResultsofCAARandtheirexplanationmodelsindicatethevaliditiesofhypotheses:ComparedwiththecasesinwhichCCSnotdisclosed,theCAARoverashortwindowincludingtheeventdayforthecasesinwhichCCSdisclosedissignificantlyhigherandissignificantlythanzero.Basedonthetheoreticalanalyses,empiricalevidencesandcomparativereviewaboutthedevelopmentsinfieldsofCorporateControlStructureDisclosure(CCSD)inChinacapitalmarketandInternationalCapitalmarkets,implicationsforpracticesandpoliciesaresuggested.ThereportarguesthatenhanceddisclosuresandregulationsaboutCCSshouldbesystematicallypromotedaccordingtotheframeworkinitiatedinthereportandaregulatorydatabaseshouldbeestablishedcomplementingextantsystemstoenhancetheeffectivenessandefficiencyinthetreatmentofunexpectedoccurrencesandrisks,theregulationsofsignificanteventsandtransactionsofpubliccompaniesandespeciallytheregulationsofControl-basedGroup-AffiliationinChinacapitalmarkets......................................................1.........................21...............................................22...........................................63...........................................84................................................11............................................13..................................141..............................................152..............................................163..............................................17..................................181....................................................192....................................................23..................................241....................................................242............................................29................................31..................................32................................................34......37A1.1....................................37A1.2........................37................................41........................................441..................................442..................................44................................48A4[-60,+30]..........................48A4T.....................49........................................51....................................521........................................52A5.1................................522..............................................54A5.2........................................553..........................................56A5.3..............56A5.4DISC...................57A5.5............................................581CONTROL-BASEDGROUP-AFFILIATION1200320022200220032004200320022003+1125%5%231CORPORATECONTROL331212JENSEN&RUBACK1983RIGHTSTODETERMINETHEMANAGEMENTOFCORPORATERESOURCES/FAMA&JENSEN1983A1983BJENSEN1992/BLUMBERG1983THEPOWERTOELECTAMAJORITYOFTHEBOARDOFDIRECTORSOFTHECOMPANYANDTHUSTHEPOWERTODIRECTTHEMANAGEMENTOFITSBUSINESSANDAFFAIRSLOSS&SELIGMAN2001DOMINANTPOWERSTODETERMINEABUSINESSOPERATIONSANDDECISIONS44Harris&Raviv198920034BLUMBERG1983LOSS&SELIGMAN2001POWERRIGHTS2001P25……5LAPORTALOPEZ-DE-SILANES&SHLEIFERLLS19996BEBCHUKETAL1999122512LLS199936LLS1999OWNERSHIPVOTINGRIGHTSCASH-FLOWRIGHTSWIDELYHELDULTIMATEOWNERS123455LLS199910%ultNC10ultNC=21ultNC=31ultNC0ultNC=1ultNC≥1ultNC=CONTROLLERULTIMATECONTROLLEREFFECTIVECONTROLLER1ultNC71ultNC=/1ultNC1ultNCEFFECTIVECONTROLLER8/91ultNC70000336005032003200489/6//19975%2BENEFITSOFCORPORATECONTROLBARCLAY&HOLDERNESS1989SHLEIFER&VISHNY1986MCCONNELL&MIKKELSON1983ZINGALES1995SHAREDBENEFITSPRIVATEBENEFITS//7/1011BEBCHUKKRAAKMAN&TRIANTIS1999/1210LLS1999BAILIU&SONG200228.99%26.32%11121FACCIO&LANG20002PEEV19982CLAESSENSDJANKOVFAN&LANG2000320034200420032002BAILIU&SONG20028/(),VFcfdiv=ΘVcfdivΘ13()F•Vcfdivcfdiv0cfdiv→VΘV0V→V()00limlim,0cfdivcfdivVFcfdiv∆→∆→∆=∆=Θ314FISHMAN&HAGERTY1992COPELAND&GALAI1983132000200214199639812HIDDENACTIONSHIDDENKNOWLEDGE9ADVERSESELECTIONGROSSMAN&HART1980GROSSMAN&HART198012SIGNALINGVERRECCHIA2001GROSSMAN&HART1980GROSSMAN1981MILGROM1981P.414COPELAND&GALAI1983VERRECCHIA1983JOVANOVIC1982LANEN&VERRECCHIA19871102//0V1VinfoVVdiscVV1.1()()()()10EEEEinfodiscdiscVVVVV=++VVV///γγ15/0γ=//γ/violenVVγviolenVV1.11.2()()()()()10EEEEEinfodiscdiscviolenVVVVVV=++−VVVV/10VVV=−V1.11.21.3()()()()EEEEinfod