【作者】 崔永梅；

【导师】 张秋生；

【作者基本信息】 北京交通大学 ， 企业管理， 2008， 博士

【摘要】 研究公司控制权市场演化的内在机理,一方面可以预测全球(或一个国家)公司控制权市场的发展趋势,另一方面也有利于创造良好的外部环境,增强市场功能,提高市场效率,尤其是对于指导我国公司控制权市场的发展实践具有较强的现实意义。对公司控制权市场的研究始于对集聚的并购活动(并购浪潮)研究,且实证研究远远多于理论研究。事实上,还没有一种公认的理论能够同时解释并购活动背后的动机、并购企业和被并购企业的特征以及并购活动集中程度的决定因素,不同国家的并购历史表明每一次并购浪潮都有不同的驱动因素(包括规制和经济因素),没有唯一的因素可以解释并购活动的发展。目前对公司控制权市场发展演化的研究没有一个理论可以完整地解释客观环境(如经济因素、法律因素等)和市场主体(并购交易双方等)因素在公司控制权市场的发展演化中的作用以及公司控制权市场发展的最终决定力量。本论文在以下几个方面进行了探索和尝试:将生态学相关理论与公司控制权市场理论相结合,提出了公司控制权市场生态系统的概念。公司控制权市场是由市场环境、市场主体和市场调节机制组成。公司控制权市场环境是由六大因素组成的,分别是公司治理因素、经济因素、政治因素、法律因素、技术因素以及文化因素。文化因素是通过正式制度表现出来,即通过经济因素、政治因素、法律因素、技术因素等作用在公司治理环境中,而其中的股权结构是公司治理环境的核心因素。公司控制权市场主体特征是由企业之间交易的自由度来决定的,公司控制权市场的作用机制主要表现为市场主体的一种适应市场环境的自组织机制,而政府的并购规制是一种外部力量,对于市场化程度不高的国家和地区,其规制的作用更大。尝试性地将演化分析引入到新古典分析框架中,研究了公司控制权市场的作用机制及演化路径。研究发现:公司控制权市场的演化呈现波动进化的特点,与宏观经济的发展基本同步等普遍性规律;公司控制权市场的路径依赖性源于初始的公司治理结构,其路径依赖按照其性质主要表现为技术、制度和文化以及市场主体自身等四个层面,公司控制权市场要实现创新必须打破上述四个层面的路径依赖,同时也发现不同国家的公司控制权市场演化路径选择中的普遍性规律。将复杂科学研究方法引入到本文的公司控制权市场演化评价研究中,运用最大化熵理论建立了演化评价模型,并运用该模型对英美两国的公司控制权市场进行纵向历史比较分析。实证的研究结果表明该理论模型计算出的公司控制权市场的年度熵值呈现特征较为明显,能够比较准确地刻画出市场演化过程中的进化与衰退特点以及其演化的速度;实证研究的结果再次证明了公司控制权市场的演化是一个波动进化的过程,其市场演化呈现的总体趋势是进化发展的。研究还发现,经济环境中的国内生产总值(GDP)指标是公司控制权市场演化过程中最为重要的序参量,且其作用在经济全球化的背景下愈加明显。最后,基于理论评价模型的研究成果,构建了公司控制权市场指数、简化市场指数及其衍生的并购环境指数、并购运用指数,并采用纵向历史分析和横向跨国比较相结合的方法,对九个国家和地区进行了实证分析和检验。研究结果表明,公司控制权市场指数是衡量一个国家或地区的公司控制权市场化程度的有效表征指标。运用这个指数可以用于评价政府或产业规制措施的实施效果、评价公司控制权市场的并购投资环境和并购手段的运用效率等方面,从而为政府、行业以及企业等不同层面的决策主体提供决策支持。更多还原

【Abstract】 There are two benefits in research on the internal evolution mechanism of the market for corporate control.On the one hand it can predict the market development trend of the world(or a country),on the other hand it is also conducive to create a favorable external environment,enhance the functions of the market,improve market efficiency and especially it is significant for guiding development of China’s market for corporate control.The research on the market for corporate control began the study on the M&As activities(merger wave) and empirical researches are far more than theoretical researches.In fact,there is not a recognized theory can explain the motives of M&A activity,the characteristic of both sides enterprises and the determining factors of the concentration degree of M&As activities.M&A Histories in different countries show that each wave of M&A has different drivers(including regulation and economic factors),there is not a unique factor can explain the development of M&As activity.At present,among the existed researches on the developing and evolution of the market for corporate control there is no theory can fully explain the role of the objective environment(such as economic factors,legal factors) and the main players factors(both sides of M&As transactions,etc.) in the developing and evolution of the market for corporate control and also no one can explain the final force of the development of the market for corporate control.The paper makes an effort on the following aspects.The author combines the ecology theory and theory of the market for corporate control to puts forward the concept of "ecosystem of the market for corporate control". The market for corporate control is composed of market environment,the main bodies in the market and the market adjustment mechanism.The environment of the market for corporate control includes six factors:cultural factors is demonstrated via the formal system which are economic factors,political factors,legal factors and technical factors making effects on corporate governance environment in which the shareholding structure is the core factor.The characters of main bodies in the market for corporate control are determined by the freedom degree of transactions between enterprises.The market adjustment mechanism is a mechanism of self-organization but government regulation plays a very important role in it.The paper attempts to introduce some concepts and methods of the ecological evolution theory and evolution economics meanwhile brings evolution analysis into the new classical analysis framework to research the working mechanism and evolution path of the market for corporate control.The study discovers:The evolvement of the market for corporate control shows the characteristics of fluctuant evolution and it almost develops synchronously with macroeconomic.The path dependence of the market for corporate control starts from its original corporate governance structure.The path dependence of the market for corporate control mainly performs in four aspects: technical,institutional,cultural and its main bodies.Achieving innovation in the market for corporate control has to break the abovefour aspects of path dependence,meanwhile there is a strong universal rule in path choice in the evolution of the market for corporate control.Based on the maximum entropy principle methods the paper builds an evolution evaluation model of the market for corporate control and applies the model to vertically comparatively analyze the markets for corporate control of British and American.The empirical studies show that the model calculated annual entropy value of the market for corporate control presents an obvious feature and it can accurately describe the characteristics of evolution or recession or the speed of the evolution of the market for corporate control.And again the empirical result shows that the evolvement of the market for corporate control is a process of fluctuant evolution and the overall trend of the market evolution is developing.The paper also discovers that the gross domestic product(GDP) index in economic environment factors is the most important order parameter in the market evolution and it becomes more obvious in the background of economic globalization.Finally,based on the results of evaluation model,the paper designs the index of market for corporate control and the simplified market index plus its derivative M&A environment index and M&A using index and uses both historical vertical analysis and horizontal cross-country methods to take an empirical analysis and testing of nine countries.The results show that the index of the market for corporate control is one of the most effective indicators measuring the degree of marketization of a country’s market for corporate control.These indices can be used to evaluate the effect of the regulation implementation of government or industry and to measure the market investment environment and the applying of M&A means of the market for corporate control.So it can support like government,industry and enterprise such different levels to make decision and also help to exert the function of the market for corporate control to lead the market to evolve in the direction of developmental.更多还原