基于第二类代理理论中公司控制权的概念,本文首次从并购中上市目标公司的视角对股权结构与公司价值之间的关系进行研究。研究结论表明控制权转移型并购为目标公司创造价值,第一大股东持股比例通过影响控制权收益对公司价值产生影响,但是这种影响是非线性的(倒U型),并且这种影响受到股东制衡因素的制约。
This paper is the first attempt to investigate into the relationship between equity structure and firm value from the perspective of MA target listed companies within the framework of type Ⅱ agency theory focusing on the concept of corporate control.The result demonstrates that MA on control right transfer will create value for target companies,that the percentage of equity that controlling share holder in the target companies holds have significant impact on the firm value through influencing the returns of control rights(with inverted-U shape);and that this impact will be affected by the counterbalance among block holders.