System Reform of Market for Corporate Control Improve Corporate Governance and Performance of M&A?
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| Title | System Reform of Market for Corporate Control Improve Corporate Governance and Performance of M&A?
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| Author | Chen Yugang, Chen Wenting, Lin Jingrong |
| Organization | Business School, Sun Yat-sen University，Guangzhou |
| Email | chenyugang76@163.com |
| Key Words | Market for Corporate Control; M&A; Corporate Control; Tunneling; Performance |
| Abstract | Based on target companies during 2004-2009,this paper investigates the effects of corporate control market’s reform on corporate governance, tunneling and M&A’s performance according to the cut point of 2007.Results show that the ownership concentration of listed company, the ownership ratio of beneficial controller, the ratio of controlling rights, and the separation of ownership and control decreased significantly after reform of market for corporate control. Tunneling decreased significantly and performance of M&A increased significantly. All these results indicate that the reform of market for corporate control benefit the improvement of corporate governance, reduce of tunneling behavior and upgrade the performance of M&A. |
| Serial Number | WP364 |
| Time | 2012-09-18 |
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