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通过分析中国上市公司MBO对公司影响的价值传导机制,认为中国上市公司实施MBO后,公司治理的有效性提高,进而导致代理成本下降,公司价值和绩效得到提升。同时,还基于股权分置的视角,在理论上分析了上市公司MBO的利益侵占问题及其形成原因,认为导致上市公司MBO利益侵占形成的制度根源在于股权分置。因此,股权分置改革可以通过消除一部分由于上市公司MBO利益侵占而产生的代理成本,进而提升公司绩效。本文的实证研究也证实股权分置改革对上市公司MBO具有积极效应。
By analyzing the value transmission mechanism of Chinese listed companies MBO impact on the company, after the implementation of MBO by Chinese listed companies, the effectiveness of corporate governance is improved, resulting in lower agency costs and higher corporate value and performance. At the same time, based on the perspective of shareholding division, this paper theoretically analyzes the problem of MBO profit encroachment and the reasons for the formation. It is believed that the institutional root cause of MBO profit encroachment of listed companies lies in the split share structure. Therefore, the non-tradable share reform can improve corporate performance by eliminating a part of the agency costs arising from the MBOs’ misappropriation of listed companies. The empirical study also proves that the split share structure reform has a positive effect on listed company MBO.