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本文以控制权转移市场为背景,集中关注了收购人复杂控制结构的成因,以及收购人结构与被收购上市公司长期股价表现之间的联系。我们使用“层级”度量收购人结构的复杂程度,研究结果表明,收购人控制结构的复杂程度与收购后上市公司绩效之间存在显著的倒U型关系。当收购人控制结构很复杂或很简单时,被收购上市公司的长期股价表现相对较差,其中,那些被具有复杂控制结构的收购人收购的上市公司,长期股价表现最差。
In the context of the transfer of control rights market, this paper focuses on the causes of the complex controlling structure of the acquirer and the relationship between the structure of the purchaser and the long-term share price performance of the acquired listed company. We use “hierarchy” to measure the complexity of the structure of the purchaser. The results show that there is a significant inverted U-shaped relationship between the complexity of the controlling structure of the acquirer and the performance of the listed company after the acquisition. Long-term stock prices of listed companies under takeovers are relatively poor when the controlling structure of the purchaser is complicated or very simple. Among them, those listed companies acquired by the acquirer with complex controlling structures have the worst long-term stock price performance.