基于不同形态投资的控制权私利攫取研究前沿探析
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外国经济与管理 2009 年 第 31 卷第 06 期, 页码：52 - 57
摘要
参考文献
摘要
本文首先阐述了控股股东利用资本投资攫取控制权私利的动机,依据公司治理理论、信息非对称理论和代理理论的相关研究成果,剖析了不同形态投资所形成资产的经济属性以及不同形态投资的控制权私利攫取的作用机制与差异;然后,在评述不同形态投资控制权私利攫取研究现状的基础上,阐释了相应的治理与防范途径;最后指出了未来的研究趋势以及对我国上市公司治理与监管的启示。
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[2]Barth,ME,and Kasznik,R.Share repurchases andintangible assets[J].Journal of Accounting and Economics,1999,28(5):211-241.
[3]Ely,Kirsten,and Waymire,Gregory.Intangible assets and stock prices in the pre-SEC era[J].Journal of Accounting Research,1999,37(3):17-43.
[4]Gu,Feng,and Wang,Wei min.Intangible assets,information complexity and analysts’earnings forecasts[J].Journal of BusinessFinance and Accounting,2005,32(6):1 673-1 703.
[5]Ahn,S,and Denis,David J.Internal capital markets andinvest ment policy:Evidence fromcorporate spinoffs[J].Journal of FinancialEconomics,2002,71(1):489-528.
[6]Xuan,Yuhai.Empire-building or bridge-building?Evidence from new CEOs’internal capital allocation decisions[J].Review of Fi-nancial Studies,2008,82(3):125-151.
[7]Albuquerque,Rui,and Wang,Neng.Agency conflicts,invest ment,and asset pricing[J].Journal of Finance,2008,61(2):1-41.
[8]Dyck,A,and Zingales,L.Private benefits of control:Aninternational comparison[J].Journal of Finance,2004,59(2):537-600.
[9]Whitwell,Gregory,Lukas,Bryan A,and Hill,Paul.Stock analysts’assessments of the shareholder value of intangible assets[J].Journal of Business Research,2007,60(2):84-90.
[10]Heiens,Richard A,Leach,Robert T,and Mcgrath,Leanne C.The contribution of intangible assets and expenditures to shareholdervalue[J].Journal of Strategic Marketing,2007,15(6):149-159.
[11]Baldenius,Ti m.Delegatedinvest ment decisions and private benefits of control[J].The Accounting Review,2003,78(6):909-930.
[12]Eisfeldt,A L,and Rampini,A A.Managerial incentives,capital reallocation,and the business cycle[J].Journal of Financial Eco-nomics,2008,87(3):177-199.
[13]Chung,Kee H,Wright,Peter,and Kedia,Ben.Corporate governance and market valuation of capital and R&Dinvest ments[J].Reviewof Financial Economics,2003,12(2):161-172.
[14]Lee,Peggy M.Acomparison of ownership structures andinnovations of US and Japanese firms[J].Managerial and Decision Eco-nomics,2005,26(4):39-50.
[15]Edmans,Alex.Does the stock market fully valueintangibles?Employee satisfaction and equity prices[R].Working Paper,Univer-sity of Pennslyvania,2009.
引用本文
郝颖, 刘星, 林朝南. 基于不同形态投资的控制权私利攫取研究前沿探析[J]. 外国经济与管理, 2009, 31(6): 52–57.
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