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关联交易和公司业绩PDF|Epub|txt|kindle电子书版本网盘下载
- 郭飞著 著
- 出版社： 北京：清华大学出版社
- ISBN：9787302370765
- 出版时间：2014
- 标注页数：151页
- 文件大小：54MB
- 文件页数：163页
- 主题词：上市公司－经济关系－研究－中国－英文
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图书目录
CHAPTER ONE Introduction1
1.1 Overview and Objectives1
1.2 Research Questions7
1.3 Significance of the Study8
1.4 Organisation of the Study10
CHAPTER TWO Theory Review11
2.1 Introduction11
2.2 Dispersed Ownership and Agency Conflict12
2.3 Concentrated Ownership and Theories for Ownership Discrepancy14
2.4 Advantages and Disadvantages of Concentrated Ownership20
2.5 Private Benefits of Control26
2.5.1 What Are Private Benefits of Control?26
2.5.2 Defence of Private Benefits of Control27
2.6 Group Affiliation and Internal Markets28
2.7 Summary31
CHAPTER THREE Institutional Background32
3.1 Introduction32
3.2 Reform of SOEs and Share Issue Privatisation33
3.3 State Ownership and Agency Conflict35
3.4 Equity Division(Share Split Structure)36
3.5 Legal and Institutional Infrastructure38
3.6 Listing Quota and RPTs40
3.7 Summary42
CHAPTER FOUR Literature Review44
4.1 Introduction44
4.2 Definitions of Tunnelling and Propping45
4.3 Consequences of Tunnelling and Propping47
4.3.1 Consequences of Tunnelling47
4.3.2 Consequences of Propping50
4.4 Studies on Tunnelling51
4.5 Summary58
CHAPTER FIVE Hypotheses Development60
5.1 Introduction60
5.2 Tunnelling Hypotheses60
5.3 Propping Hypothesis69
5.4 Value Effects of Tunnelling and Propping71
5.5 Summary73
CHAPTER SIX Research Design and Methodology74
6.1 Introduction74
6.2 Sample Selection74
6.3 Variable Definition76
6.3.1 Definition of RPTs76
6.3.2 Definitions of Control Rights,Controlling Shareholder,Ownership Type and Pyramid79
6.3.3 Definition of Other Blockholders83
6.3.4 Definition of Investment Opportunity84
6.3.5 Definition of Firms in Financial Distress84
6.3.6 Definition of Firm Performance85
6.3.7 Measurement of Control Variables86
6.4 Empirical Models89
6.5 Summary90
CHAPTER SEVEN Results and Discussion91
7.1 Introduction91
7.2 Descriptive Statistics91
7.3 Test of Regression Assumptions100
7.4 Regression Results and Discussion103
7.4.1 Evidence of Tunnelling and Propping103
7.4.2 Effect of Tunnelling and Propping on Operating Performance111
7.4.3 Effect of Tunnelling and Propping on Firm Valuation114
7.5 Robustness Test118
7.5.1 Control Rights Threshold118
7.5.2 Relationship between Tunnelling,Propping and ST120
7.5.3 Endogeneity of Ownership,Tunnelling and Propping Variables125
7.6 Limitations129
7.7 Summary130
CHAPTER EIGHT Conclusions and Policy Implications132
8.1 Conclusions132
8.2 Implications of Findings134
8.3 Avenues for Future Research136
References139
Appendix 1 A Typical State Owned Pyramidal Structure in China150
Appendix 2 A Typical Private Controlled Pyramidal Structure in China151