论文部分内容阅读
本文选择 1 993— 2 0 0 0年间上海证券交易所 1 2 0 2例上市公司资产重组事件为研究样本 ,考察了资产重组与政府管制之间的关系。研究发现 ,1 997年我国宏观经济由过热转向软着陆 ,而监管部门对上市公司的配股管制 ,却仍然采用经济过热时期制订的标准 ,由于管制标准偏离了实际经济情况和投资者的机会成本 ,许多上市公司采取了相应的对策———“机会主义资产重组”来规避管制。本文的发现为我国的“替代性管制”提出了新的不利的证据。
This paper chooses the asset restructuring event of 122002 listed companies in Shanghai Stock Exchange from 1993 to 2000 as a sample to examine the relationship between asset restructuring and government regulation. The study found that in our country, the macroeconomy shifted from overheating to soft landing in 1997, while the regulatory authorities still adopted the standard set by the overheated economy because regulatory standards deviated from the actual economic situation and the opportunity cost of investors, Many listed companies have taken corresponding measures --- “opportunistic asset restructuring” to evade regulation. The findings of this article put forward new unfavorable evidence for the “alternative regulation” in our country.