An Empirical Study on the Relationship between Executive Rewards and Merger and Acquisition of Chinese Listed Companies

被引：0

作者：

Gao, Zhen-ming ^{[1
]}

Zhuang, Xin-tian ^{[1
]}

机构：

[1] Northeastern Univ, Sch Business Adm, Shenyang, Peoples R China

来源：

26TH CHINESE CONTROL AND DECISION CONFERENCE (2014 CCDC) | 2014年

关键词：

Merger and acquisition; Executive reward; Performance; Non-tradable shares reform;

D O I：

暂无

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

Based on the M&A (merger and acquisition) of Chinese listed companies from 2005 to 2010, this paper empirically studies the relationship between executive rewards and M&A. The M&A samples include types of stock ownership replacement and asset transactions, and they are divided into four sub-samples according to the majority stockholder's characteristics of acquiring companies and whether this M&A being before or after the non-tradable shares reform. The results demonstrate that the company asset size induced by M&A has significant positive effects on the executive rewards. There are no significant relationship between the company's past business performances and the executive rewards. The degree of ownership concentration is positively related with executive rewards. At last, the non-tradable shares reform has exerted great influences on the ownership concentration degree.

引用

页码：2924 / 2928

页数：5

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