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基于交易成本理论,探讨不同控制权分配情况下,合资承诺对公告公司股票收益的影响。本文以2009年至2013年间发布合资公告的上市公司为研究对象,利用事件研究法和多元回归分析方法,研究股票市场对合资公告的反应。实证结果显示,股票市场对合资公告具有积极的正向反应,股票收益随着投资承诺的增加而增加,但与时间承诺的关系并不显著。当伙伴掌握绝对控制权时,投资承诺对公告公司股票收益的边际贡献率最高,权力平衡的分配模式次之,最低的为公告公司掌握绝对控制权的情况。本研究从控制权分配角度,解释了合资承诺与企业绩效之间的关系,为管理者提供了关于合资投入和控制权分配的决策参考。
Based on the transaction cost theory, the paper discusses the impact of the joint venture commitment on the earnings of the listed companies under the distribution of different control rights. This article takes the listed company which issued the joint venture announcement from 2009 to 2013 as the research object, and uses the event research method and the multiple regression analysis method to study the stock market’s reaction to the joint venture announcement. The empirical results show that the stock market has a positive positive response to the joint venture announcement, and the stock returns increase with the increase of investment commitment, but the relationship with the time commitment is not significant. When partners have absolute control, the investment commitment has the highest marginal contribution to the company’s stock returns, the second is the distribution of power balance, and the lowest is the announcement that the company has absolute control. This study explains the relationship between joint-venture commitment and enterprise performance from the perspective of control rights allocation, and provides managers with reference to decision-making on the distribution of joint-venture and control rights.