An Empirical Study on the Relationship between Executive Rewards and Merger and Acquisition of Chinese Listed Companies
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 stockholders 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 companys 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.
Merger and acquisition Executive reward Performance Non-tradable shares reform
Zhen-ming GAO Xin-tian Zhuang
School of Business Administration,Northeastern University,Shenyang,China
国际会议
长沙
英文
2924-2928
2014-05-31（万方平台首次上网日期，不代表论文的发表时间）