世界经济 ›› 2021, Vol. 44 ›› Issue (4): 201-224.

• 马克思主义研究专题 • 上一篇    

一致行动协议的控制权安排逻辑

郑志刚1, 李邈2, 李倩3, 郭杰4   

  1. 1. 中国人民大学财政金融学院 中国财政金融政策研究中心;
    2. 中国人民大学财政金融学院 北京市海淀区中关村大街59号 100872;
    3. 天弘基金管理有限公司;
    4. 英国杜伦大学
  • 出版日期:2021-04-10 发布日期:2021-04-14
  • 通讯作者: 李邈(通讯作者):中国人民大学财政金融学院 北京市海淀区中关村大街59号 100872,电子信箱:2017100161@ruc.edu.cn E-mail:2017100161@ruc.edu.cn
  • 作者简介:郑志刚:中国人民大学财政金融学院 中国财政金融政策研究中心,电子信箱:zhengzhigang@ruc.edu.cn;李倩:天弘基金管理有限公司,电子信箱:liqian@thfund.com.cn;郭杰:英国杜伦大学,电子信箱:jie.guo@durham.ac.uk。
  • 基金资助:
    国家自然基金面上项目(71472177)的资助。

The Logic of Control Arrangement of Acting-in-Concert Agreements

Zheng Zhigang1, Li Miao2, Li Qian3, Guo Jie4   

  • Online:2021-04-10 Published:2021-04-14

摘要: 一些企业的实际控制人在首次公开发行时通过签署一致行动协议实现控制权向创业团队的集中和倾斜。本研究表明,第一大股东持股比例较低和高科技企业在首次公开发行时更可能采用一致行动协议。从短期看,签署一致行动协议向信息不对称的外部投资者传递了一个信号:实际控制人以外的其他签署人愿意为实际控制人背书,对其主导的业务模式创新充满信心。这体现在外部投资者愿意为采用一致行动协议企业的首次公开发行支付更高溢价。从长期看,在签署一致行动协议后,实际控制人对控制权稳定的预期一方面会鼓励创业团队人力资本持续投入,另一方面减少了短期隧道挖掘行为,最终提升企业绩效。因此,高科技企业首次公开发行时的一致行动协议成为一种“资本市场专利制度”。

关键词: 一致行动协议, 控制权安排, IPO折价, 资本市场专利制度

Abstract: The actual controllers of some companies sign an acting-in-concert agreement at the time of their initial public offerings, thus achieving a concentration and tilting of control rights to the founding team members.The results of the study show that, compared to the real controllers of other companies, those of high-tech companies and companies with a lower shareholding ratio of the majority shareholder are more likely to adopt acting-in-concert agreements at the time of initial public offerings.In the short term, signing an acting-in-concert agreement sends a signal to outside investors with asymmetric information that signatories other than the actual controllers are willing to endorse the real controllers and have confidence in the innovation of the business model led by the actual controllers.This is reflected in investors' willingness to pay a higher premium for companies having acting-in-concert agreements at the time of initial public offerings.In the long run, after signing acting-in-concert agreements, the expectation of actual controllers for the stability of their control rights will encourage the continuous investment in human capital of the founding team members, reduce the short-term tunneling behavior and ultimately lead to performance improvement.Thus, acting-in-concert agreements adopted by high-tech companies during initial public offerings become a "patent system in capital market".

Key words: acting-in-concert agreements, control rights arrangement, IPO discount, patent system in capital market

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