Large Shareholdings and Corporate Control: An Analysis of Stake Purchases by French Holding Companies
以法国上市公司122笔股权收购为样本，分析控股公司收购非控制性股权对目标公司股东财富、经营业绩及收购方股东回报的影响，质疑控股公司创造价值的能力。
The paper analyses the value creation benefits of the holding form of organisation in France by empirically examining the effects of non‐controlling stake purchases on target shareholder wealth, operational performance and bidder shareholder returns for a sample of 122 stake purchases in French listed companies. The evidence puts into question the ability of holding companies to create value for the firms they purchase stakes in or their own shareholders, adding to the current debate on the relative role played by large shareholders and the external market for corporate control as ultimate disciplining devices.