杨如彦 彭志刚[1]

【摘要】本文通过对第一百货吸收合并华联商厦案例的分析，研究了交易双方存在不对称谈判能力的情形下，外部股东的集体非理性，最终导致控制权人提议的最后通谍合约价格，如何经由公司决策机制——股东大会的决策，完成交易，从而解释了国内上市公司普遍存在外部股东一方面抱怨权益受到侵害，另一方面又放弃行使权利机会的现象。

关键词  控制权 集体非理性 治理结构

Abstract: Analyzing the case on The First Commercial Department Taking Over HuaLian Commercial Department, this paper addressed the collective non-rationalization resulted from asystmetry information， which make them be extracted by insiders and, coincide the take-it-or-leave-it offer price of controlling shareholders via the mechanism of corporate governance.

Key Words: Controlling Power   Trading Mechanism  Corporate Governance

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