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论文编号：	3169
作者编号：	2120092379
上传时间：	2011/6/3 10:16:30
中文题目：	中国上市公司控制权转移绩效研究——来自股权分置改革以来的证据
英文题目：	A Study on the Performance of Corporate Control Transfer in Chinese Listed Companies——Evidence since the Split Share Structure Reform
指导老师：	张晓农
中文关键字：	控制权转移 股权分置改革 短期绩效 中长期绩效
英文关键字：	corporate control transfer, split share structure reform, short-term performance, long-term performance
中文摘要：	自2005年5月政府正式启动股权分置改革以来，中国证券市场发生了巨大的变化，并正在逐步进入股票全流通时代。与此同时，股权分置改革也给中国上市公司控制权转移市场增添了更多的变数。控制权转移绩效是否真的存在，能否随着股改的发生而出现显著提高，是否又存在其他能显著影响控制权转移绩效的因素，成为了学术界和投资界共同关注的热点问题。 本文以股权分置改革以来（以前）发生控制权转移的上市公司为实验组（对照组）样本，运用事件研究法和财务指标研究法分别对上市公司控制权转移的短期绩效和中长期绩效进行了较为全面的研究，得出结论： 在窗口期（-30，30）天内，控制权转移存在显著的短期绩效；股改后的控制权转移短期绩效要显著大于股改前；ST公司的控制权转移短期绩效比股票正常交易的公司的控制权转移短期绩效更高；并购类型、新任控股股东性质对控制权转移短期绩效无显著影响。 在窗口期（-2,3）年内，控制权转移中长期绩效不能持续，呈现出先升后降的趋势，在控制权转移后一年出现绩效峰值后，马上出现了显著的下降；股改后的控制权转移中长期绩效的均值大于股改前，但只有在控制权转移当年至后一年这段期间内是显著的；无偿支付类的控制权转移中长期绩效比有偿支付类的控制权转移中长期绩效更高；ST公司的控制权转移中长期绩效比股票正常交易的公司的控制权转移中长期绩效更高；并购类型、新任控股股东性质、高管变动情况及盈余管理程度对控制权转移中长期绩效均无显著影响。 最后，本文试着对实证结论进行了原因分析，并从政府监管部门、上市公司、投资者及新任控股股东这四个层面提出了政策建议。
英文摘要：	Since May 2005 the Government launched the split share structure reform, China has undergone tremendous changes in the stock market, and shares are becoming full- circulation gradually. At the same time, it brings more variables to the corporate control transfer market of Chinese listed companies. Whether the performance of the corporate control transfer really exists and rises significantly with the occurrence of the split share structure reform, and if there is other factors that can influence it significantly, that has become the hot point of academic and invest field. This essay selects the corporate control transferred listed companies before (after) the split share structure reform as the experimental group (control group) samples, and then researches on the short-term and long-term performance of the corporate control transfer, using event study methodology and financial index study methodology, and gets the results as following. In the window period (-30, 30) days, the short-term performance of the corporate control transfer exists significantly, and became higher after share reform. Short-term performance with ST companies is higher than that with normal companies, while the types of merge and the nature of the new controlling shareholder have no significant effect on it. In the window period (-2, 3) years, the long-term performance can not continue for a long time, showing a first rose and then decreased tend. After the peak occurring one year after the transfer, there will be a significant decline. The mean of long-term performance after share reform is higher than that before share reform, but it is only significant from the year in which control is transferred to one year after. Long-term performance with free-transfer (ST companies) is higher than that with paid-transfer (normal companies). The types of merge, the nature of the new controlling shareholder, the condition of executive changes and the degree of earning management have no significant effect on long-term performance of control transfer. By the end, this essay tries to find out the reasons of the empirical conclusions, and makes the policy recommendations from government regulators, listed companies, investors and the new controlling shareholder.
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