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论文编号：	36
作者编号：	2120051886
上传时间：	2007/6/20 23:18:11
中文题目：	控制权转移交易与自愿性信息披露
英文题目：	The Research on Transfer of Co
指导老师：	程新生
中文关键字：	自愿性信息披露;控制权转移;实际
英文关键字：	voluntary disclosure;transfer
中文摘要：	随着中国资本市场上股权转让事件的频繁发生，涉及第一大股东或者实际控制人转移的事件对上市公司本身及整个资本市场已经形成很大的影响，这些发生转移事件的上市公司因此更加受到外界的关注。频频曝光的大股东侵害事件又让投资者对控制权转移事件的理解蒙上了一层阴影。一旦新大股东掌握了公司的控制权，也就同时控制了公司的对外披露政策，为了获取控制权的私人收益，大股为会按照自己的需要向外部投资者报告自愿性的信息。因此，不同的大股东对自愿性信息的披露可能随着控制权的转移事项呈现一些变化。本研究在简单分析了控制权相关理论之后，将它对自愿性信息披露的影响做了简单分析，初步判断了控制权转移与披露之间的关系，并且用中国上市公司的经验数据对本研究所推断出的结论进行检验。该研究角度在相关领域尚属少数。 本文以我国沪深两市2004-2006年发生的所有引起第一大股东变更的股权协议转让事件为研究对象，用实证研究方法，从控制权转移事件发生前后各两年内自愿性信息披露的差异的角度进行分析。结果证明在转移事件发生之前，甚至发生的当年，自愿性信息披露受到的影响均不显著；在事件发生后的第一年，信息披露与其存在正向的相关关系，且在背景信息和公司运营与展望信息两方面有显著增加，无形资产信息有一定程度的增加；在事件发生后的更长时间内（即两年后），事件没有显示出对自愿性信息披露的显著影响。 文章的总体结构：第二章介绍信息披露的定义、信息披露制度、信息披露的动机和信息披露水平的衡量方法；第三章介绍控制权的定义、控制权市场和控制权转移定义、控制权私有收益的涵义和控制权转移对自愿性信息披露影响的基本原理；第四章和第五章是实证研究的主体部分，包括模型的建立、假设的提出、研究样本的收集和筛选及研究结论的展示；第六章是本文的总体结论，同时提出本文的研究局限性和未来研究方向。
英文摘要：	More and more trades of stocks happened in the past few years, and what is more impressing is the transfer of big holders which not only gave great impact on stock market but also change the company itself. In order to gain private benefits, big holder tended to make necessary disclosure depending on their own needs. And as the major way of disclosure information, voluntary disclosure in annual report may be different when the big holder was changed. This thesis is about to find out the relationship between the transfer of control and voluntary disclosure. In the first part of this thesis, I establish a theory framework about the relationship, and then I use statistics to analyze and demonstrate the hypothesis based on the data from 2004 to 2006 in China stock market. The results show that only one year later, voluntary disclosure of companies which had transferred the big holder would be better than that didn’t. We can see that in the following aspects, the disclosure was improved: background information, corporate management and prospect and intangible assets information. The results also tell that before the transfer event, the voluntary disclosure would not have changed intensely. We can have the same result considering two years after the transfer events. The thesis is organized as follows: in the first chapter, some background of the research is introduced. The second chapter is going to give some related theory about information disclosure and shows how voluntary disclosure is compute by former researchers. As the most important concept, the third part is going to make it clear that what is control right and private benefits, after which the relationship between voluntary disclosure and transfer of control right is analyzed based on the former theories. The fifth chapter and the six chapters give the demonstration about the relationship which contains the hypnoses, sample collection and choosing and the positive results. Although the research result have some remarkable results, it also has some areas that are omitted such as the transfer of manager control right.
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