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论文编号：	6513
作者编号：	2120122531
上传时间：	2014/6/12 23:05:04
中文题目：	我国上市公司控股权变更的经济后果研究
英文题目：	Study on Economic Consequences for Holding Rights Change in China
指导老师：	陆宇建
中文关键字：	控股权变更；累计超额收益；买入持有超额收益；财务业绩
英文关键字：	holding rights change; cumulative abnormal return; buy-and-hold abnormal return; financial performance
中文摘要：	随着我国资本市场的不断发展和完善，控股权变更开始作为一种新的现象在我国证券市场出现。特别是股权分置改革以后，越来越多的公司发生了控股权变更，从而为公司的发展迎来一个新的机会。一般来说上市公司的控股权变更会引起资本市场的反应，导致公司的股票价格发生显著的变化，给投资者带来获利机会。同时控股权变更也意味着将在上市公司内产生一个新的委托代理关系，继而会导致公司业绩的改变。因此，对我国已发生的上市公司控股权变更案例进行研究，一方面可以有利于投资者把握由于上市公司控股权变动而引起的长短期股票价格波动，以便于抓住机遇；另一方面可以为控股权变更双方以及监管机构提供一些有用的实证证据，可以做出更合适的股权变更决策或者调整相关政策制度。 在前人研究的基础上，本文着重以我国股权分置改革后的上市公司为对象进行分析研究。从研究时间上，本文选取的样本都发生在股权分置改革后期，降低了特殊时期以及政治干预对控股权变更事件的影响；在研究对象上，本文将主板与中小板的变更事件放在一起研究；最后，在研究经济后果的方法上，本文同时采用了事件研究和会计指标两种方法，着重在一个一致的框架内，从更全面的角度去分析控股权变更对上市公司短期股价、长期股价以及财务业绩的影响。 本文研究发现：控股权变更首次公告效应期内存在显著为正的短期累积超额收益。控股权变更后长期市场反应呈现骤降的趋势。控股权变更对企业的财务绩效存在显著的负相关关系。
英文摘要：	With the continuous development and improvement of China's capital market, holding rights change is appearing in our securities markets as a new event. Especially after the non-tradable share reform, more and more companies have changed their holding rights, which provided them a new opportunity for development. Generally holding rights change will cause the significant volatility of the company's stock price, giving investors the opportunity to profit. And it also generates a new agency relationship in these companies, which in turn lead to changes in company performance. Therefore, studying the holding rights change of listed companies is not only beneficial for investors to tap the stock price fluctuations caused and seize the profit opportunity, but also provide some useful empirical evidence for the stakeholder to make appropriate decisions and the regulatory agencies to adjust relevant policies and systems. Based on previous research, thesis pays attention to these listed companies whose holding rights changed after the share reform and has some differences from the former study. From the study period，the thesis selects samples occurred in the latter part of the share reform, reducing the influence coming from the special period and political intervention. From the research object, this thesis put mainboard and small plates together as a whole. Finally, in terms of the study method of the economic consequences, this thesis focuses on a coherent framework and uses both the event study and accounting index approach in order to analyze the influence of holdings right change of listed companies on the short-term stock price, long-term stock price and financial performance from a more comprehensive perspective. According to the theories study and empirical research, there is a significant positive short-term cumulative abnormal return during the first announcement period of the holding rights change. After the holding rights changed, the companies’ long-term trend of the stock price declines rapidly. It has an apparent evidence that the holding rights change has a positive correlation with the enterprise's financial performance.
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