摘要
已有对公司并购绩效的研究没有得出一致结论,本文运用会计研究法研究公司控制权转移的绩效,文章利用主成分分析方法计算公司经营业绩综合得分,分析控制权转移方式、第一大股东性质变动、转让的股权比例、高管变动等因素对控制权转移后公司业绩变动的影响,并考察控制权转移中是否存在盈余管理问题。研究表明,控制权转移没有显著提高公司业绩,业绩的提高反而是部分来自于盈余管理。说明现阶段市场环境下我国上市公司控制权转移不仅不是代理问题的解决方法反而是代理问题的表现形式。
There is no single clear cut conclusion on the performance of M＆A, this paper concerns on the performance of Control Transfer using an approach in accounting method. The researchers calculate the comprehensive score of corporate performance by Factor Analysis method, the paper analyzes some factors influencing corporate performance such as transfer mode, change of first shareholder＇s property, ratio of transferred share, top management turnover, and it also investigates the effect of earnings management. The empirical results show that the event of control transfer didn＇t improve the corporate performance significantly; the improvement of performance comes partly from the earnings management. This shows that control transfer isn＇t the way to solve Agency Problem but the reflection of Agency Problem.
出处
《南开管理评论》
CSSCI
2006年第4期42-48,共7页
Nankai Business Review
关键词
控制权转移
经营业绩
盈余管理
Control Transfer
Operating Performance
Earnings Management
