摘要
现代西方并购理论和实证的新研究指出,控制权转移与公司财务绩效的关系应置于一定时间序列数据下考量,且在连续数据下的财务绩效影响因素显著性判别更为合理。本文以此理论为基础,对沪深股市2001年开始一次性实际控制人变更的上市公司2000年至2004年公开数据作实证研究。实证结果表明:上市公司控制权转移后公司财务绩效有持续改善,股权转让溢价率、并购策略选择、合适的管理层结构和规范经营与公司财务绩效显著正相关。
The modem west Mergers ＆ Acquisitions theory and the current empirical studies point out that the relation of corporate control transfer and corporate financial performance should be considered on the conditions of some stated time serial data, especially with sequential data the distinct test of the influencing factors of financial performance be more reasonable. Based on the above theory, this article takes the open data of the listed companies in Shanghai and Shenzhen stock markets which changed controllers indeed one-off to do empirical study. The results indicate that financial performance of the listed companies which corporate control transferred indeed improved continuously, and the transfer price overflow ratio to the net, the strategy of M＆A, the management structure and the criterion management are the important positive influencing factors of the financial performance.
出处
《重庆大学学报（社会科学版）》
2006年第5期16-23,共8页
Journal of Chongqing University(Social Science Edition)
基金
国家社科基金资助(GB04BJY038)
关键词
控制权转移
上市公司
财务绩效
影响因素
corporate control transfer
financial performance
listed companies
influencing factors
